Monday, July 1, 2013
July Real Estate Market Update
What a terrific June we’ve experienced. Business appears to be booming for lake area restaurants and shops. Parking lots are full, waiting lists are back and the grocery stores are packed.
The Lake Race turnout was phenomenal. It was very exciting to see all of the people on the strip and the businesses doing so well. Lake Ozark has really been shining thanks to the hard work of the local business people; my hat is off to them. They are host to so many terrific events this summer. If you haven’t visited the strip area for a while, check it out: Great food, music and shopping.
The number of lake home closing is still down slightly with 6% less sold in 2013 vs. 2012 however, other than last year this is still the largest number of sales since 2007. Average lake home sales prices are continuing to climb and are 7% higher than last year. In April they were up 5%, that number rose to 6% in May.
An interesting statistic that I haven’t touched on before are the average list price to sales price ratios. In 2004 the lake home number was 100.2%, as the market was heating up into the largest seller’s market I have seen, buyers were paying full price and more to secure the home they wanted. That number fell to a low of 89.9% in 2010 and has risen steadily to the current rate of 93.6%.
In 2004 the condo number was 100.4%, a little higher than the lake home market the rate remained over 100% through 2008 and has hovered in the mid 90’s since then. That number falling only to 94.8% at the lowest point and is currently at 96.6%. In reviewing these numbers, we do need to take into consideration that many condo list prices do not include items such as garage or boats slips so that will factor into the sales price being higher than the list in many cases.
Data has been obtained from the Lake of the Ozarks MLS based on all property type sales over the time frame from January 1, 2012 to June 24, 2013 and all other times represented in the data.
These are just a few market areas here at the lake; I’ll compare some of the others in future articles. 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 at866.Your.Lake or cme@yourlake.com 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
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