grand lake ok real estate - an in depth analysis of recent five years

2008 Grand Lake Area Real Estate Symposium

SPONSORS:RE/MAX Grand Lake

Grand River Abstract & Title

Grand Savings Bank

Grand Lake Association

Wells Fargo

The Real Estate Book

Enterprise Builders – Craig Criger

Shelter Insurance – Mark Lee

Helicopter Advantage.com

Real Estate StatisticsJeff Savage

2008 Grand Lake Area Real Estate Symposium

Total dollars spent in that property category.

Real Estate Acronyms, Terminology and Definitions

DOLLAR VOLUME

AVERAGE SOLD PRICE

Total Dollars Spent divided by number of units sold in that property category.

Luxury Home MarketIn this instance, we will simply use the price point representing the upper 5% of the market, or $500,000+

Signs of a Seller’s Market

• Days on Market will be Decreasing

• Inventory is Low

• Comparable Sale Prices are Lower than Active Listing Prices

• Median Sale Prices are Increasing

Signs of a Buyer’s Market

• Days on Market is Increasing

• Inventory is high

• Comparable Sale Prices are Higher than Active Listing Prices

• Median Sale Prices are Decreasing

Source of Information

For the period January 1, 2003 through December 31, 2007

• Based on information from the Northeast Oklahoma Board of Realtors®

All Property Types

2003 2004 2005 2006 2007

$103,651,899

$135,612,678

$180,984,207

$215,821,577$199,346,217

Dollar Volume

All Property Types

2003 2004 2005 2006 2007

$100,244$106,196

$123,286

$136,682 $139,696Average Sold Price

Residential Waterfront

2003 2004 2005 2006 2007

$36,427,659

$46,263,069

$58,573,476

$78,829,160

$69,725,986

Dollar Volume

Residential Waterfront

2003 2004 2005 2006 2007

$203,506$221,354

$251,388

$306,728 $311,277

Average Sold Price

Residential (not Water Front)

2003 2004 2005 2006 2007

$45,656,316

$60,712,809

$78,454,796

$93,507,208$84,763,253

Dollar Volume

Residential (not Water Front)

2003 2004 2005 2006 2007

$73,758$80,096

$88,750

$97,913$94,391

Average Sold Price

Luxury Home Market

2003 2004 2005 2006 2007

$2,020,000

$5,764,500

$9,512,900

$28,120,161$26,832,000

Dollar Volume

Luxury Home Market

2003 2004 2005 2006 2007

$613,750 $632,850

$764,577 $776,123 $741,763

Average Sold Price

Water Front Lots

2003 2004 2005 2006 2007

$2,841,800$2,665,130

$4,334,550 $4,123,000

$5,558,450

Dollar Volume

Water Front Lots

2003 2004 2005 2006 2007

$88,806$78,386

$103,204$108,500

$146,275

Average Sold Price

Condos and Townhomes

2003 2004 2005 2006 2007

$1,383,450$1,990,695

$4,672,950

$6,088,450

$10,082,750

Dollar Volume

Farms and Ranches

2003 2004 2005 2006 2007

$5,677,750

$11,595,487 $11,475,540

$15,467,794

$13,293,100

Dollar Volume

Commercial

2003 2004 2005 2006 2007

$3,686,000$4,615,000

$10,349,300

$8,936,375 $9,434,500

Dollar Volume

Number of Sold Transactions

2003 2004 2005 2006 2007

1,034

1,277

1,4681,579

1,427

Days on the Market

2003 2004 2005 2006 2007

137

145

131 131

121

The Stock MarketGrand Lake Real Estate

vs

Let’s see the future value of this $200,000 in 5 years for those

investments

• Grand Lake Water Front Homes saw an annual increase of 11.7% during the same period

Assumptions

$200,000 is invested in both the Stock Market, and Grand Lake Real Estate.

Using averages for the last 5 years:

• The Dow Jones Industrial Average saw an annual increase of 8.9% per year on average.

• The S&P 500 saw an annual increase of 9.28% during the same period

Grand Lake Water Front Homes vs

Stock Market

WF Homes - 11.7% DOW - 8.9% S&P - 9.2%

$311,917

$287,485$290,434

In Conclusion

• Water Front Homes and Lots bring buyers to Grand Lake, and continue to be the strongest segment of the area market.

• The numbers show a strong local real estate market.

• Real estate is local, and Oklahomans are not buying or selling their homes

in a national housing market.

2008 Grand Lake Area Real Estate Symposium

SPONSORS

RE/MAX Grand Lake

Grand River Abstract & Title

Grand Savings Bank

Grand Lake Association

Wells Fargo

The Real Estate Book

Enterprise Builders – Craig Criger

Shelter Insurance – Mark Lee

Helicopter Advantage .com