Tuesday, March 30, 2021

April Lake of the Ozarks Real Estate Update

 Spring Market

As we reach the Spring market and look back at the first quarter of 2021, lake area real estate sales show no signs of slowing down. 

     I’ve been reviewing the inventory levels over the last few years beginning in 2016.  For comparison I am using the category of lakefront home listings. 

      In January of 2016, there were 700 lakefront homes on the market on average on any given day.   That number increased to 753 in February of 2016 and continued to increased each month until June.  In June of 2016, lakefront home inventory had peaked for the year at 1,001 and inventory returned to 671 lakefront homes in December.

     It is typical for the inventory to ebb and flow each year and it usually reaches its highest point in June or July.

     As the market improved each year, the overall average inventory dropped.  That’s a pretty obvious result of increased demand and no surprise.

     That brings us to this year, 2021.  In January of this year the average lakefront home inventory was 208.  That’s a decrease of 12.6 percent compared to the inventory in the previous month of December 2020.  It is still “normal” for inventory to decrease from December to January although in the past I think that is due to people taking their property off the market as much, if not more, than it is due to sales.  I’m speaking strictly anecdotally since I don’t have a way to definitely track this, but I feel this inventory decrease is due to the sales.

     In February 2021, when we would expect to see an increase in average active lakefront home inventory, the market experienced another decrease of 16.3 percent from January levels to February levels of 174 lakefront homes.

     As I wrap this up on March 30th, the full average inventory data is not yet available for March.  I can tell you that today there are just 63 lakefront homes actively available.

      Something we don’t have a shortage of is available agents.  There are currently 911 members of our local Multiple Listing Systems and growing daily.  You’ll have plenty of selection when it comes to getting help finding a lake home.  I’d love to have the opportunity!

       All sales data obtained from the Bagnell Dam and Lake of the Ozarks Board of Realtors Multiple Listing System for the years 2016 through March 30, 2021.

     C. Michael Elliott and Associates is a boutique, privately owned office.  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 cme@yourlake.com  or stop by C. Michael Elliott & Associates, 3738 Osage Beach Parkway. 

Tuesday, January 26, 2021

February Lake of the Ozarks Real Estate Update

 

2021 Lake Market Remains Strong

     The real estate market in 2021 shows no sign of slowing based on the activity I am seeing so far in January.  I have broken down the numbers to give you an idea of how quickly residential properties are moving during what is traditionally a slower time for sales at the Lake.

     During the first four weeks of 2021, from January 1 to January 26, a total of sixty-two new condominiums or single-family homes were placed on the market.    It is possible that some of these were previously on the market and have been relisted but considering how strong sales are, I feel this would be an extremely small amount.  At this same time, one hundred sixty-seven listings were sold (closed) and two hundred twelve listings’ status was changed to indicate either a pending or contingent contract.

     Further analysis of these numbers shows that there were only five new listings of condominium units.  A total of forty-six condo units closed and sixty-two condo units had status changes to pending or contingent.  There are currently just thirty-two condos actively available.

     Single family home sales also remain vigorous.  Twenty-five offwater homes were new to the market in January, fifty-three offwater homes were pending or contingent and fifty-six offwater homes sold.  One hundred twenty-one offwater single family homes are now on the market.

     Homes with lake views and/or lake access amounted to twelve new to the market, twenty-nine pended or shown as contingent and fourteen closed.  Forty homes in the property type are currently available.

     Lakefront homes new to the market equaled twenty.  Seventy lakefront homes were marked as pending or contingent and fifty-one sold.  One hundred six lakefront homes remain on the market.

    All sales data obtained from the Lake of the Ozarks Board of Realtors Multiple Listing System for the time frame January 1 – January 26, 2021.

     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 cme@yourlake.com  or stop by C. Michael Elliott & Associates, 3738 Osage Beach Parkway. 

 

 

 

Tuesday, December 29, 2020

January Lake of the Ozarks Real Estate Update

 

New Year’s Market Uncertainty

 

     Market activity over the previous seven days ending December 29th had thirty-five new listings to the market plus nine properties had sales contracts cancelled and are now back on the market. A total of fifty-six properties were placed under contract.   While nine may not seem a large amount, it is considerable when you realize that it equals one-fourth the number of new listings.   The most common reasons for failure are due to items discovered during inspections, property not appraising, buyer unable to obtain financing and, lately, buyer getting cold feet.  I have been involved in more transactions this year where the buyer backs up and chooses not to complete a sale than I have any other year over the last thirty-nine years.  I have spoken to numerous fellow agents experiencing the same circumstances.

     I expect this situation to continue into 2021 for the first six months at a minimum.  As we are all aware, there is a great deal of uncertainty in almost every aspect of life right now. Buyers are also facing much higher prices than just one year ago and are having to make cuts to their criteria list.   Competition is fierce and when a new listing hits the market, buyers must move rapidly and be prepared to make quick decisions to have a shot at an accepted contract.  These factors can make for nervous buyers and sometimes result in cold feet.  There is an abundance of demand for lake property coupled with historically low inventory.  The upside of this is that it allows sellers to move quickly to the next buyer. 

