The 1st quarter Grand Lake real estate analysis is out and the start of the year shows mixed results depending on where you are at Grand Lake.
This analysis is provided quarterly by Jeff Savage of Re/Max Grand Lake and is based on information from the Northeast Oklahoma Board of Realtors® for the period January 1, 2014 through March 31, 2014.
The Northeast Oklahoma Board of Realtors covers the Grand Lake area, and does include Miami and Ottawa County as well as pulling in some sales and data from rural areas of Craig, Mayes and Delaware Counties.
The total dollars spent on Real Estate is up slightly from the first quarter last year, at a total of over $31 million.
And while the total number of properties of all types that sold in the 1st quarter is up slightly as well and the number of homes sold is up 4.2%, the total dollars spent on homes is down slightly.
More specifically to Grand Lake real estate, the total dollars spent on waterfront homes is down 10.4% and the total dollars spent on luxury homes (considered in this analysis to be those over $500,000) is down 7.4%, with the number of luxury homes sold unchanged.
It appears that there is a little more activity at South Grand Lake when compared to other areas of Grand Lake with dollars spent on South Counties Real Estate up 26.4% while dollars spent on Grove Area Real Estate is down 12.5%.
BUT, don’t get too excited one way or another about these numbers from a very small subset of time.
A key to remember about statistics from Northeast Oklahoma Real Estate is that one or two big sales can really skew the numbers, and likewise an absence of one or two big sales can skew the numbers the other way.
And, looking back at 2013, a few things stand out:
- 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
So don’t get overly anxious from the numbers from the 1st quarter as the overall trend for Grand Lake real estate continues to be a steady rebound from the lows of the real estate bottom seen a few years ago.