New construction rose in June to the fastest pace in four months, led by large increases in the Northeast and Midwest. Housing starts of privately owned units climbed 8.3 percent in June above May 2017 and is 2.1 percent above June 2016. The gain ended three straight monthly declines and marked the strongest pace of building since February.
Home construction has risen 3.9 percent year-to-date, but that slight increase has been unable to make up for the decrease in existing homes being listed for sale. Housing starts jumped a spectacular 83.7 percent in the Northeast and 22 percent in the Midwest, sales edged up in the West but declined in the South. June building permits, an indicator of future construction, were up 7.4 percent compared to May 2017 and is 5.1 percent above June 2016.
The Lake of the Ozarks real estate market continues to pull further ahead of previous years. 2017 Lakefront homes sales currently sit at 27.3 percent above 2016. This is more than a 5 percent increase from June’s 2017 YTD data. Non-Lakefront homes sales have increased 7.3 percent YTD above 2016 numbers. Condominium sales are up a solid 19 percent in 2017 vs. last year. Lakefront lot sales have surged 79.3 percent YTD in 2017. This is another excellent indicator of future construction.
If you need assistance in getting a clear picture of what this market means for you, please don’t hesitate to contact me or a member of my sales staff. We have great insight into the current trends that effect the value and market demand of property.
Sales data obtained from the Lake of the Ozarks MLS comparing the time frame from January 1st to July 25th of 2016 and 2017 and the US Department of Commerce.
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, you can reach him at 573.365.SOLD or email@example.com 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