Grand Lake Area Real Estate Symposium 2013-Market Statistics
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Grand Lake Area Real Estate Symposium 2013-Market Statistics

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Grand Lake Area Real Estate Symposium for 2013 was held Friday, November 8 starting at noon at the Grove Community Center. A light lunch was served at 11:30. ...

Grand Lake Area Real Estate Symposium for 2013 was held Friday, November 8 starting at noon at the Grove Community Center. A light lunch was served at 11:30.

Speakers included Xavier Neira the Oklahoma Director of Development at Manhattan Construction Company, Dan Sullivan of GRDA, and DR. Doug Cox our State Representative. I presented Real Estate Trends – Market Statistics.

From the Grand Lake Area Real Estate Symposium for 2013, here is my presentation on Market Statistics.

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  • We’ve heard about the NATIONAL real estate market and what has been going on . . . . .But . . . . Real Estate is LOCAL, so let’s focus on the LOCAL market – our 4 counties in Northeast Oklahoma – Delaware, Ottawa, Craig and Mayes.
  • Here are a few terms we will use today:Dollar Volume – TOTAL dollars spent in that categoryAverage Sold Price - TOTAL dollars spent divided by number of units soldLuxuryHome Market – We took the upper 5% of the market, which in this case was $500,000 and up
  • Based on information from the Northeast Oklahoma Board of Realtors for the period January 1, 2008 through September 30, 2013This study includes MOST but NOT ALL real estate activityThis is looking through the THIRD QUARTER for each year
  • For ALL Real Estate, let’s look at area market performance for the last 6 years - 2008 to 2013We will often focus on the last 3 years – 2011, 2012 & 20132013 was $118 million – same as 20122012 UP 21.7 % from 20112011 UP 6.5 % from 2010
  • For ALL Real Estate, let’s look at area market performance for the last 6 years - 2008 to 2013We will often focus on the last 3 years – 2011, 2012 & 20132013 was $118 million – same as 20122012 UP 21.7 % from 20112011 UP 6.5 % from 2010
  • Looking at the Number of SOLD Transactions for ALL Property Types, we see a pattern similar to Total Market VolumeThe average for the last three years - around 690 transactions / year.
  • Looking at the Number of Listings in Inventory for ALL Property Types, we see that have DECREASED since 2008The average for the last three years - around 3,800 listings / year.
  • Now, let’s look at our Financing SourcesLooking at Residential Home SalesConventional and CASH make up 80 % of Residential salesFHA is the next largest at 4 %Residential Sales represent 87.5 % of Total Dollar Volume, & 83 % of Total Transactions
  • If we continue to look at Water Front Homes, we see Average Sold Price numbers have steadily risen, after a drop in 2009
  • Now, let’s look at our Financing SourcesLooking at Residential Home SalesConventional and CASH make up 80 % of Residential salesFHA is the next largest at 4 %Residential Sales represent 87.5 % of Total Dollar Volume, & 83 % of Total Transactions
  • When we look at Water Front Homes, we see Dollar Volume ABOVE 2008 levelsThe average for the last three years is $56 million now 50 % of ALL market activity UP slightly over 2012
