December, 2018 Real Estate update for NE Oklahoma
National sales data was still VERY strong with the average home selling in 19 days at 99% of listed price. The data for NE Oklahoma was 153 days at 91% according to the NE Oklahoma MLS. Homes in the $100,000 to $300,000 rage are selling much higher.
Nationally time on the market is expected to increase to 30 days. Higher interest rates and prices pushing many potential buyers out of the market will cause this. Surprisingly only 7% of all listings are FSBO and this # is expected to decrease to below 4% in the next couple of years.
Oklahoma is ranked in 2018 as the second lowest median price of a home in the United Sates and that is to be the case again in 2019. 2019's median price is expected to be $127,220 a $6,500 rise over 2018.
Oklahoma is also the cheapest state in the U.S. to build a home according to a “GoBankRates” Study.
The average home price in the Grand Lake area of NE Oklahoma is about 50% higher than the rest of OK. $191,635 the 1st of November, 2018
Closer to home.
900 homes have been sold in the last year according to the NE Oklahoma MLS service. 545 were sold in Delaware County of that number and 288 were in the Grove/74344 zip code.
Active listings are down 12.5% from November, 2017. Total for the entire MLS were 866 listings, 437 listings in Delaware County and only 171 in the Grove area.
Interest rates as of the 1st week in December, 2018
30 year fixed rates are 4.75%
15 year fixed rates are 4.25%
30 year Jumbo fixed rates are 4.875%
15 year Jumbo fixed rates are 4.375%
A 720+ credit score usually qualifies you for the best rates.
There is still a strong demand for more inventories around and on Grand Lake. Active listings of the NE Oklahoma MLS are down around 300 units over the last 4-5 years.
Spring buyers start looking right after the holidays so sellers wanting a quick sale cannot wait till March to start getting their homes ready to sell. Well priced and good condition homes are what buyers want. Do not expect top dollar for properties that need updating or repairs.
Data provided by Wayne “SHORTY” Short, RE/MAX Grand Lake, NE Oklahoma MLS and Google news. December, 2018
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RE/MAX Agents enjoying Grand lake