grand lake ok 2005 - 2009 real estate market analysis
DESCRIPTION
We conducted a Grand Lake Area Real Estate Symposium recently for 100 local business, government and Real Estate people. The speakers included the Region Vice President for NAR, the Region Department of Commerce representative, the Oklahoma House of Representative member, and me, Jeff Savage. For that Symposium, I prepared an in-depth study of the local Real Estate market – analyzing the last five years. This presentation is an updated version covering years 2005 to 2009.TRANSCRIPT
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