The year of the pandemic turned into a record year for real estate sales and waterfront home sales at Oklahoma’s Grand Lake.
Well, at least the high point over the last 20 years.
This is based on data provided by Jeff Savage – CLHMS, CRS, e-PRO, SRES – of REMAX/Grand Lake – and from data the Northeast Oklahoma Board of Realtors® for the period January 1, 2020 through December 31, 2020.
[Side Note – Jeff is a leader in the Grove and Grand Lake Real Estate community and takes the time to prepare these market recaps every quarter. Want more info? Maybe you want to do business with Jeff? Learn more at his website, https://sellinggrandlake.com/, or give him a call on his cell at (918) 719-1039. And no, he did not pay me for this plug.]
Jeff’s 2020 year end market recap details some records set in 2020:
- $377 Million in real estate property sales – Up 79% over 2019
- 1,666 properties were sold – Up 43% over 2019
- Big Mover – Luxury homes up 160% in dollar sales and up 141% in number of sales over 2019
- Big Mover – Waterfront homes up 115% in total dollar sales to $172 Million.
- Big Mover – Cash sales up 131%
The previous high point for real estate sales at Grand Lake, at least in the last 20 years, was 2006, with:
- $215 Million in real estate property sales
- 1,574 properties sold
You can find the updated detailed analysis – including his previous summaries, on Jeff’s Slideshare account at www.SlideShare.net/JeffSavage01.
And if you prefer, you can find a pdf of his current analysis HERE.
The analysis breaks down the data several ways, and besides there not appearing to be any area that was down in 2020, here are a couple of other highlights:
- Total dollars spent on Grove Area Real Estate was up 70% to $199 Million.
- Total dollars spent on South Counties Real Estate – which is roughly defined as from Bernice or the Southside of Horse Creek all the way down through Duck Creek, Ketchum, Langley, and across the Pensacola Dam to Disney and Eucha and the Southside of Drowning Creek – was up 118% to $120 Million.
For those of you who have been looking to buy a Grand Lake area home in 2020, none of this is surprising.
There has been a record low inventory of listings for several months and when homes do hit the market, it has not been uncommon at all in 2020 for those homes to sell over listing price.
According to Kimberly Clark [https://www.grandlakelifestyle.com/], also of RE/MAX Grand Lake, one of the big factors in the limited number of listings, specifically lakefront listings, is that those people who typically are selling their waterfront homes – particularly in the luxury end of the market – are ready to leave Grand Lake for various reasons.
And with the pandemic and uncertainty of 2020, people just aren’t ready to do that.
So Kim has some tips for you buyers out there as we enter the Spring of 2021:
- You MUST have your numbers together – there is no time to figure things out after you find that lake home
- If you are going to finance your purchase – don’t even bother until you have an actual pre-qualification that you can show sellers. You don’t want to waste anyones time hoping you get qualified.
- Know what you want and be ready to JUMP. You’ve got to be ready to go. With limited listings and an abundance of buyers, there is no time for dilly-dallying.
- Be prepared that you will probably go over the asking price. That is just the reality of the market right now at Grand Lake.
Thanks to both Jeff and Kim for their contributions, and remember to visit The Ultimate Guide to Real Estate at Grand Lake for helpful articles and handy links as you embark on your Grand Lake real estate journey.