Tuesday, September 26, 2017

October Lake of the Ozarks Real Estate Update

Market Trends & Indicators
Last year in September I compared the sales YTD to the previous year of 2015.  At the time, we were seeing a 2% overall increase in the number of properties closed.  However, there was 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.
     Compiling the data to compare this year to 2016 shows an overall increase of 13.3% in the number of properties closed.  Most property types have an impressive increase in the number of closed sales with the sales prices showing a modest uptick in the residential market.
     Lakefront home sales increased by 33.5% compared to 2016 and the average sales price rose 3.8%.  Non-Lakefront homes saw a 8.6% increase in the number sold and a 13% increase in average sales price.
     Condominium resales increased by 20.3% while their average sales price increased 1.7%.  New construction of condominiums has picked up over the past couple of months and I expect 2018 to see a big increase in the sale of new units.  Right now, the supply is very limited and there have been 18 new units sell in 2017.   These primarily represent units that were still available when the bottom dropped out.
     Lakefront land sales increased 40% in 2017 and saw a 14.2% decrease in average sales price.  This is the first time in over a decade that lake lot sales have shown a substantial increase.
     Non-lakefront land sales have been increasing steadily year over year but took a hit this year with a 29.6% decrease in the number of sales as well as a 13% decrease in the average sales price.
     Lake area sales data has been obtained from the Lake of the Ozarks MLS based on all property type sales over the time frame from January 1, 2015 to September 25, 2017 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