December Lake of the Ozarks Real Estate Update

     I want to share an overview this month of the national real estate market activity.  Also, when compared with the statewide market activity in Missouri and Lake of the Ozarks activity, sales are continuing to look very good with continued growth for our area.

     Nationally, existing-home sales fell 3.4 percent in October but despite the decline, year to date sales are still 3.9 percent above a year ago.
     According to Lawrence Yun, National Association of Realtors® chief economist, the sales slowdown in October was likely due to the pullback in contract signings. "New and existing-home supply has struggled to improve so far this fall, leading to few choices for buyers and no easement of the ongoing affordability concerns still prevalent in some markets," he said.  "Furthermore, the mixed signals of slowing economic growth and volatility in the financial markets slightly tempered demand and contributed to the decreasing pace of sales."
     Adds Yun, "As long as solid job creation continues, a gradual easing of credit standards even with moderately higher mortgage rates should support steady demand and sales continuing to rise above a year ago."

The median existing-home price for all housing types was $219,600 in October – 5.4 percent higher than a year ago and marks the 44^th consecutive month of year-over-year gains.
    
     The following is an overview of how sales fared in October across the country:

·         October existing-home sales in the Northeast were at an annual rate of 760,000 home sales, unchanged from September and 8.6 percent above a year ago. The median price in the Northeast was $248,900, which is 1.3 percent above October 2014.

·         In the Midwest, existing-home sales declined 0.8 percent to an annual rate of 1.30 million home sales in October, but are 8.3 percent above October 2014. The median price in the Midwest was $172,300, up 5.7 percent from a year ago.

·         Existing-home sales in the South decreased 3.2 percent to an annual rate of 2.14 million home sales in October, but are still 0.5 percent above October 2014. The median price in the South was $188,800, up 6.2 percent from a year ago.

·         Existing-home sales in the West fell 8.7 percent to an annual rate of 1.16 million home sales in October, but are still 2.7 percent above a year ago. The median price in the West was $319,000, which is 8.0 percent above October 2014.

     According to the Missouri Association of Realtors October Market Summary the number of residential properties sold was up 10.7% YTD this year compared to 2014 and the median selling price rose by 7.3% to $173,106.  At mid-October 10.15% of currently listed properties were under contract.

On a final note, I hope all of you had a wonderful Thanksgiving, and I would like to thank all of our family, friends, clients and the realtor community who have helped us have such a successful year in 2015. Best wishes to everyone and a Merry Christmas & Happy New Year!!

Michael 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, contact him at 573.365.SOLD or cme@yourlake.com  View thousands of lake area listings at www.YourLake.com $1 million plus homes at www.LakeMansions.com   You can also view each months’ article, ask questions and offer your opinion on Michael’s real estate blog, www.AsTheLakeChurns.com