Monday, May 15, 2017

Grand Lake, OK Real Estate Update, May, 2017

Grand Lake Real Estate Update

May, 2017

Real Estate activity in the Grand Lake area has been robust for the 1st 4 months of 2017.  Total listings sold were 291 residential units up from 241 a year ago.  That is a 20.7% increase.  There are also 349 listing under contract compared to 309 listings in 2016.  That is also a 12.9% increase.

With the increase in sales, average “days on the market” have gone down 4.55% to 168 days.  In April of 2016 it would take 13.4 months to sell the entire inventory if no new homes came on the market.  April, 2017 only showed 10.75 months to deplete all inventory….a decrease of 19.78%.

Buyers are buying more expensive homes on average than they did in April 2016.  April, 2017 showed a average sales price of $199,764 compared to $149,554 a year ago.

The previous trends should continue as the market tightens up.  Total homes for sale this April were 853 compared to 1005 at the end of April, 2016.  That was a 15.1% decrease in available properties for buyers to look at. 

What to expect in the future:  Inventory will remain lower and prices will start going up.  Now is the time to buy or sell real estate in the Grand Lake area.

Data supplied by the NE Oklahoma MLS.