Ready
to navigate the Seller’s Market? Sales
are clipping along at a rapid pace and values are also continuing to increase
although at a slower pace than last year.
Inventory is still tight and I am beginning to see signs of
strengthening in the lot market with custom home builds and properties being
purchased to gut and remodel on the rise.
2017 closed condo sales increased 21.1%
compared to last year with the average sales price up just one-half
percent. Lakefront homes sold are
following in line with a 21.9% increase in the number sold and a half percent
increase in price.
Off water home sales have slowed their
rapid climb, settling in at a 1.8% increase in 2017 against 2016 and the
average sales price shows values climbing at a rate of 4.6%.
Lakefront lots are experiencing the
largest increase in units sold with a whopping 78.2% rise above 2016 and the
average sales price has gained by 20.1%
With the rapidly moving market and rising
prices; it can be difficult to determine value for both buyers and
sellers. A good market analysis should
include the most recent sales of the homes closest and most like your
home. In addition, it should also factor
in the sales trends happening at the lake and in your neighborhood as well as
considering the home’s features and potential drawbacks that add or detract
from its worth.
My office is rapidly expanding as
well. With the addition of Kevin Wood
and Jeff Anderson early this year, our inventory of well-priced and well-maintained
properties are expanding, however with this fast-moving market, the new
listings are not available long.
We welcomed two more sales professionals
in the late Spring. Katie Doran and
Lauren Bozzardi both are newly licensed and are currently working under the C.
Michael Elliott and Associates Mentorship Program “Selling in Sixty”. Both women have excellent educational
backgrounds and prior professional experience well suited to their choice of a
real estate careers. Katie relocated to
the Lake in the fall of 2016 with her family; including her son and
daughter. Lauren made the move to the
Lake in the summer of 2015 with her two sons.
Both women can be reached at our office in Osage Beach.
If you need assistance in getting a clear
picture of what this market means for you, please don’t hesitate to contact me
or a member of my sales staff. We have great
insight into the current trends that effect the value and market demand of
property.
Sales data obtained from the Lake of the Ozarks MLS
comparing the time frame from January 1st to June 25th of 2016 and 2017.
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 have interest in a career in real
estate or would like Michael’s assistance in the sale or purchase of property,
you can reach 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
