News continues to be promising in the Lake of the Ozarks real estate market. Sales of lakefront homes are up again over last year with 8.8% more homes sold in 2011 vs. 2010, both up from 2009 numbers. The average lake home sales price is up 12% and sales of condos continue to hold steady both in units sold and value. Existing home sales in the Midwest have experienced large increases over the other regions in the country.
The luxury home market saw an increase of 45.4% in 2011 over 2010 and the luxury home inventory is down to levels we saw four to five years ago. This should help owners of luxury building lots since that market has been flat for several years due in large part to the decrease of values in the luxury home market. Some values fell as much as 30%, making buying an existing home much more affordable with the market offering a large inventory of options. According to information from Camden County planning and zoning just 17 new home permits were issued through August of this year.
Home foreclosures in 2011 are even with last year; the majority of these foreclosures are offwater homes. There are 14% less Lakefront home foreclosures vs. offwater homes. All home foreclosures in the area are 7% below the national average.
With the volatile real estate environment we’ve experienced here at the lake along with the rest of the country, it is important that you understand property values. I’d like to stress the importance of seeking out a professional who has the experience and knowledge to guide you through the potential pitfalls of buying or selling in today’s market and protect your investment. They should be familiar with properties that have sold as well as ones currently on the market. A skilled Realtor can also assist you on how to best position yourself in the negotiation process, help buyers through today’s more stringent finance process and guide all parties through escrow to a successful closing. They can also help you to stay calm and neutral through what is for many a very personal and sometimes emotional situation.
Sales data is from the Bagnell Dam Association of Realtors MLS from January 1, 2010 to October 15, 2011.
If you would like a detailed sales report on your specific property type or neighborhood, or would like information on the best buys at the lake, contact C. Michael Elliott & Associates at 866.Your.Lake or cme@yourlake.com View thousands of lake area listings at www.YourLake.com. You can also log your opinions on Michael’s real estate blog, www.AsTheLakeChurns.com
