Now that we are a little over halfway through the year, we can get a better look at how sales are trending in 2021. The market is still definitely a strong, seller’s market. Prices are increasing and days on the market have drastically reduced on many property types.
Lakefront home sales year to date as of the end of August are down by 14.6 percent in number of units closed, 110 less homes than last year. However, the gross sales dollar volume increased 19.85 percent and the average sales price was up by 40.29 percent. The average days on the market has decreased by 41.8 percent to 61 days.
Most of reduction in the number of lakefront homes closed year to date compared to 2020 comes from August closings. August 2021 had 78 less lakefront home sales than August 2020. This is over fifty percent reduction, while the average sales price remained almost the same with just a .6 percent increase and the days on the market in August 2021 compared to August 2020 decreased from 96 days to 49 days. There was a 17.7 percent decrease in new listings, not enough to account for the fifty plus percent reduction.
Condo sales year to date are also showing a year to date decrease with the number of units closed at the end of August 2021 dipping 4.15 percent. The total gross sales dollar volumes increased 27.6 percent compared to 2020 and the average sales price climbed 33 percent.
Comparing August 2020 to August 2021 Condo Sales, new listings increased by 3.79 percent in 2021. Like the lakefront home market, the number of August 2021 condo sales decreased by 37.33 percent or a total of 56 units. This is what caused the overall year to date decrease in condo sales. The average days on the market for condos decreased by 61 percent in 2021 to just 37 days.
Check back next month. I’ll take a closer look to see if this is an anomaly or a trend. As I mentioned a couple of months ago, I do think that we’ve hit a ceiling on prices. There are a lot of buyers who are ready and able to purchase but who are not willing to overpay. I think the market will remain strong. Properties that are selling, are selling rapidly, as we can see from the days on the market. Market time continues to decrease. This tells me that properties that are priced correctly are still selling quickly and that buyers are beginning to take a step back or a deep breath and make thoughtful decisions.
C. Michael Elliott & Associates is sponsoring Hot Summer Nights the second Friday night of each month on the Bagnell Dam Strip. Lots of great food, music, events, and my favorite, cool cars cruising the strip. Karen and I will be there with my new (old) ride on September 10th. September is a salute to military, law enforcement, firefighters and all of our front line people. If you haven’t been to the Lake Ozark Strip lately, you’ll be impressed.
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 email@example.com or stop by C. Michael Elliott & Associates, 3738 Osage Beach Parkway. Data obtained from the Lake of the Ozarks Multiple Listing System for 2021 and 2020.