Tuesday, June 27, 2017

July Lake of the Ozarks Real Estate Update

     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