Happy New Year! Here is a review of how the 2015 sales compared to one year ago and 5 years ago as well as what I see upcoming in 2016.
Total number of property sales increased 9.1% year-over-year and increased 44.7% compared to 2011. Total dollar volume closed was up 11% compared to 2014 and 55.8% compared to 2011. Foreclosures dropped again with a decrease of 20% year-over-year and a substantial decrease of 48.9% compared to 2011. Total foreclosures accounted for just 6% of all sales.
2015 Lakefront home sales increased in number by 3.47% above 2014 and were up 36% over 2011. The average sales price increased by 3.55% above 2014 and 4.75% above 2011. Total dollar volume increased 7.13% above 2014 and 42.6% compared to 2011.
Offwater homes sales saw a healthy increase of 7% in homes sold, a 6.2% increase in the average sales price and 13.6% increase in total dollars sold compared to 2014. 2015 Offwater home sales saw a tremendous increase compared to 2011 with a 35.7% increase in number of homes sold, 31.7% increase in average sales price and 78.9% increase in total dollar volume sold.
Condo sales also saw healthy increase in the number of units sold of 16% and the total dollars sold increased 14.4% compared to 2014. Compared to 2011, 2015 total condo sales increased 47.2% and total dollars sold increased 48.3%. While the number of condo sales have increased greatly, the average sales price in each of the past 5 years has remained within a 6% range and 2015 when compared to 2011 average sales price saw only a half percent increase.
Commercial sales were at 67 units in 2015 and 70 units in 2014. 2015 units closed represent an 86.1% increase, average sales price a 19.5% increase and total dollars sold a 122% increase when compared to 2011. Commercial investors and individual business owners are continuing to show confidence in the lake area.
The number of Lakefront lot sales increased year-over-year by 8.7% and the average sales price was up 63.5%, the total dollars sold increased 78%. 2015 numbers compared to 2011 saw huge increases; 86.1% increase in number of sales and 122% increase in total dollars sold as well as 34.7% increase in the average sales price.
My outlook for 2016 is more of the same healthy increases in sales. As I said last year: 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 15, 2015 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