Grand Lake Area market Report
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.