Monday, March 13, 2017

Real Estate and Economic news for the Grand Lake area.

March, 2017

Good news and bad news for real estate buyers and sellers at Grand Lake.

Good news for sellers:  Listings are selling a little faster than a year ago and the inventory levels are down 10% from last year and about 20% from 2015.

Good news for sellers:  Pending sales for Feb. are up 45% from a year ago and up 24% for the 1st two months of 2017 compared to 2016.

Good news for sellers:  Twice as many homes in the $250,000 to $500,000 range sold in the 1st two months of 2017 as last year (17 to 9) but no homes closed above $500,000 compared to 8 last year.  Total closings in all price ranges were down about 5% in 2017 compared to 2016.

Good news for buyers:  Interest rates are still in the mid 4% range for fixed rate loans.  There has not been much inflation in home prices at Grand Lake. Historically there should be an increase in listings to view as we move into spring and we see more new home activity than any time in the last 4 years.

Grove, OK:  The city has just completed their construction project at Main and 3rd street down town.  New sidewalks, curbs and drainage have been added.  The 1909 Restaurant has opened and seems to be doing very well along with The Wolf Creek Diner at the North end of downtown Grove.

Grand Lake area:  Shangri-La Resort Hotel at Grand Lake is projected to open spring, 2017.  It has been over 6 years since the area has had a convention center and hotel.  This project will definitely fill a void the lake area has had plus introduce Grand Lake to a whole new group of future visitors and home buyers.

The Cherokee Casino is now open just north of Grove.  They offer slots, dining and entertainment for our residents and many visitors.

The 15 Million dollar Performing arts center by Grove High School will soon be open.  This state of the art, 1200 seat facility will be used by the Grove school system and the local community.  It also will be a storm shelter for up to 800 individuals.