Wednesday, October 25, 2017

Fall, 2017 Real Estate Update for Grand Lake, OK

2017, 1st 8 months of real estate activity for

The Grand Lake area of NE Oklahoma.

Data provided by the NE Oklahoma MLS

The 1st 8 months of real estate activity for the Grand Lake area in 2017 has been a busier sales year than 2016.  2017 has had 788 residential sales (avg. 98.5 per month) compared to the 678 sales (84.5 per month) in 2016.  This was a 16.5% increase in real estate activity for the three county areas.

During the most recent 6 month period ending October 1, 2017 there were 29 residential closings in Grove, Ok; 50 closings in Delaware County and 88 closing in the entire MLS area for Grand Lake.  The latest 6 months show a total of 618 in 2017 closings compared to just 534 for 2016.  This continues a trend started two years ago..

Average Days on the market for listing have reduced from 177 days in 2016 to 154 days in 2017.

Absorption rate (months to sell all listed homes) has dropped from 13.4 months in 2016 to 11.19 months in 2017.

There are fewer listing for sale now than a year ago, 872 compared to last year’s 990 as of Oct. 1, 2017.  New listing in 2017 kept pace with 2016 showing a 1.8% increase in listing.

Pending sales continue strong with 90 listed as of Oct. 1, 2017 compared to 87 a year ago.

Active listings Oct.1, 2017 were 872 compared to almost 1,000 this time a year ago.

Activity in various Price ranges.

350 homes sold in 2017 below the $100,000 price range compared to 322 a year ago for the 1st 8 months of the year.

226 homes sold in the $100,000 to $200,000 price range in 2017 compared to 186 last year.

105 homes were sold in the $200,000 to $300,000 price range compared to 75 during the 1st 8eight months of 2016

$300,000 and up saw 107 homes sold in 2017 compared to 91 homes in 2016.

What the rest of the year should bring:  Prices should start rising; inventories and supplies of homes need to rise and sales will lesson a bit this fall and winter with less lake visitors.