Grand Lake OK 2005 - 2010 First Half of Year Real Estate Market Analysis
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Grand Lake Oklahoma Real Estate Statistical Analysis. Focused on the first half performance 2010 compared to first HALF for preceeding 5 years. Also analyzed the areas with biggest change looking at FULLyears for the last five years.
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Grand Lake OK 2005 - 2010 First Half of Year Real Estate Market Analysis
- 1. 2010 Grand Lake Area MLS Statistics www.SlideShare.net/JeffSavage01
- 2. Real Estate Statistics Jeff Savage 2010 Grand Lake Area
- 8. Residential (not Water Front)
- 9. Residential (not Water Front)
- 12. Number of Sold Transactions
- 17. Commercial
- 18. Water Front Lots
- 20. ALL Finance Types – Residential Sales
- 22. CASH Financing
- 23. FHA Financing
- 25. 2010 Grand Lake Area MLS Statistics www.SlideShare.net/JeffSavage01
Notes de l'éditeur
- Don’t try to make notes, I am covering a lot of information in a very short time – it’s all on SLIDESHARE I am Jeff Savage with RE/MAX Grand Lake MLS Chairperson 2003 to 2008 – the MLS expert
- I Presented Real Estate Statistics at the Grand Lake Area Real Estate Symposium in 2008 – I have updated that presentation for 2005 to 2009 - & 2010 O.K. Do you want to hear the “good” news, or the “bad” news. Lately the “bad” news wins out. Let’s try to find some “good” news to share. . . . . . . . . . Real Estate is LOCAL, so let’s focus on the LOCAL market – our 4 counties in Northeast Oklahoma – Delaware, Ottawa, Craig and Mayes.
- Based on information from the Northeast Oklahoma Board of Realtors for the period January 1, 2005 through June 30, 2010 This study looks at FIRST HALF OF EACH YEAR - ONLY
- Let’s look at first HALF activity for each of the last 6 years - 2005, 2006, 2007, 2008, 2009 & 2010 All Property Sold – Total Dollars Spent After a VERY SPECIAL year in 2006, we have come back back to near 2005 levels
- After some pretty consistent years, Average Sold Price decreased in 2009 & returns to normal levels in 2010
- When we look at Water Front Homes, we see Dollar Volume decreased in 2009 after some fairly stable years & a turn toward 2005 levels in 2010 Represent 39% of Total Sales – 42% in 2008
- If we continue to look at Water Front Homes, Average Sold Price numbers declined in 2009 & a return to more normal levels in 2010
- Looking at NON-Water Front homes, we see a pattern similar to ALL Property Types with Dollar Volumes decreasing Represent 49% of Total Sales - Down from 55% in 2009
- When we look at the Average Sold Price for NON-Water Front homes, the average has shown some slight increases over the years
- Luxury Homes ($500,000 or more) have performed well in 2006, 2007 & 2008 We see some nice recovery in 2010 - after a decline in 2009 Represent 15% of Total Sales up from 8.5% last year – down from 19% in 2008 2005 – 7 2006 – 22 2007 – 17 2008 – 19 2009 – 6 2010 – 12 – double 2009 levels in number and increased dollar amount
- The Average Sold Price for Luxury Homes, dropped a bit this year We have an artificial floor of $500,000 – we are closer to that BIG sales are less frequent
- If we look at the Number of Transactions for ALL Property Types, we see decreases similar to the trends we saw with Total Market Volume We continue our search for buyers
- This is not our time for Q & A – we will get to that at the end. Let’s take some common Questions for us to answer: What does all of this mean ? What is effected most in this market? Let’s treat 2006 as a “SPECIAL” year. We have seen since 2006 that we have been adjusting back to 2005 levels. Let’s shift our focus to the FULL YEARS 2005, 2006, 2007, 2008 & 2009 & look at a couple of elements in our market TYPES of SALES – Farms & Ranches, Condos, Commercial & Water Front Lots, ( non-Residential types of property) TYPES of FINANCING – for Residential we will look at Conventional, CASH & FHA
- Based on information from the Northeast Oklahoma Board of Realtors for the period January 1, 2005 through December 31, 2009 FULL YEAR COMPARISON
- For Farms and Ranches we see decreases in 2008 & 2009 They now represent 6% of the market up from 4.6% in 2008
- For Condos and Townhouses after four years of increases we see a decrease in 2009 They now represent 5% of the market – down from 10% in 2008 Unit ownership, HOA dues, common areas & facilities, gate, caretaker
- For Commercial Property we see a decrease in 2008 & a further decline in 2009 They now represent 2% of the market – down from 3.3% in 2008 – down from 6% in 2005
- Looking at Water Front LOTS we see a decline after four pretty solid years a small segment of the market – 1% of the market – down from 3% in 2008
- Now, let’s look at our Financing Sources for Residential Home Sales Conventional, CASH & FHA make up the largest segments OTHER Financing Sources include VA, “Other”, “Owner Carry” & “Private”
- For ALL Finance Type Transactions for Residential Sales, the pattern looks much like the Total Sales for ALL Property Types Residential Sales represent 85% of Total Dollar Volume, & 78% of Total Transactions –pretty consistent %age over the years
- Conventional Financing has dropped off in 2008 & 2009 and 46% of ALL Financing Transactions down from 61% in 2006
- CASH has remained relatively constant throughout the last 5 years 27% of ALL Financing Transactions – up from 21% in 2006
- FHA Financing has dropped off in 2009 – NOT the big increase that so many assumed 12% of ALL Financing Transactions – down from 14% last year But up from 8% in 2006
- So . . . . The numbers show us we have a slightly weaker local real estate market, closer to 2005 levels Water Front Homes & Lots bring buyers to Grand Lake. Non-Water Front homes are still around 50% of the market “ Real Estate is LOCAL . . . And Oklahomans are not buying or selling these homes in a national housing market.”
- Remember, it is all on SlideShare Full Year 2003 to 2007, Full Year 2005 to 2009 and First Half 2005 to 2010