Real Estate is one of those age old topics that we all wonder about – and it’s no different around Grand Lake.
- Should I have tried to sell my lake house last year?
- Should I wait to buy my new lake home…someone said values are going to go down…
- How much is my waterfront land really worth?
- I wonder what the market will be like next spring?
You know you’ve wondered these things…we all have.
And while nobody can predict the future – other than Nostradamus and Lee Corso – we can make an educated guess about the future of real estate in the Grand Lake area by looking backwards.
And for that, we can thank the good folks at RE/MAX Grand Lake.
The 2013 Grand Lake Area Real Estate Symposium, presented by RE/MAX Grand Lake and sponsored by Bank of Grove, gave everyone a great look at some year over year real estate statistics locally (the entire Grand Lake area) and put it in the context of what it all really means.
More specifically, Jeff Savage of RE/MAX Grand Lake put together an outstanding slideshare presentation with sales and dollar volume statistics from January 1, 2008 through September 30, 2013.
All of the data used in this presentation was based on information from the Northeast Oklahoma Board of Realtors.
For those that are interested, you can view the entire slideshare presentation below.
As a recovering real estate appraiser in the Grand Lake area, there were several things that really stood out to me:
- Total dollar volume on all sales has been trending upwards since bottoming out in 2010
- The average sold price of all property types has been trending upwards since it’s bottom in 2009, although it did level off in 2013
- The number of real estate transactions has increased every year since it’s 2010 low
- All property inventory has been trending down since it’s high in 2008
- The total dollar volume, average sales price and total number of sales for residential properties have all trended upwards since hitting lows in the 2009 and 2010 time period
- The residential lakefront market has seen an increase in dollar volume and average sold price since 2009 lows
- The luxury home market and the non-waterfront home market have also rebounded nicely from the same time periods
- Condos and townhomes in the Grand Lake area weren’t hit as hard during the real estate downturn, but have been trending upwards as well since the 2009 time period
- The commercial real estate market saw a huge drop in dollar volume from 2008 to 2009 & 2010, but has increased every year since, though still not to the 2008 levels.
So what does this all mean?
It appears that real estate at Grand Lake is on the rebound and is returning to pre-recession levels in terms of dollar volume, values and overall number of sales.
But there is also still room for improvement, specifically in the commercial real estate market.
Typically, that’s the way these things go…there is an uptick in residential activity, and then the commercial real estate players tend to follow the money and begin investing.
It’s also worth noting that both waterfront lots and farms & ranches were up well over 100% from the previous year…another strong indicator – along with commercial real estate activity – of a strong and robust real estate market at Grand Lake.
Also touched on briefly, and this was by Chuck Perry of RE/MAX Grand Lake, is how all of these Grand Lake trends relate to national trends based on the September 2013 National Housing Report.
According to that September 2013 report, there have been 27 consecutive months of a year over year increase in home sales and 20 consecutive months of year over year increase in median prices.
As anyone who has paid attention to the Grand Lake economy can tell you, it always seems like the Grand Lake area tends to lag just a bit behind national trends.
But the activity presented at the 2013 Grand Lake Real Estate Symposium indicates that the Grand Lake real estate market is healthy and poised to get stronger into the future.
And, here is the entire slideshare presentation with all of the statistics put together by Mr. Savage…