2016 has continued a generally upward trend in real estate values and sales volume around Grand Lake in the past few years.
That according to Jeff Savage of Re/Max Grand Lake – give him a call at (918) 791-1030 – who has again put together his quarterly market analysis, this time looking at the entire year of 2016.
This is based on information from the Northeast Oklahoma Board of Realtors® for the period January 1, 2016 through December 31, 2016.
To briefly REVIEW the Year-End 2016 results, here are a few quick insights specific to Grand Lake waterfront real estate and all real estate in the area:
- TOTAL Dollars Spent on Real Estate was UP 2.5% from last year (2015)
- TOTAL Dollars Spent on Real Estate was over $174 Million
- TOTAL number of PROPERTIES of all types sold is UP 4.7%
- Dollars spent on HOMES is UP 5.2% to $150 Million
- Number of HOMES sold is UP 3.7%
- Dollars spent on WATERFRONT HOMES is UP 14.4% to $76 Million
- Dollars spent on LUXURY HOMES ($500,000+) is UP 23.9% to $35 Million
- Number of LUXURY HOMES sold is UP 22.5%
- Dollars spent on Grove Area Real Estate is UP 1.3% to $91 Million
- South Counties Real Estate is UP 8.0% to $56 Million
For those that aren’t familiar with the market areas as defined by local realtors, Grove area real estate includes all of Grove and lakefront areas from Zena back to the North through Grove and around to Monkey Island.
South Counties real estate is basically from Bernice and Horse Creek south to include The Coves and Duck Creek to Ketchum and Langley and back across the dam to Drowning Creek on the East.
Jeff has also put together a 10 Year Real Estate Trends Analysis for Grand Lake Real Estate.
10 Year Real Estate Analysis
You can see that entire analysis on a SlideShare HERE, but below are some key indicators.
All Property Sales
In terms of the total dollar volume of all property (residential, commercial, farm and ranch) sales, 2016 represented the highest volume since 2007, coming in at $174,451,405.
Similarly, the total dollar volume for all residential sales, both waterfront and non-waterfront, was the highest it’s been since 2007.
The total volume of residential waterfront sales took a pretty significant hit in 2015, but rebounded well in 2016 to it’s highest total in the past 10 years. The market for residential waterfront homes at Grand Lake remains strong.
Condos and Townhomes
It’s also worth noting that condos and townhomes saw their highest level of sales volume since 2007, again pointing to a strong lakefront real estate market in the Grand Lake area.
Another encouraging sign for the region is the huge bounce in commercial sales volume to it’s highest total since 2007. Hopefully this is a trend that continues with the influx of new businesses to the Grove and Grand Lake area.
Average Sales Prices
A key indicator that buyers and sellers like to look at is average sales prices. While there are a tremendous amount of variables that go into the wide range of sales prices in the Grand Lake area, it is helpful to see that the average sold price of residential waterfront homes has remained very steady over the past 7 years, coming in at $338,824 in 2016, while non-waterfront homes have generally increased over time, an indication of newer residential homes being built throughout the market.
Again, many thanks to Jeff Savage at Re/Max Grand Lake for this analysis and make sure to call Jeff for all your real estate needs at (918) 791-1039.