Thursday, August 3, 2017

Grand Lake O'Cherokees, Summer real estate update, 2017

Summer Real Estate report for the Grand Lake and NE Oklahoma MLS served areas.

August, 2017

Year to date there have been 15.6% more sold listings than the 1st ½ of 2016 (579 compared to 501 sales last year) but last month business finally slowed down and there were 21.2% less closings (85 down to 67 this June).

Total new listings so far in 2017 were 1303 compared to 1277 last year, a 2% increase.  Because of this year’s sales increase we only have 895 active listings compared to 1034 a year ago, a 13.4% decrease.  What this means is that we only have 11.23 months of inventory if nothing else went on the market compared to 13.38 months on inventory last year……What we need at the lake is more inventory of existing and new built homes and we need them now.

The median list price of listings is constant with last year at almost $160,000.  The average price is closer to $250,000 at the lake.  We are not yet seeing an increase in values at the lake but should start seeing an uptick if inventory levels do not start increasing.

The biggest increase in sales this year was in the $159,999 to $199,999 price range (over a 50% increase).  The $200,000 to $400,000 price range saw around a 20% increase in total sales.

Even with this increase in sales it is amazing how many new listings do not sell.  There were 1303 new homes listed in the 1st 6 months of 2017 but closings were only 579.  There are 669 pending sales as of July 1, 2017 but many of the closings and pending sales were listings that occurred in 2016.  Well priced, well conditioned and decorated homes sell and the others do not.

Interested in a new home or selling the one you now have? Give me a call, text or email and let’s get together.

Wayne “SHORTY” Short, 918-218-6011

RE/MAX Grand Lake,