While the summer’s peak season is winding down and we head into the beginning of our fall market we are seeing a 2% overall increase in the number of properties closed. However there is a decrease in closed sales for most property types year to date compared to the same time in 2015 with just a couple of categories making up the difference.
My first thought was that this was due to the summer season coming to a close. So I looked to 2015 sales and checked them against 2014 sales and found the sales during that time frame had increased across all property types for an overall increase of 8.7%.
Reviewing additional sales factors I find that the average sales prices on most property types continue to hold steady. Lakefront homes showed a 2.5% average sales price increase but the number of closed homes fell 12%. In addition to this, the average time on the market dropped across the board. My conclusion, as it has been most of this year, is that the inventory is simply so tight that many buyers have yet to contract a property.
The properties that saw gains in the number of closings were non-lakefront homes and non-lakefront land. The sales of these homes increased by 8.6% and the sales prices remained unchanged. Non-lakefront land sales increased by 46% with sales prices decreasing 15%.
September usually sees many houses become available with owners moving on to what the fall season holds for their lives and families. It will be interesting to see if this lends any relief to our tight market. I report more in October and let you know what happens.
Lake area sales data has been obtained from the Lake of the Ozarks MLS and the Missouri Association of Realtors based on all property type sales over the time frame from January 1, 2014 to August 29, 2016 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