The latest lake home sales figures show an increase once again. This rate is above year ago levels by 26.7 percent. Condo sales have also shown a large increase in 2012 vs. 2011 with a 22.8 percent growth in units sold. Average days on the market for lake homes has dropped from 214 to 168 however, condo market times have seen an increase of 23 days over the same time last year.
Lawrence Yun, NAR chief economist, said underlying factors are much better compared to one year ago. "The market is trending up unevenly, with record high consumer buying power and sustained job gains giving buyers the confidence they need to get into the market," he said. "Although relatively unusual, there will be rising demand for both rental space and homeownership this year. The great suppression in household formation during the past four years was unsustainable, and a pent-up demand could burst forth from the improving economy."
Regionally, the results were mixed. Declines were seen in both the Northeast and West. The Northeast dropped 3.3 percent in February, with median prices declining 1.9 percent from a year ago.
The West posted a 3.2 percent monthly decline, but is up 6.1 percent of February 2011 as well as up 3.1 percent in median prices.
The Midwest and South were both up, rising 1.0 and 0.6 percent respectively. The median price in the Midwest was down half a percent to $120,000, the lowest median price in the nation.
Decreasing inventory, combined with virtually no new residential construction during the past three years, assure that rents will continue to rise as well as likely home price increases in 2012. I also feel the decrease will drive lot sale which have been almost non-existent the past few years.
So, back to the same song, second verse: you’re not going to find a better time to purchase at Lake of the Ozarks. If you are considering selling, prices are holding steady. If you’re looking to sell and purchase another property, any value loss in your existing home will be offset in the lowered value of the purchased home.
If you would like a detailed sales report on your specific property type or neighborhood, or would like information on the best buys at the lake, contact C. Michael Elliott & Associates at 866.Your.Lake or firstname.lastname@example.org View thousands of lake area listings at www.YourLake.com. You can also log your opinions on Michael’s real estate blog, www.AsTheLakeChurns.com