NE Oklahoma and Grand Lake Real Estate Update, 12-2018

By
Real Estate Agent with RE/MAX Grand Lake

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.

 

 

 

The Future!

 

 

 

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

 

 

 

 

Cherokee Queen coming back Spring, 2019

 

RE/MAX Agents enjoying Grand lake

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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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Rainmaker
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Joyce Marsh, Daytona Beach Florida Real Estate
JOYCE MARSH REAL ESTATE LLC - Daytona Beach, FL
Daytona Beach Area Coastal Homes and Lifestyles

Good morning Wayne.  This market update will be of interest to all of those buyers and sellers who are watching your local market trends.  Everyone wants to know how the market is doing.  Thanks for sharing.  

Dec 07, 2018 06:39 AM #1
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