This document provides real estate market data for the Grand Lake area from 2005-2011. It shows trends in dollar volume, average sold prices, and number of sales for different property types including residential, waterfront, luxury homes, lots, and commercial. The data indicates the waterfront home market has been the strongest segment. Overall, the numbers show the local real estate market is recovering from the downturn.
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Grand Lake OK 2005 2011 full year real estate market analysis
1. 2012 Grand Lake Area
Real Estate Symposium
Real Estate Trends
Jeff Savage
2. Real Estate Acronyms,
Terminology and Definitions
DOLLAR VOLUME
Total dollars spent in that property category.
AVERAGE SOLD PRICE
Total Dollars Spent divided by
number of units sold in that property category.
Luxury Home Market
In this instance, we will simply use
the price point representing
the upper 5% of the market, or $500,000+
3. Signs of a Seller’s Market
• Inventory is Low
• Comparable Sale Prices are Lower than
Active Listing Prices
• Median Sale Prices are Increasing
• Days on Market will be Decreasing
4. Signs of a Buyer’s Market
• Inventory is high
• Median Sale Prices are Decreasing
• Comparable Sale Prices are Higher than
Active Listing Prices
• Days on Market is Increasing
5. Source of Information
• Based on information from the
Northeast Oklahoma Board of Realtors®
For the period January 1, 2005
through December 31, 2011
6. All Property Sales
Dollar Volume
$215,513,432
$199,065,317
$180,163,707
$171,559,949
$125,457,074 $127,567,682
$119,843,085
2005 2006 2007 2008 2009 2010 2011
25. VA Loans
Dollar Volume
$1,695,800
$1,456,800 $1,517,300
$1,167,020
$945,500
$528,151
$401,550
2005 2006 2007 2008 2009 2010 2011
26. In Conclusion
• The numbers show a recovering
local real estate market.
• Water Front Homes bring buyers to Grand
Lake, and continue to be the strongest
segment of the area market.
• Real estate is local, and Oklahomans are
not buying or selling their homes
in a national housing market.
Hinweis der Redaktion
I am Jeff Savage with RE/MAX Grand Lake –MLS Chairperson 2003 to 2008 – the MLS expertI Presented Real Estate Trends at the 2008 Grand Lake Area Real Estate Symposium looking at 2003 to 2007 activity – I have updated that presentation for 2005 to 2011.We’ve heard about the NATIONAL real estate market and what has been going on . . . . .But . . . . Real Estate is LOCAL, so let’s focus on the LOCAL market – our 4 counties in Northeast Oklahoma – Delaware, Ottawa, Craig and Mayes.
Here are a few terms we will use today:Dollar Volume – TOTAL dollars spent in that categoryAverage Sold Price - TOTAL dollars spent divided by number of units soldLuxuryHome Market – We took the upper 5% of the market, which in this case was $500,000 and up
Seller’s Market characteristics include:Inventory is TIGHT – shrinkingPrices are RISingAverage Sold Price is RISingDays on the Market are FALLing
Buyer’s Market characteristics include:Inventory is HIGH – growingPrices are FALLingAverage Sold Price is FALLingDays on the Market are RISingWhich one describes our current market? . . . . . Let’s find out
Based on information from the Northeast Oklahoma Board of Realtors for the period January 1, 2005 through December 31, 2011This study includes MOST but NOT ALL real estate activity
For ALL Real Estate, let’s look at area market performance for the last 7 years - 2005 to 2011We will often focus on the last 3 years – 2009, 2010 & 2011The Total Dollar Volume averagefor All Property Types for the last 3 years is $124.3 million2011 was above that average
When we look at Water Front Homes, we see Dollar Volume is back to 2005 levelsThe average for the last three years is $51 million now 45.5 % of ALL market activity
If we continue to look at Water Front Homes, we see Average Sold Price numbers are on the rise, after a drop in 2009
When we look at theNON-Water Front homes, we see a pattern similar to ALL Property Types and Water Front homes with Dollar Volumes decreasing but stable The average for the last three years is $55 million now 41.8 % of ALL market activity
When we look at theAverage Sold Price forNON-Water Front homes,the average is fairly flat for this category – at just over $100,000
Luxury Homes ($500,000 or more) have performed well until 2009They are on the rise again and now 18.7 % of the total marketIn 2009 we sold 22, and last year sold 33
Looking at the Average Sold Price for Luxury Homes, the average for the last three years is $741,000We see a lot of variance year over year
Looking at Water Front LOTS we see a decline for the last four years And a lot of fluctuationThe average for the last three years is $3 million a small segment of market activity or 2.2 % of the market
For Average Sold Price for Water Front Lots, we see Average Sold Price running at 2005 levels
For Condos and Townhouses We see a slow rise after a good year in 2007They now represent 5.6 % of the market
For Farms and Rancheswe see decreases They now represent 3.3 % of the market
For Commercial Propertywe see a declineThey now represent 1.3 % of the market
Looking at the Number of Transactions for ALL Property Types, we see decreases similar to the trends we saw with Total Market VolumeThe average for the last three years - just under 867 transactions / year.
Looking at the Number of Transactions for ALL Property Types, we see that they peaked in 2007 and decreased ever sinceWe continue to search for buyersThe average for the last three years - just over 4516 listings / year.
Now, let’s look at our Financing SourcesLooking at Residential Home SalesConventional, FHA and CASH make up the largest segmentsOTHER covers Financing Sources of “Other”, “Owner Carry” & “Private”For ALL Finance Type Transactions for Residential Sales, the pattern looks much like the Total Sales for ALL Property TypesResidential Sales represent 87.3 % of Total Dollar Volume, & 83.9 % of Total Transactions
Conventional Financing has dropped off since 2006 and represents 45.8 % of ALL Residential Financing TransactionsDown from 61 % in 2006
CASH has remained relatively constant throughout the last 7 years and represents 29.8 % of ALL Residential Financing Transactions
OTHER Financing Sources of“Other”, “Owner Carry” & “Private”represent less than 17.1 % of ALL Financing Transactions
FHA Financing has dropped off a bit and represents 5.9 % of ALL Financing Transactions
VA Financingremains a small segment of the financing market and represents 1.4 % of ALL Financing Transactions
So . . . . The numbers show us we are in the process of recovery,Water Front Homes & Lots bring buyers to Grand Lake, and seem to have faired better in recent years“Real Estate is LOCAL . . . And Oklahomans are not buying or selling these homes in a national housing market.”