If the early spring-like weather and the possibility of getting a jump start on boating haven’t brought you to the lake, perhaps the rapid acceleration in the real estate market will entice you to make plans to come to the lake soon.
Listing inventory continues to diminish as sales prices are climbing and average time on the market gets shorter. Comparing statistics based on year to date listings and sales; the numbers shake out as follows.
New listings of lakefront homes are down 11% compared to 2016 and the number of homes sold is up 26%. Lakefront home pending sales are also up 13.6% and the average sales price has climbed by 13.1%. The average days on the market has fallen 11.78%.
Non-waterfront home sales have risen 6.5% with the average sales price decreasing slightly by 1.8% and the number of new listings becoming available has decreased 6.8%. Pending sales for off water homes has jumped by 16.7%. The average days on the market fell by 15.6%.
Newly available condo listings are 4.6% fewer than last year and the number of units sold has increased 4.3%. The average sales price is up by 11.8% with the average days on the market decreased by 23.3%.
Finally, some good news for lakefront lot sales with the total up 75%; the number of new listings has also climbed by 33.75% indicating more seller confidence in the market. The average sales price is down 21.4% however the median sales price is up 15.5% and the days on the market decreased by 9%. I recently sold a lakefront lot in The Villages of Shawnee Bend that closed within 48 hours of the contract.
The market is up considerably and I feel that this will continue throughout the upcoming “lake season”. I am seeing multiple offers submitted as well as properties being contracted very quickly from the time they are make available. Don’t miss out on our beautiful, early spring as well as the opportunity to own the lake property you have been considering.
Sales data obtained from the Lake of the Ozarks MLS comparing the time frame from January 1 to February 20 of 2016 and 2017.
Michael Elliott 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 have interest in a career in real estate or would like Michael’s assistance 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