Jeff Savage from RE/MAX Grand Lake is back with his quarterly real estate analysis of the Grand Lake real estate market, and it’s time for a look back at a strong 2021.
Jeff always posts his detailed analysis on his SlideShare account, if you’d like to check it out for yourself, go to https://lnkd.in/eujNVey2 to view a bar chart of statistical history going back 10 years or you can see the detailed analysis at https://lnkd.in/eDMyAaW.
And, as always, thanks to Jeff for putting this together. He can be reached at the RE/MAX Grand Lake office in Grove, by phone at (918) 791-1039, or on his website at https://www.sellinggrandlake.com/.
Here is a quick review of the analysis, based on data from the Northeast Oklahoma Board of Realtors, which encompasses Delaware and Ottawa Counties and significant portions of Craig and Mayes County, and does include the entire Grand Lake area as well as the City of Grove, the commercial hub of the Grand Lake region.
Total dollars spent on real estate in the region jumped to $394 million, a 4.5% increase over 2020. The market in the region has continued to improve since the low in 2010, and that is shown in eight strong years of performance and counting.
Factors working to keep this trend rolling include low-interest rates, improved internet speeds and connectivity, lifestyle changes due to COVID, and a greater number of people choosing to work from home and thus choosing the Grove and Grand Lake areas for the relaxed lifestyle compared to the hustle and bustle of cities.
It’s also important to note that inventories remain low, following twelve years of declining inventory.
2021 saw a further 19% reduction in inventory while sales continue to be strong (only dropping 1%), putting a strain on buyers who must find ways to meet the challenges in a seller’s market.
Residential sales, both waterfront and non-waterfront, plus luxury homes (considered those over $500,000) continue to be the bulk of transactions in the market given the popularity of Grand Lake real estate throughout the region.
A couple of other areas of note:
- Dollars spent on waterfront lots up 54% in 2021
- Average sold price per square foot of living area was $214.94 for waterfront/view homes.
- The luxury home market has boomed over the past 2 years, up another 20% to over $121 million in total sales volume in 2021.
- Sales of farms and ranches in the area continue to skyrocket, having doubled in dollar volume from 2019 to 2020 and increasing another 11% in 2021.
- Commercial sales dollar volume was up 270% in 2021!
The Grand Lake lifestyle continues to be attractive as the world around us continues to evolve given the changing landscape of work and education, and it appears that real estate at Grand Lake and in the surrounding region is poised for continued growth, leading to a growing economy in the area.