Grand Lake Area market Report For 1st quarter of 2018

By
Real Estate Agent with RE/MAX Grand Lake

Grand Lake Area market Report

For

1st quarter of 2018

The tight real estate market on available listing nationwide is showing up in the Grand Lake area too.  There were 6% less residential listings added to the Grand Lake market the 1st quarter of 2018 compared to 2017.  Total active listing in the area were down 10.4% last month and down 7.5% for the 1st quarter compared to a year ago.  This tighter market has lowered Avg. Days on the market for sold properties in the 1st quarter by 8.4% to 163 days.  The days on the market are much higher in the Grand Lake area compared to closer metro areas because of the wide range of price and product we have on the market. 

 

The absorption rate has been reduced 22% the 1st quarter of 2018 compared to 2017.  The absorption rate is the amount of time it would take to sell all inventory if no new listings were added. The time is down to 9.2 months compared to 12 months one year ago.

Certain price ranges seem affected more than others in availability of homes for sale.  The $140,000 to $180,000 price range inventory is down 25% for the 1st three months of 2018 compared to 2017 but is down 43% for March.  The $200,000 to $300,000 range is down 6.5% for the 1st three months and down 10% for March.

Lesser inventory has affected the number of closing that have happened this year. March of 2018 is down 32% and the 1st quarter is down 18% compared to the same time last year.

Some good news on inventory:   We are starting to see many new homes being built.  Quail run has 4-5 under construction and a model home is being built at Patricia Island.  The patio homes across from the Shangri La club house are almost all sold and the new single home addition next door is doing very well.

Again what is selling:  Updated homes priced correctly.  Homes staged with the clutter removed.  Open design and quality construction.  Prices are increasing on these homes from the low levels 5-6 years ago.

 

Information was provided by the NE Oklahoma MLS.  Data pulled 4-12-18

Report compiled by Wayne “SHORTY” Short, RE/MAX Grand Lake.

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.

 

 

 

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