June 19, 2008 a Grand Lake Real Estate Symposium was held at the Royal Bay Theater by Sailboat Bridge in Grove, Oklahoma. Jeff Savage of RE/MAX Grand Lake in Grove and Monkey Island present the Northeast Board of Realtors facts and figures on real estate sales in the Grand Lake area. The figures may surprise you. A recap of the presented numbers is–

Total Sales by Dollar Volume

2004 $135,612,678             2005  $180,984,207        2006 $215,821,577        2007  $199,346,217

Residential Waterfront Homes

2004  $46,263,069               2005  $58,573,476          2006  $78,829,160         2007  $69,725,986

Average Waterfront Home Sale Price

2004  $221,354                     2005  $251,388                 2006  $306,728            2007   $311,277

Luxury Home Market Total Sales

2004  $5,764,500                  2005  $9,512,900             2006  $28,120,161        2007  $26,832,000

Average Luxury Home Price

2004  $632,850                  2005  $764,577                  2006   $776,123               2007   $741,763

Average Days on Market for Sale

2004    145                         2005   131                           2006   131                           2007  121

The numbers show a strong local real estate market.

Waterfront Homes and Lots bring buyers to Grand Lake and continue to be the strongest segment of the market

Real Estate is local and the Oklahoma market remains strong despite problems from California, Nevada, Florida and Arizona were prices shot up sometimes at the rate of 25-50% a year until they busted. The Oklahoma market has trended up modestly and remains with steady to slightly higher prices.

Chuck Perry of RE/MAX Grand Lake reported that while neither he nor Jeff Savage, who reported the above numbers, had figures for 2008 that the RE/MAX Grand Lake sold numbers totals were off 3% from 2007 numbers for the first 5 months of 2008. Much of this can be attributed to bad spring weather in 2008, Mr. Perry reported.

The numbers don’t lie, Grand Lake real estate sales numbers and prices are holding up nicely in a poor national market. The Oklahoma market did not go up as fast or as much as the east and west coast markets nor are they declining. Real Estate is a good long term buy in Oklahoma.

For information on the real estate market or to get assistance in finding your place at Grand Lake call Aaron Hughes at 918 801-5645 or Joe Neill at 918 640-3300. We are the Grand Lake Team at RE/MAX Grand Lake.