August, 2018 Housing report for the
Grand Lake area of NE Oklahoma.
The average list price of homes listed I July, 2018 was up 3% while the average sales price of July sold homes was up 25% this month/ YTD List prices average 4.2% higher than 2017 and Sold prices were up almost 10%. What this means are more expensive homes were selling than in the previous reporting period. This reflected in looking at the price breakdown homes sold below $120,000. Every price range had less homes sold YTD in 2018 than 2017. Conversely, every price range but two above $120,000 to $500,000+ had more sales.
Total sold listing are still down in 2018 from 2017. The MLS reported 596 residential properties sold YTD in 2017 compared to only 543 homes sold YTD this year. That is 9.1% less than last year. There was some good news on this July closing this year were up 27% over last year and pending sales are up 17% over the same period last year.
Listings continue to be down and less than what we need in the Grand Lake area.
There are 9.6% less homes for sale in July of 2018 than last year. This trend is not looking to change anytime soon. July of 2018 showed 23.9% less homes listed during the month and there were 5.6% less new listing YTD compared to last year.
Some good news:
Interest raes have settled down a bit. FHA and VA 30 year rates are 4.375%
15 Year conventional rates are 4.125% and 30 year rates are 4.625%
Jumbo loan rate are 4.125% for 15 year terms
Loans for modular and doublewide homes
A couple of lenders are starting to make minimum down loans for manufactured homes.
They need to have a permanent foundation and FHA approved tie downs 3.5 to 5% down payments are being accepted.
Data provided by Wayne Short with RE/MAX Grand Lake in Grove, OK and the NE Oklahoma MLS.