     Year to date sales comparisons as of December 29th , 2020 show the number of  lakefront home sales up forty percent compared to 2019 and the average sales price up twenty-two percent.  Off-water home sales increased seventeen percent both by amount and price.  Condo units sold increased thirty-three percent and the average sales price of resale units rose seventeen percent.  The number of Lakefront lot sales increased by one hundred and forty-seven percent and the average sales price was up by twenty-four percent.  Total Off-water lot sales increased thirty-three percent with an increase of nineteen percent in the average sales price.  

       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.   We are happy to explain our services in detail and you can decide if we are a good fit for you.

     C. 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. 

 

 

 

Monday, November 30, 2020

December Lake of the Ozarks Real Estate Update

 A Year Like No Other at a Lake Like No Other

 

     2020 has been a year of blessings.  That may not be most people’s first thought as they reflect on this past year.  It has also been a year of fear, loss, upheaval, and unforeseen events.  I feel we have been particularly blessed at Lake of the Ozarks.

     As an unknown virus made its appearance during the first quarter of this year and traveled across the country; businesses, schools and events were closed or cancelled.  At a time when most Lake area businesses were gearing up for the 2020 season, suddenly everything and everyone was in limbo. 

    As people began to realize that schools were not going to resume session and employers set up work from home situations, the nation collectively looked to areas where they could spread out, be safe and still possibly enjoy life while we waited to see what came next.

     Those fortunate enough to own a home at the lake headed this way.  Spring boating at the lake was at an all-time high with plenty of space to socially distance in the fresh air.  Businesses cautiously opened.   Memorial Weekend gave us widespread news coverage (all press is good press?) as the world learned about our piece of heaven here in the Ozarks and vacation rentals began to rapidly fill up.  Property sales began to skyrocket with sales increasing over 100 percent during the summer months.

    I know there have been terrible hardships suffered across the country.  Loss of lives and loss of income has devastated many areas and many people.  I feel we have been truly fortunate here at the lake to have an environment that allowed us to continue working and gave us an outlet to enjoy life and time with our immediate families.  There is a spirit of comradery among “Lake People”; a willingness to help one another and a common bond in our love of Lake Life.

     As 2020 winds down and a vaccine seems close to being distributed for medical personnel and first responders, I pray that it is successful.   I am thankful for so many things.  I appreciate my clients who allow me to provide for my family.  I am thankful for my work family of staff and agents who support me.  I enjoy the Lake’s extended Realtor family, all of whom also help me to be successful and to enjoy this business.  I am grateful to live in such a beautiful and prosperous area as Lake of the Ozarks. 

     Merry Christmas and Happy New Year.  I hope you all find peace and joy this season. 

      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.   You can contact him at 573.365.SOLD or cme@yourlake.com  or stop by C. Michael Elliott & Associates, 3738 Osage Beach Parkway. 

 

 


Tuesday, October 27, 2020

November Lake of the Ozarks Real Estate Update

 

Continuing the Upward Trend 

     Lake area sales continue the rapid pace we have been seeing since Spring of this year.   Contracts written keep exceeding new listings coming on the market.  As I write this near the end of October, the previous seven day’s activity remains strong.  A total of 73 new listings became available via the Lake’s Multiple Listing System, 118 properties have had contracts accepted and 125 property transactions closed.

     I am currently working with developers who are planning a new lakefront condo project in one of the Lake’s most desirable locations.  Over the next couple of months, I will be able to share more information on size, pricing, finishes and options.  It’s an exciting time as we see more people become aware of all that the lake has to offer.

     All property types and all price ranges have benefited from the surge of activity created by the pandemic. At the start of the year, luxury home sales had lagged behind the recovery enjoyed by more moderately priced homes but have now regained traction and are generating more interest than I have ever experienced in that price point.  I recently listed a lakefront home at just under $1.2 million and had eight showing appointments scheduled within two hours.  The home was sold within 24 hours.

     Here’s a snapshot of sales across all property types.  Year to date in 2020 vs. 2019, lakefront homes sales have increased by 38.6 percent.  Non lakefront homes sales have increased by 10.4 percent.  Condo sales have increased by 23.4 percent.  Non lakefront lots sales have increased by 18.4 percent and lakefront lots have increased a whopping 130 percent.

       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 cme@yourlake.com  or stop by C. Michael Elliott & Associates, 3738 Osage Beach Parkway. 

 

 

 

Tuesday, September 29, 2020

October Lake of the Ozarks Real Estate Update

 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 cme@yourlake.com  or stop by C. Michael Elliott & Associates, 3738 Osage Beach Parkway.