January, 2015, Real estate report for 2014 and the Grand Lake Area
January, 2015 Real Estate Market Activity
Data from the Market summary report from the North East Oklahoma MLS
January, 2015 compared favorably with January of 2014. There were 45 closed properties compared to 44 last year. Total listing available for sale also decreased 74 properties to 864, a -7.9% decrease from 2014. This intern has caused the absorption rate to decrease from 13.58 months to 11.64 months. The absorption rate is the time it would take to sell all listing at the current monthly rate if no more were added.
The average list price of homes sold this January was $244,159 compared to $229,665 one year ago. Median days on the market for these sales were 151 days, a 4.14% Increase in time on the market compared to January, 2014.
The sold price to list price ratio decreased from 90% in December to 86% in January. This means the average seller took 14% less than they had their home listed for.
The 1st week of February has been great. I am seeing more internet activity and more real buyers calling. Homes are selling too. 4 of 9 homes I selected to show this week were recently placed under contract. The good news is we should see the list to sell price ratio start increasing plus we are starting to see a need for more choices for buyers or listing entering the market.
INTEREST RATES: Interest rates have continued to stay at historic lows. FHA 30 year fixed rate loans are at 3.5% and conventional loans are at 3.750%. 15 year fixed rate FHA loans are at 2.875% and conventional loans are at 3%.
A $200,000 fixed rate convention mortgage would have a principle and interest payment of only $926.23 per month.
Wayne “SHORTY” Short
RE/MAX Grand Lake