“MORE OF THE SAME”
January to June, 2018
Grand Lake Real Estate activity
Not every listing sells…even in a good and fast market. The total time it would take to sell the 899 residential listings on the market now is down to 9.75 months compared to almost a year this same time in 2017.
So far in the 1st 5 months of 2018, 348 residential properties have sold in the Grand Lake area compared to 400 during the 1st 5 months of 2017. There were 963 new listings added to the market during this same time period meaning less than ½ of the properties listed in 2018 have sold.
Why would this happen? #1 is over-pricing, #2 is not staging the properties for a good showing or not being available when the buyer’s want to show. #3 is dated homes or homes with defects that are not being addressed, #4 is homes not easily accessible (no lockboxes or keys allowed) and #5 is poor or inadequate marketing. Notice that the seller controls 4 of the 5 reasons homes do not sell.
What is and is not being listed in the Grand Lake area. The under $100,000 homes are down 15% from a year ago. There are 16% more homes listed this year than last in the $160,000 to $300,000 price range and the top market from $300,000 up has about 2% less homes listed than last year.
Sale to original price ratio: All homes in all price ranges were averaging about 90% of sales price to Original list price during May, 2018. This number fluctuates widely but overall is down about 5% from a couple of years ago.
What we really need more of:
Nice lakefront homes below $500,000 on navigable water with their own docks and stick built homes below $120,000 for the 1st time buyers.
Data derived from the NE Oklahoma MLS by Wayne Short, CRB, CRS, Associate Broker,
RE/MAX Grand Lake.