October Lake of the Ozarks Real Estate Update

 

A Seller's Market

The month to month decrease in new listings coming to the multiple listing service continued in September.  Lakefront home listings in September 2021 were 37 percent less than August’s new listings and 43.4 percent less than September 2020’s homes coming on the market.  Year to date, 2021 lakefront homes listings decreased by 12.8 percent compared to 2020.

     Condominium listings in September ’21 decreased by 45 percent from August and 68 percent from September of 2020.  Although, year to date condo listings increased by 1.38 percent over 2020.

     Lakefront home sales by unit closed, year to date as of the end of September, decreased 16.5 percent, 146 less homes than last year.  Most of reduction in the number of lakefront homes closed year to date compared to 2020 comes from August and September closings.

      The gross sales dollar volume of lakefront homes shows an increase of 13.66 percent year to date in 2021 compared to 2020 however that is a little over 6 percent less than the increase shown thirty days ago.  The average sales price at the end of the September is up by 36 percent but down from a year-to-date increase of 40.29 percent at the end of August.  The average days on the market has decreased another two days from 61 to 59 days. 

     Condo sales year to date are also showing a year to date decrease with the number of units closed at the end of September 2021 dipping 5.12 percent.  The total gross sales dollar volumes increased 25.5 percent compared to 2020 and the average sales price climbed 32.3 percent.  The average days on the market for condos decreased by 58 percent in 2021.

     Lakefront lot sales showed the move toward building as buyers were unable to find or win the bid on a lake home.  Year to date closed units are up 39.3 percent in 2021 over 2020 and the total sales volume increase 71.2 percent.  In September of 2020 the average days on the market for closed lakefront lots was at 313 days.  In September of 2021 it was 84 days.

     As I discussed last month, I think we are seeing the beginning of the next trend.  I feel the existing home seller’s market needle will edge toward center.   I think it will continue to lean toward the seller’s favor simply due to the lack of inventory.   I see more serious buying and selling clientele making their move to the forefront.  Clients who do not have to buy or sell but are extremely capable and who will make good solid decisions.   

     New construction will also change the playing field for existing homes and give buyers more choice.  As these new properties become available, owners of existing homes who have waited until they can find another home that suits them will finally be ready to put their home on the market.   This will also open up more inventory over the next year, but it will be the type of inventory that will sell within days if not hours of hitting the market.

      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 and operates a boutique office focused on personal service.  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 located at 3738 Osage Beach Parkway.  Data obtained from the Lake of the Ozarks Multiple Listing System for 2021 and 2020.