Happy Holidays! Best wishes for a Merry Christmas and Happy New Year! Thank you so much for taking the time to read my article. I strive to provide you with good, solid information about the lake area real estate market as well as updates on what is happening on a state and national level.
Sales of single family homes were up nationally by 9.1% in the 2nd quarter of 2017 compared to the same time frame in 2016 although sales fell -0.8% compared to the 1st quarter of 2017. Existing home median sales prices rose 9.9% in the second quarter compared to the first quarter and the prices rose 6% compared to the 2016 second quarter.
On a local lake level, the total of all sales YTD thru November 5th in 2017 rose 13.4% compared to the sale time frame in 2016. In reviewing the previous 6 months of May through October of 2017; each month’s sales were up when compared to the same months in 2016. Total 2017 individual monthly sales in this time ranged from 299 units to 363 units. The same time in 2016 the total individual monthly sales ranged from a high of 290 units to a low of 244 units. Average days on the market continue to drop across all property types except for commercial transactions. However, I must factor in that many commercial transactions are not handled through our local MLS and that information is not included here.
Lakefront homes sales increased 31.5% YTD in 2017 compared to 2016 and the average sales price rose by 2.9%. 2017 YTD Non-Lakefront homes sales rose 6.8% over 2016 and the average sales price grew 10.6%.
Resale Condominium unit sales increased 21.5% YTD with a slight rise of 1.4% in the average sales price.
Lakefront lot sales increased by 49% YTD 2017, the average sales price has decreased by -7.5% compared to 2016. I do see the average sales price gap or deficit starting to close and I feel next year that we will see the average prices of waterfront lots level out and begin to rise.
With the rapidly moving market and rising prices; it can be difficult to determine value for both buyers and sellers. A good market analysis should include the most recent sales of the homes closest and most like your home. In addition, it should also factor in the sales trends happening at the lake and in your neighborhood as well as considering the home’s features and potential drawbacks that add or detract from its worth.
Sales data obtained from the Lake of the Ozarks MLS comparing the time frame from January 1, 2016 to November 5, 2017 and from the U.S. Department of Housing and Urban Development.
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 would like Michael’s assistance in the sale or purchase of property, or have interest in a career in real estate, you can reach 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