grand lake ok 2005 - 2009 real estate market analysis

2010 Grand Lake Area MLS Statistics

Real Estate StatisticsJeff Savage2010 Grand Lake Area

Total dollars spent in that property category.

Real Estate Acronyms, Terminology and Definitions

DOLLAR VOLUME

AVERAGE SOLD PRICE

Total Dollars Spent divided by number of units sold in that property category.

Luxury Home MarketIn this instance, we will simply use the price point representing the upper 5% of the market, or $500,000+

Signs of a Seller’s Market

• Days on Market will be Decreasing

• Inventory is Low

• Comparable Sale Prices are Lower than Active Listing Prices

• Median Sale Prices are Increasing

Signs of a Buyer’s Market

• Days on Market is Increasing

• Inventory is high

• Comparable Sale Prices are Higher than Active Listing Prices

• Median Sale Prices are Decreasing

Source of Information

For the period January 1, 2005 through December 31, 2009

• Based on information from the Northeast Oklahoma Board of Realtors®

All Property Types

2005 2006 2007 2008 2009

$180,984,207

$215,821,577

$199,346,217

$171,888,448

$126,150,874

Dollar Volume

All Property Types

2005 2006 2007 2008 2009

$123,286

$136,682

$139,696

$147,417

$129,120

Average Sold Price

Residential Waterfront

2005 2006 2007 2008 2009

$58,573,476

$78,829,160

$69,725,986 $66,586,086

$46,299,150

Dollar Volume

Residential Waterfront

2005 2006 2007 2008 2009

$251,388

$306,728 $311,277

$359,925

$291,190

Average Sold Price

Residential (not Water Front)

2005 2006 2007 2008 2009

$78,454,796

$93,507,208

$84,763,253

$69,697,145

$60,778,608

Dollar Volume

Residential (not Water Front)

2005 2006 2007 2008 2009

$88,750

$97,913

$94,391

$96,134 $95,865

Average Sold Price

Luxury Home Market

2005 2006 2007 2008 2009

$9,512,900

$28,120,161$26,832,000

$31,054,400

$15,868,500

Dollar Volume

Luxury Home Market

2005 2006 2007 2008 2009

$764,577

$776,123

$741,763

$796,267

$721,295

Average Sold Price

Water Front Lots

2005 2006 2007 2008 2009

$4,334,550 $4,123,000

$5,558,450 $5,386,999

$1,693,850

Dollar Volume

Water Front Lots

2005 2006 2007 2008 2009

$103,204 $108,500

$146,275

$158,411

$105,866

Average Sold Price

Condos and Townhomes

2005 2006 2007 2008 2009

$4,672,950$6,088,450

$10,082,750

$17,094,266

$5,694,525

Dollar Volume

Farms and Ranches

2005 2006 2007 2008 2009

$11,475,540

$15,467,794

$13,293,100

$7,907,380 $7,995,861

Commercial

2005 2006 2007 2008 2009

$10,349,300

$8,936,375$9,434,500

$5,648,400

$2,290,000

Dollar Volume

Number of Sold Transactions

2005 2006 2007 2008 2009

1,468

1,579

1,427

1,166

977

Total # Sales

Days on the Market

2005 2006 2007 2008 2009

131 131

121

160 161

FINANCING Sources

• Conventional, FHA, VA & CASH

• Residential Homes Sales

• OTHER – covers all other sources, including “Other”, “Owner Carry” and

“Private”

ALL Finance Types – Residential Sales

2005 2006 2007 2008 2009

1,090

1,177

1,065

870

757

Total # Sales

CONVENTIONAL Financing

2005 2006 2007 2008 2009

630

715

571

371 347

Total # Sales

FHA Financing

2005 2006 2007 2008 2009

10395

123 125

94

Total # Sales

VA Financing

2005 2006 2007 2008 2009

5

9

6

9

10Total # Sales

CASH Financing

2005 2006 2007 2008 2009

276

243226 236

207

Total # Sales

OTHER Financing

2005 2006 2007 2008 2009

47 46

28

40

44

Total # Sales

In Conclusion

• Water Front Homes and Lots bring buyers to Grand Lake, and but non-water front seems to have held on better, recently.

• The numbers show alocal real estate market slowdown.

• Real estate is local, and Oklahomans are not buying or selling their homes

in a national housing market.

2010 Grand Lake Area MLS Statistics

Q & A