Real estate update for the Grand Lake real estate market, June, 2015
Real estate update for the Grand Lake real estate market
Data from the NE, Oklahoma Real Estate Board
May, 2015 sales data showed improvements in all areas compared to May, 2014. It would take 13 months to sell all real estate inventory currently listed compared to almost 16 months a year ago. This is a 17% reduction in time.
The average list price and average sales price for this May were up over a year ago. List prices are up 10% and sales prices up 27.6% over May, 2014.
Median days on the market reduced below a 100 days to 95 days compared to 103 days during May, 2014.
Sold listings for May, 2015 and the entire year are behind 2014 #’s by around 6% but pending sales for May 2015 are up over 19% compared to the same month a year ago. Pending sales for the year are up in almost all price ranges except the lowest range comparing the 1st 5 months of 2015 back to 2014.
Increased sales are also reflected in active listings on the market which appropriately are down over 14% to 947 homes in May, 2015 compared to 1109 homes during May, 2014.
Over 2 million new jobs were filled by workers in the 1st 5 months of 2015 in the United States and real estate sales in the metropolitan cities around Grand Lake continue to break records. This activity will cascade down to Grand lake sales in the next 12-24 months.
Interest rates continue at historically low levels (3% to 4%) and should continue until the Federal Reserve meets in the fall.