Thursday, January 3, 2019

January Lake of the Ozarks Real Estate Update


New Year, New Market?

     I think 2019 will move the needle from a seller’s market back to (but not completely) a more neutral market.  With that in mind, I know that many sellers have waited to make their home available, for numerous reasons, but primarily for the market pricing to peak.  The market is slowing, with many causes, including lack of inventory, high pricing, interest rates and concern about the economy. 
     Total properties sold in 2018 was almost identical to 2017 numbers with an average sales price increasing at 1.5%.  Lakefront home and condo sales both saw a decrease in the number of properties sold in 2018 with the average sales price continuing to increase. Lakefront lots sales were also down slightly with a steady increase in average sales price.
     Offwater properties made up for the decrease in lakefront sales.  Non waterfront home sales increased by 3.8% and had a small average sales price increase.  Non waterfront lot sales increased by 38%.
     New construction is up across the lake area.  Many of the clients I work with are now building on lots that they have owned for several years so the current lot sales don’t correlate to the amount of new construction that is occurring.
     The upper end market from $750,000 and up has been slow to nonexistent the past few years.  I believe this will start its comeback in 2019 but without the accelerated sales price that we have seen in the lower price ranges.  I think we will see those value start increasing in 2020 barring any national or global event that would affect buyer confidence.
     Commercial construction and activity is flourishing, another promising indicator.  Commercial sales increased 25% in 2018.  I feel that 2019 is going to be a booming year for Lake of the Ozarks.
     I have compiled this data from the Lake of the Ozarks Board of Realtors Multiple Listing System for the time frame beginning January 1, 2017 and ending December 31, 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 would like to work with Michael in the sale or purchase of property, or have interest in a career in real estate, contact him at 573.365.SOLD or cme@yourlake.com  or stop by C. Michael Elliott & Associates, 3738 Osage Beach Parkway.  View thousands of lake area listings at www.YourLake.com.  You can also view each months’ article, ask questions and offer your opinion on Michael’s real estate blog, www.AsTheLakeChurns.com