Market Summary for Residential Real estate
in NE Oklahoma. November, 2014 Report.
The big news is the absorption rate for Grand Lake area real estate has dropped to the lowest level in twelve months and is 80% of the level in May of this year. There is now only 12 months of inventory available. This level is due to the lesser amount of homes going o the market and the slight increase in sales in 2014 over 2013. Days on the market for the average residential home has increased to 196 days I October of 2014. This is the 2nd highest level for the year and should remail high thru the less active winter months.
The average list to sales price for all residential properties is around 87%. The median list price of all homes on the market was $154,900 (1/2 of the homes are priced higher and ½ of the homes are priced lower). The average list price was higher at $251,759 and the average sold price of homes sold in October was significantly lower at $139,895. 44 homes sold below $139,900 in October 2014 and only 31 homes sold higher. This trend of lower priced homes is continuing with 37 pending sales below $139,900 and only 27 sales above that price range.
There are 911 listing on the market at the end of October compared to 1061 a year ago (a 14.15 drop). YTD there have been 5.4% less listings added to the pool of available homes for sale. Only 75 homes closed in October, 2014 compared to 89 a year ago. YTD there have been 767 homes sales. This is still an increase of 7.7% over a year ago.
For information on a specific property call Wayne “SHORTY” Short at Cell: 918-218-6011 or office: at 918-786-9888.
Wayne Short
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