Home Prices in the Grand Lake/Grove OK AreaTuesday, September 18th, 2012
Home prices in the Grand Lake and Grove, Oklahoma area did not tank from the 2006-2008 highs but residentual neighborhood homes in Grove are on average are bringing about 20% below the very top peak prices paid. Waterfront homes have been basically steady to weak but mostly flat since the very peak of the market. There are some deals above and below the line of course on both waterfront homes on Grand Lake as well as neighborhood homes in Grove.
This morning (September 18, 2012) I got up and first thing as always read my Tulsa World newspaper. The headline of the business section is Area Home Sales Up In August. The article goes on to talk about total sales in the Tulsa, OK area being 12.8% ahead of August 2011 pace. For the first 8 months of 2012 the Tulsa market is 17.3% ahead in number of sales compared to same period in 2011.
The big kicker I think you need to really take notice of is sales prices. The Tulsa World article states that the average sales price in Tulsa for August, 2012 was up 9.5% over August 2011. The median price compared to same time frames was up 7.5%. The article says increased prices are the result of significantly tightened inventories of homes on the market.
The Grand Lake and Grove home market is not Tulsa, OK but our market tends to lag but follow Tulsa and the rest of NE Oklahoma when it comes to real estate. We have not seen but a small handful of new spec homes built for 4 years now and resale homes while still in plentiful supply are starting to get the cream pulled off the homes on the market.
I would think that the Grand Lake and Grove home price market will begin to move up in price by next spring of course depending upon economic news between now and then. If you have been thinking about a retirement home on Grand Lake or a retirement home in one of Grove, OK fine neighborhoods why wait. If you have been thinking about a waterfront home for retirement on Grand Lake or a weekend waterfront home, I would say the same thing, why wait. Interest rates cannot go lower, prices seem poised to start a climb upward, and selection is still great now—what more could you want? One more thing, the real estate market in a lake area such as Grand Lake and Grove tends to be seasonal with fall sales starting to wind down by Thanksgiving. If you are a buyer and wanting to buy a home, now is the time to get a deal. Many sellers are afraid they will have to carry their home over until March when the new season begins and will take huge discounts to move the home in the fall rather than carry over. Bottom line, if you are wanting a home you have bottom of the market prices, historically low interest rates, good home selection, and fall closeout deals. What more could you ask for in this buyer’s market, but if I am right come spring we could see much more of a seller’s market and could cost you as a buyer several dollars. All of these items are reasons to buy lake property today.
The Grand Lake Team at RE/MAX Grand Lake is here to help you with your most important purchase. We know the market, the Grand Lake MLS, and the area. We can help make your home search more inclusive, more fun, less stressful. Call Aaron Hughes at 918 801-5645 or firstname.lastname@example.org or Joe Neill at 918 640-3300 or email@example.com today to learn how we can help you find the home of your dreams in the Grand Lake and Grove, OK area.