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Grand Lake O.Cherokees, Oklahoma Real Estate update

By
Real Estate Agent with The Wichita Home Team with KW Signature Partners

Grand Lake area real estate activity

for the 1st two months of 2016

Real estate activity for the 1st two months of 2016 is better than the same time in 2015.  There is some concern for future months with all the layoffs in the oil sector but the recent stabilization of oil prices, low gas prices for travel and boating, stock market increase the 1st of March, 242,000 new jobs in February and the 4.9% unemployment rate bodes well for the rest of the year.

Sold listings in 2016 were 10% more than the 1st two months of 2015.

Pending sales are up about 20% over 2015

Average sales price is up 28.79% to $172,431. This does NOT mean home values have increased but that we are selling higher $ homes.

Average days on the market dropped 10% to 183 days.

There still is 11.5 months of inventory around the lake but that is down 11% from a year ago.

Total active listings and new listings added January and February are both down from last year. Less homes to choose from but this should stabilize prices.  The average price of a home listed in 2016 is 8% higher than in 2015.

The biggest concern is the sell to list price ratio which is still less than 90% of the last list price. We still have a lot of our more expensive lake homes being listed to high for market conditions.

Information provided by Wayne “SHORTY” Short with RE/MAX Grand Lake and the NE Oklahoma Multiple Listing Service, 3-7-2016

 

Posted by

 

July, 2015 Mid-year Real Estate Report

 

For the United States, NE Oklahoma and the Grand Lake area.

 

 

 

Nationally, June Home sales were the highest of any month since the RE/MAX National Housing report began in 2008.  In the last 5 month each month’s sales were higher than the proceeding moth and the same month one year ago. The median sales price of homes sold in June was $224,671, 7% above a year ago.  Nationally, supply still lags demand with only a 3.6 month supply of housing.  A 6 month supply is a balanced market.

 

 

 

Nationally, April, May and June saw an increase in inventory but June’s inventory was still 11.8% below a year ago.  For example the DFW area reported only a 1.8 month’s supply of homes. Grand Lake’s supply of housing was almost 14 months.

 

Nationally The average home lost $13,067 of equity value in the last 9 years but over the last 3 years the value of a home went up $45,533 and that equity loss should be wiped out in another two years.  The Tulsa area was not hit nearly as bad.  The last 3 years equity gain was only $21,100 but the 9 year position was a $19,400 value increase over 2006.  The Grand Lake area is still behind values 9 years ago but values are slowly rising.  The only negative to a faster recovery will be the dramatic decrease in oil prices and increase in job losses in the oil industry and how that impacts buyers from the OKC, Tulsa and Wichita, KS area.

 

Grand Lake real estate sales

 

2015 sales started slow but are beginning to accelerate. There were 426 residential sales in the 1st 6 months of 2015, a 2.9% increase but Junes increase over June, 2014 was 40.8% or 100 sales compared to 71.

 

Pending sales at the end of June, 2015 were up 13.4% over June, 2014 and YTD pending sales were up 5%.  During June, 2015 32 homes went under contract priced over $200,000, 34 homes sold between $100,000 and $200,000 and 27 homes were sold under $100,000. 

 

The number of listings available for sale was down 11.4% at the end of June, 2015 compared to a year ago. The greatest need seems to be homes under $100,000 that are stick built so they can qualify for government loans. (USDA, FHA and VA)

 

Homes are selling at 91% of last listed price, the highest level in over a year.  If no new listings entered the market it would take about 13.5 months to sell Grand Lake’s entire inventory.  This number is three times the national average for major metro areas.

 

 

 

Show All Comments
Ronald DiLalla
Century 21 Discovery DRE 01813824 - Anaheim, CA
No. Orange Cty Real Estate

Hi Wayne, always enjoy vewing informatoin on other communities.

Mar 07, 2016 01:29 AM
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Thank you for an easy read and informative market update Wayne Short  - we are now "following" you!

 

Apr 13, 2016 04:47 AM
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