  • If we continue to look at Water Front Homes, we see Average Sold Price numbers have steadily risen, after a drop in 2009
  • Luxury Homes ($500,000 or more) have performed well last 3 yearsThey are on the rise again and now 23 % of the total marketIn 2011 we sold 29 Luxury Homes, and last year sold 33
  • Luxury Homes ($500,000 or more) have performed well last 3 yearsThey are on the rise again and now 23 % of the total marketIn 2011 we sold 29 Luxury Homes, and last year sold 33
  • When we look at theNON-Water Front homes,The average for the last three years is $42 million now 38 % of ALL market activityAverage Sold Price forNON-Water Front homes,is down slightly to $101,700
  • When we look at theNON-Water Front homes,The average for the last three years is $42 million now 38 % of ALL market activityAverage Sold Price forNON-Water Front homes,is down slightly to $101,700
  • Conventional Financing is ABOVE 2008 levels and represents 48 % of ALL Residential Financing TransactionsUP 6 % from 2012
  • Conventional Financing is ABOVE 2008 levels and represents 48 % of ALL Residential Financing TransactionsUP 6 % from 2012
  • CASH has Consistently IMPROVED throughout the last FIVE years and represents 32 % of ALL Residential Financing Transactions
  • CASH has Consistently IMPROVED throughout the last FIVE years and represents 32 % of ALL Residential Financing Transactions
  • CASH has Consistently IMPROVED throughout the last FIVE years and represents 32 % of ALL Residential Financing Transactions
  • CASH has Consistently IMPROVED throughout the last FIVE years and represents 32 % of ALL Residential Financing Transactions
  • CASH has Consistently IMPROVED throughout the last FIVE years and represents 32 % of ALL Residential Financing Transactions
  • CASH has Consistently IMPROVED throughout the last FIVE years and represents 32 % of ALL Residential Financing Transactions
  • Condos and Townhouses now represent 5 % of the market up 10 % over 2012
  • Farms and Ranches now represent 4 % of the market
  • Commercial Property now represent 3 % of the market
  • Looking at Water Front LOTS we see five slow yearsThey are a small segment of market activity or 2 % of the market
  • Looking at Water Front LOTS we see five slow yearsThey are a small segment of market activity or 2 % of the market
  • TOTAL Dollars Spent on Real Estate for 2013 is the same as 2012, 2012 was UP 21.7 % over 2011, 2011 was UP 6.5 % over 2010Residential Sales are 87.5 % of ALL salesConventional Loans are 50 % of HOME salesGrove Area sales are 50 % of ALL salesSouth County sales are 35 % of ALL sales
  • For the entire Real Estate Market Statistics slide show, go to SlideShare.net/JeffSavage01
  • National Housing Report for September 2013Home sales and prices in September were SEASONABLY lower than August, but HIGHER than September 2012consecutive month for year-over-year increases27th for home SALES20th for median PRICE16th for DAYS on the market average below 90 daysSeptember home sales UP 10.7 % and Median Price was UP 12.2 % above price in September 2012Inventory continues to decline at a slower rate – 13.4 % lower than last yearNumber of months of inventory rose to 5.0, closer to 6-month supply recognized as balanced market with equal number of buyers and sellers

