Below is a comparison of lakefront home
sales in 2012 and 2013 at Lake of the Ozarks . 2013 saw a small increase in the number of
homes sold with 7 more sales than in 2012.
The market saw a slight shift in number of homes sold in the various
price ranges with the $500,001 to $800,000 price points seeing the largest
gains. The $100,001 to $200,000 range
was still the largest part of the market making for 31.2% of sales however this
was a decrease from its share of 34.1% of the market in 2012. The luxury home market also showed very
modest improvement, the increases are not large; however this is a small part
of our overall market.
I feel the decrease of sales in the lower price range is mainly a result
of a reduction of inventory due both to sales and rising home values. (You cannot purchase the same home for
$200,000 as you were able to just 2 years ago.) As I’ve reported in the past, the luxury
home market took one of the biggest hits in terms of both number of sales and
values. It is promising to see a return
in confidence of buyers in this market.
I do feel the sales in this range have been driven by price adjustments. I feel this market will rebound more slowly
in part due to the fact that many of the luxury home sellers are able and
willing to wait for market values to increase rather than reduce their
prices. The increase in the mid to upper
range is very exciting as this represents a portion of the market where pent up
demand is being seen as a surge of buyers who have held off on purchases due to
the uncertain economic climate are moving forward.
Last month’s article did not make the
February Business Journal issue due to an error on my part. I apologize to any readers who missed
this. I reported on the sales activity
over the past five years broken down by property type. This report showed a steady increase in sales
with 2013 showing increases in all property types. If you didn’t receive a copy of the report
from me via email or read it on my blog, you can access it at www.AsTheLakeChurns.com or send me an email and I’ll get
it right to you. Sales
info: Lake of the Ozarks MLS for all times reported.
If you would like
a detailed sales report and value for your specific property type or
neighborhood, or would like information on the best buys at the lake, contact
C. Michael Elliott & Associates at 573.365.SOLD or cme@yourlake.com.
