Happy New Year! Here is a review of how the 2017 sales compared to one and two years ago.
Total number of property sales increased 13.9% in a 2017 year over year comparison. Total 2017 dollar volume closed was up 22% compared to 2016. Foreclosures decreased by one unit, there were 136 total foreclosures in 2017 which represented just 4.5% of all sales. More than half of the foreclosure were in the off-water home market.
2017 Lakefront home sales increased in number by 30.2% above 2016. 2016 Lakefront Homes sales had decreased by 3.3% compared to 2015 so it is good to see a turnaround from that slight decline last year. The 2017 average sales price increased by 2.8% above 2016. The average days on the market tightened up by 6.8%.
Off-water home sales had an increase of 6.5% in the number of homes sold in 2017 vs. 2016. The average sales price increased by 10.9% in a 2017 year over year comparison. Average time on the market reduced by 6.3%.
Condo sales also saw healthy increase in the number of units sold of 22.9% this past year. The average sales price increased just 1.4% in 2017 but had fallen by one-half percent in 2016 compared to 2015. Market time for resale condos declined 6.9%.
Villas and Townhomes decreased 25.3% in the number of units sold in 2017 vs. 2016 and is even with the units sold in 2015. The average sales price did increase by 1%, up from last year and up 11.2% in 2017 compared to 2015. Average time on the market declined 16%.
2017 Commercial sales decreased 28.9%. There were at 54 units closed in 2017, 76 units closed in 2016 and 65 units closed in 2015. 2017 average sales price also decreased by 5.4%. The average days on the market grew by 33.9%.
The number of 2017 Lakefront lot sales increased year over year by 50.8% however the average sales price fell by 8%. The average time on market was shortened by 19.7%.
Non-waterfront lot sales decreased in 2017 by 19.8% and the average sales price dropped as well, 2017 average price was 3% less than 2016. The average time on the market fell 24.6%.
The sale of farms increased in total by 46.1% with the average sales price falling 17.4% compared to 2016. The 2017 average sales price is 9% higher than the 2015 average. Average time on the market for farms decreased 37.8%.
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, 2015 to December 1, 2017 and all other times represented in the data.
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 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