Tuesday, December 31, 2019

January Lake of the Ozarks Real Estate Update

The Decade in Review

     At the end of this decade, I’ve researched the lake real estate market stats to show how the market looked in 2019 stacked up against 2010.
     Sales of lakefront homes increased 64.7 percent in the past year compared to ten years ago while 2019 lakefront home sales had a slight decrease of 1.6 percent from 2018.  The 2010 median sales price was $230,000 and in 2019 was $295,000 or an increase of 28 percent.
     Sales of non-lakefront homes increased 63.7 percent over the decade and decreased from 2018 to 2019 by 2.4 percent.  The 2010 median sales price for non-lakefront homes was $90,000 and in 2019 was $149,000 or an increase of 65 percent.
     Condominium units saw the largest increase of residential sales since 2010 with an 88.9% increase in 2019 and sales from 2018 to 2019 increased by almost one percent.  The 2010 median condo sales price was $153,000 and in 2019 was $163,000 for an increase of 6.5%. 
     Reviewing the ten-year data, I feel the overall market has experienced a solid, steady increase.  Median sales prices have increased less than ten percent per year and total number of sales has increased less than ten percent per year for residential properties.  I expect 2020 to maintain the same solid growth and I also believe that inventory will continue to be tight.    
    Residential properties will still have a short time on the market as long as they are not grossly overpriced, and sellers will continue to enjoy having the needle on their side while the Seller’s Market continues.  Even though sellers have more advantage, you can see from the ten-year data that Lake of the Ozarks real estate is still an excellent investment.  If you are still undecided on whether to purchase in 2020, take time to visit with myself or one of my agents.  We’d be happy to give you a more in-depth market report on the specific property type, area and price range you are considering.  There are still good buys coming on the market weekly and we’d be happy to help you decide how best to maximize your dollar and create the best future investment return.      
     I have compiled this data from the Lake of the Ozarks Board of Realtors’ Multiple Listing System for the time frame beginning January 1, 2010 and ending December 30, 2019.
     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 would like to work with Michael in the sale or purchase of property, or have interest in a career in real estate, contact him at 573.365.SOLD or cme@yourlake.com  or stop by C. Michael Elliott & Associates, 3738 Osage Beach Parkway.  View thousands of lake area listings at www.YourLake.com.  You can also view each months’ article, ask questions and offer your opinion on Michael’s real estate blog, www.AsTheLakeChurns.com