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 …

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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  • 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

Transcript

  • 1. 2010 Grand Lake Area MLS Statistics www.SlideShare.net/JeffSavage01
  • 2. Real Estate Statistics Jeff Savage 2010 Grand Lake Area
  • 3. Source of Information
    • For the period January 1, 2005 - through June 30, 2010
    • FIRST HALF OF EACH YEAR - ONLY
    • Based on information from the Northeast Oklahoma Board of Realtors®
  • 4. All Property Types
  • 5. All Property Types
  • 6. Residential Waterfront
  • 7. Residential Waterfront
  • 8. Residential (not Water Front)
  • 9. Residential (not Water Front)
  • 10. Luxury Home Market
  • 11. Luxury Home Market
  • 12. Number of Sold Transactions
  • 13.  
  • 14. Source of Information
    • For the period January 1, 2005 - through December 31, 2009
    • FULL YEAR COMPARISON
    • Based on information from the Northeast Oklahoma Board of Realtors®
  • 15. Farms and Ranches
  • 16. Condos and Townhomes
  • 17. Commercial
  • 18. Water Front Lots
  • 19. FINANCING Sources
    • Conventional, CASH, & FHA
    • Residential Homes Sales
    • OTHER – covers all other sources, including VA, “Other”, “Owner Carry” and “Private”
  • 20. ALL Finance Types – Residential Sales
  • 21. CONVENTIONAL Financing
  • 22. CASH Financing
  • 23. FHA Financing
  • 24. In Conclusion
    • Water Front Homes and Lots bring buyers to Grand Lake.
    • The numbers show a
    • local real estate market slowdown.
    • Real estate is local, and Oklahomans are not buying or selling their homes
    • in a national housing market.
  • 25. 2010 Grand Lake Area MLS Statistics www.SlideShare.net/JeffSavage01
  • 26.