UPTURN MARKET DESPITE COVID
At the start of 2020, it appeared that this year would bring a slight easing of existing property sales as new construction started to take off. I also felt that property values would not continue to increase as quickly as last year. Then Covid made it’s appearance and turned all real estate predictions upside down.
January and February residential sales had increased by 18.9 percent in 2020 versus 2019. This included all homes and condos closed in those months. In March, lake area sales slowed down. We watched to see what the various restrictions and shutdowns across the country would bring. Businesses pivoted to allow employees to work from home and schools shifted to online learning. Thousands who had access to a lake home packed up and moved temporarily, many permanently, to Lake of the Ozarks.
By the end of May, lake area real estate sales had fallen in comparison to last year. The number of lakefront home closings had decreased by 2.5 percent. The sale of homes not directly on the water decreased 4.5 percent compared to 2019 and condo sales were down 13 percent.
Beginning in June, closing numbers roared and property values accelerated rapidly. It was unusual for any properly priced property NOT to receive multiple offers. The months of June through September had record increases in residential sales. During those four months, lakefront homes sold increased by 78 percent compared to 2019. Non lakefront home sales increased 21.4 percent and condo sales increased 57 percent.
Current YTD sales as of the end of September show that 2020 lakefront home sales increased by 41.2 percent compared to 2019. Non lakefront home sales increased 8.7 percent YTD and condo sales increased 22.8 percent.
Weekly sales stats for the last week of September indicate that sales remain strong into the Fall market. A review of the data for all homes and condos show that 68 new residential listings hit the market and 100 residential listings were marked as under contract. There also have been a total of 103 residential sales closed in the last seven days. All sales data obtained from the Lake of the Ozarks Board of Realtors Multiple Listing System for the years 2019 and 2020.
C. Michael Elliott and Associates is a boutique, privately owned office with a great group of knowledgeable, topnotch agents and staff that will work in your best interest and are enjoyable to work with. Please give us a call if you are considering buying or selling, we’ll explain our services in detail and you can decide if we are a good fit for you.
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 firstname.lastname@example.org or stop by C. Michael Elliott & Associates, 3738 Osage Beach Parkway.