While the summer’s peak season is winding down and we head into the
beginning of our fall market we are seeing a 2% overall increase in the number
of properties closed. However there is a
decrease in closed sales for most property types year to date compared to the
same time in 2015 with just a couple of categories making up the difference.
My first thought was that this was due to
the summer season coming to a close. So I
looked to 2015 sales and checked them against 2014 sales and found the sales
during that time frame had increased across all property types for an overall
increase of 8.7%.
Reviewing additional sales factors I find
that the average sales prices on most property types continue to hold steady. Lakefront homes showed a 2.5% average sales
price increase but the number of closed homes fell 12%. In addition to this, the average time on the
market dropped across the board. My
conclusion, as it has been most of this year, is that the inventory is simply
so tight that many buyers have yet to contract a property.
The properties that saw gains in the
number of closings were non-lakefront homes and non-lakefront land. The sales of these homes increased by 8.6%
and the sales prices remained unchanged.
Non-lakefront land sales increased by 46% with sales prices decreasing
15%.
September usually sees many houses become
available with owners moving on to what the fall season holds for their lives
and families. It will be interesting to
see if this lends any relief to our tight market. I report more in October and let you know
what happens.
Lake
area sales data has been obtained from the Lake of the Ozarks MLS and the
Missouri Association of Realtors based on all property type sales over the time
frame from January 1, 2014 to August 29, 2016 and all other times represented
in the data.
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
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