Jeff Savage from Re/Max Grand Lake is back with his quarterly Grand Lake real estate report, and while it certainly seems like good news, sometimes you need to look a little deeper.
We all appreciate Jeff putting this together each quarter. Make sure to visit his website at sellinggrandlake.com and reach out to him with any questions or for help with your Grand Lake area real estate needs.
To briefly review, here are a few quick insights:
TOTAL Dollars Spent on Real Estate is UP 44% first quarter last year (2019)
TOTAL Dollars Spent on Real Estate is now $48 Million
TOTAL number of PROPERTIES of all types sold is UP 20%
Dollars spent on HOMES is UP 38%
Number of HOMES sold is UP 15%
Dollars spent on WATERFRONT HOMES is UP 47%
Dollars spent on LUXURY HOMES ($500,000+) is UP 149%
Number of LUXURY HOMES sold is UP 129%
Dollars spent on WATERFRONT LOTS is DOWN 59%
Dollars spent on FARMS is UP 343%
Conventional Financing is UP 9%
Conventional Financing LOANS is UP 6%
Cash Financing is UP 93%
Dollars spent on South Counties Real Estate is UP 63% to $13.8 Million
Dollars spent on Grove Area Real Estate is UP 32% to $25.8 Million
PENDING Sales (under contract) is DOWN 12%
Based on information from the Northeast Oklahoma Board of Realtors® for the period January 1, 2020 through March 31, 2020.
Look at some of those highlights… total dollars spent up 44%, number of properties sold up 20%, luxury homes going like gangbusters.
BUT, make sure to look at that bottom stat… pending sales – those that are under contract – are down 12%.
And that is the reality we are likely facing as we move through the next few months at Grand Lake and the reality of the global pandemic on the real estate market here in our little corner of paradise here in Oklahoma.