Happy New Year! Here is a review of how the 2014 sales compared to the previous 3 years and what I see upcoming in 2015.
Total number of property sales held steady with an increase of 8 units over 2013 and the total dollar volume closed was up slightly as well. Units sold were up 30.7% over 2011 with the dollar volume closed also up by 38.5%. Foreclosures remained low with a substantial decrease of over 50% compared to 2011. Total foreclosures accounted for just 9% of all sales with off water homes accounting for 64% of all foreclosures.
2014 Lakefront home sales increased in number by 8.1% over 2013 and were up 26.6% over 2011. Although the average sales price only increased by less than a half a percent above 2013; the average lakefront home sales price increased by 9.4% above 2012.
Offwater homes sales held steady, both the number of units sold as well as the average sales price did see a decrease a slight decrease of about 1%.
Individually owned condo unit sales were up by just 8 units in 2014 but total sales compared to 2011 are up 37.7%. The average sales price increased by 4.5% from 2013 to 2014.
Commercial sales were at 72 units in 2014 and 77 units in 2013. These number represent a 100+% increase compared to 2012. Commercial investors and individual business owners are showing returning confidence in the lake area.
The number of lakefront lot sales remained steady compared to last year but is up considerably above 2011 and 2012. The average sales price took a hit of 23.6% this year; I feel that there will be a strong increase in 2015 and 2016.
I am seeing good, consistent increase in the market numbers. I project that as the lake home sales and values continue to rise and good inventory lowers even more; more buyers will turn to lakefront lots. This will include both individuals looking to build their personal home as well as more builders looking to get back into the spec home market.
Lake area sales data has been obtained from the Lake of the Ozarks MLS based on all property type sales over the time frame from January 1, 2011 to December 28, 2014 and all other times represented in the data.
Michael has been selling real estate at the Lake of the Ozarks since 1981. He is one of the most respected brokers in the area. If you would like to work with Michael in the sale or purchase of property, contact him at 573.365.SOLD or firstname.lastname@example.org View thousands of lake area listings at www.YourLake.com $1 million plus homes at www.LakeMansions.com You can also view each months’ article, ask questions and offer your opinion on Michael’s real estate blog, www.AsTheLakeChurns.com