Grand Lake Area Real Estate Symposium 2013-Market Statistics Grand Lake Area Real Estate Symposium 2013-Market Statistics Presentation Transcript

  • 2013 Grand Lake Area Real Estate Symposium PRESENTED BY: RE/MAX Grand Lake SPONSORED BY:
  • 2013 Grand Lake Area Real Estate Symposium Grand Lake Real Estate Market Statistics Jeff Savage
  • Real Estate Acronyms, Terminology and Definitions DOLLAR VOLUME Total dollars spent in that property category. AVERAGE SOLD PRICE Total Dollars Spent divided by number of units sold in that property category. Luxury Home Market In this instance, we will simply use the price point representing the upper 5% of the market, or $500,000+
  • Source of Information Based on information from the Northeast Oklahoma Board of Realtors® For the period January 1, 2008 through September 30, 2013 Through THIRD Quarter for Each Year
  • All Property Sales Dollar Volume $134,232,070 $118,901,036 $118,271,029 $102,793,746 $94,755,552 $85,390,575 2008 2009 2010 2011 2012 2013
  • All Property Sales Average Sold Price $164,734 $146,222 $167,231 2011 2012 $162,684 $143,514 $129,447 2008 2009 2010 2013
  • All Property Sold Transactions Total # Sales 918 732 711 727 624 595 2008 2009 2010 2011 2012 2013
  • All Property Inventory Active Listings 4,429 4,210 4,017 3,962 3,841 3,710 2008 2009 2010 2011 2012 2013
  • ALL Residential Sales Dollar Volume $112,149,121 $103,508,943 $98,975,018 $90,753,678 $81,183,511 2008 2009 $75,252,425 2010 2011 2012 2013
  • ALL Residential Sales Average Sold Price $172,208 $156,197 $173,336 $171,089 2011 2012 2013 $151,413 $135,986 2008 2009 2010
  • ALL Residential Sales Total # Sales 718 597 605 571 497 2008 2009 2010 527 2011 2012 2013
  • Residential Waterfront Dollar Volume $57,955,586 $57,520,455 $58,862,725 $51,168,035 $34,025,225 2008 2009 $35,338,150 2010 2011 2012 2013
  • Residential Waterfront Average Sold Price $362,222 $345,730 $350,734 $354,595 2011 2012 2013 $315,519 $278,895 2008 2009 2010
  • Luxury Home Market Dollar Volume $26,657,400 $26,090,600 $27,136,000 $21,449,600 $12,733,000 $10,037,500 2008 2009 2010 2011 2012 2013
  • Luxury Home Market Average Sold Price $833,044 $822,303 $772,115 $767,371 $749,000 $739,641 2008 2009 2010 2011 2012 2013
  • Residential (not Water Front) Dollar Volume $54,193,535 $47,158,286 $39,914,275 2008 2009 2010 $39,585,643 2011 $41,454,563 2012 $44,646,218 2013
  • Residential (not Water Front) Average Sold Price $103,673 $104,448 $101,854 $101,700 2012 2013 $99,281 $97,121 2008 2009 2010 2011
  • Conventional Loans Dollar Volume $48,649,036 $46,433,365 $43,052,074 $49,314,616 $41,971,103 $36,748,059 2008 2009 2010 2011 2012 2013
  • Conventional Loans Total # Sales 296 271 233 242 247 222 2008 2009 2010 2011 2012 2013
  • Cash Sales Dollar Volume $32,795,856 $28,236,988 $27,149,281 $28,576,651 $23,707,656 $18,626,090 2008 2009 2010 2011 2012 2013
  • Cash Sales Total # Sales 232 186 185 169 161 2008 2009 151 2010 2011 2012 2013
  • FHA Sales Dollar Volume $7,785,904 $7,086,255 $5,111,410 $4,995,987 $5,003,510 $3,801,426 2008 2009 2010 2011 2012 2013
  • FHA Sales Total # Sales 99 70 56 44 46 38 2008 2009 2010 2011 2012 2013
  • VA Sales Dollar Volume $1,481,000 $1,266,300 $1,052,400 $922,400 $826,000 $763,600 2008 2009 2010 2011 2012 2013
  • VA Sales Total # Sales 10 9 8 7 6 2008 6 2009 2010 2011 2012 2013
  • Condos and Townhomes Dollar Volume $6,183,066 $5,439,732 $4,377,525 2008 2009 $5,754,100 $5,246,500 $4,728,500 2010 2011 2012 2013
  • Farms and Ranches $10,195,320 $5,836,880 $6,086,236 $4,346,000 $3,045,198 $2,189,170 2008 2009 2010 2011 2012 2013
  • Commercial Dollar Volume $4,893,900 $3,228,500 $2,121,000 $1,886,500 $1,616,000 $1,334,900 2008 2009 2010 2011 2012 2013
  • Water Front Lots Dollar Volume $5,961,999 $2,288,000 $1,869,500 $2,118,050 $1,780,300 $1,224,000 2008 2009 2010 2011 2012 2013
  • Water Front Lots Average Sold Price $170,343 $161,845 $143,000 $116,844 $105,903 $102,000 2008 2009 2010 2011 2012 2013
  • In Conclusion • TOTAL Dollars Spent on Real Estate for 2013 is the same as 2012, 2012 was UP 21.7 % over 2011, 2011 was UP 6.5 % over 2010 Sales are 87.5 % of ALL sales • Residential • Conventional Loans are 50 % of HOME sales • Grove Area sales are 50 % of ALL sales • South County sales are 35 % of ALL sales
  • 2013 Grand Lake Area Real Estate Market Statistics www.SlideShare.net/JeffSavage01
  • National Housing Report September 2013 • Home sales and prices in September SEASONABLY lower than August, but higher than September 2012 of year-over-year increase: • Consecutive month • 27th month for INCREASE in home sales • 20th month for INCREASE in median price • 16th month for days on the market average below 90 days • Inventory continues to decline at a slower rate – 13.4 % lower than last year
  • 2013 Grand Lake Area Real Estate Symposium PRESENTED BY: RE/MAX Grand Lake SPONSORED BY: