Tuesday, September 1, 2015

September Lake of the Ozarks Real Estate Update

Lakefront Home and Condo Sales
During the first 8 months of this year, the number of lakefront home sales increased by by15.7% compared to 2014 and 2013.  The average sales price increased 3.6% this year over 2014 however 2013’s average sales price was 2.1% higher than 2015.  The median sales prices remained about the same in homes priced under $500,000 with the $500,000 and up market showing increases however the higher price range showed a decrease of about 50% in the number of sales.  I have been seeing a great deal of activity in the upper end market homes under contract and I think we will see some “catching up” in the upper price range over the next 30-60 days.
Condo Sales increased by 27.4% in 2015 with a total of 446 sales.  The average sales price was down 3% over last year but showed a 1.4% increase in price over 2013 as well as an 18.9% increase in the number of units sold in 2013.
The overall market is seeing a nice, steady increase.  The Fall market indicators look good.  I am also seeing an increase in lot sales and interest in building.  There are a large number of buyers who are already second homeowners looking to either build a new home or purchase a larger home as well as buyers making the switch from a condo to a home.
Sales data represents January 1 through August 20 of each year reported and was obtained from the Lake of the Ozarks/Bagnell Dam AOR MLS.
I realize that this data combines all property types and locations of lakefront homes and condos.  There are many areas and price points that I see decent value increases while other still continue to remain steady; I am seeing very little decrease in values compared to the last two years.  If you would like a detailed sales report and value for your specific property type or neighborhood, please contact me.
Michael has been selling real estate at 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, contact him at C. Michael Elliott & Associates at 573.365.SOLD.  You can also view each month’s article, ask questions and offer your opinion on his blog at www.AsTheLakeChurns.com  and Search and view thousands of lake area listings at www.YourLake.com