Spring was slow in it’s arrival this year and although sales have continued to be strong I feel that the market was diminished by the late appearance. Many of the sellers I work with were reluctant to get their homes ready for the season and on the market before the wet weather let up. The lake real estate inventory is still tight, and this has contributed to what I feel would have been an even stronger first quarter.
A five-year comparison of first quarter sales shows continual increase each year over year with few exceptions. The following data shows the sales in only the first quarter of each year.
Lakefront homes sold in 2018 totaled 267. This is down slightly from 2017 which had 278 sales. Sales in 2016 were 202. Sales in 2015 were 196. 2014 sales were 181.
Non-lakefront home sales in 2018 were 199. This category of homes has continued to increase in sales each year. 2017 sales were 186. 2016 sales were 181. 2015 sales were 152. 2014 sales were 139.
Condo sales have also increased each year. 2018 sales were 147. 2017 sales were 131. 2016 sales were 111. 2015 sales were 77. 2014 sales were 76.
Lakefront lot sales are coming on strong compared to previous years. 27 lots sold in the first quarter of 2018. Last year, in 2017 we had 18 sales. 2016 sales were 9. 2015 sales were 13. 2014 sales were 12.
Low inventory and, finally, the strong buyer demand, is driving sales prices up as well as bringing the lakefront lot market back. If you are intent on selling, I feel that 2018 and 2019 will continue to be a Seller’s market.
My advice to buyers is to be on top of the properties coming on the market either via a real estate agent or an online property database. When a property that is well priced in conjunction with its condition becomes available, it is very common for it to be under contract within a week of coming on the market. If you are intent on buying, you need to be positioned to know as soon as a property meeting your criteria is offered. You will also need to be ready to view the property and make a strong offer. Price is not the only items you need to consider when making an offer. Earnest money, financing, inspection and other contingency times and closing date are just a few items to consider.
Sales data obtained from the Lake of the Ozarks MLS comparing the time frame from January 1st to March 31st, 2014 – 2018.
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 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