June Lake of the Ozarks Real Estate Update

The Market is Strong

     Memorial weekend 2020 may have been the busiest the lake has ever seen.  The real estate market is an even stronger seller’s market than thirty days ago.  Homes and condos are selling within a few days and prices keep getting higher.   The number of sales is still down due to the lack of inventory which fell even more because home owners are delaying listing.   Some have decided not to sell, some are using their homes more during various shut down orders across the country and some don’t want to have buyers in their property at this time. 
     Here’s a personal example of how strong the market has remained during the Covid-19 situation.  A new property became available in early May.  It was a lakefront home located on Horseshoe Bend and was priced in the upper $300’s.  This is currently one of the highest sought-after price points so it does draw a large audience.  I scheduled an appointment and met clients at the home since we are not currently sharing vehicles to limit exposure.  When I arrived, cars were lined up the driveway and down the street with buyers waiting their turn to view the home.  The home was shown about three dozen times in the first few hours of becoming available and received twelve written offers.  My buyers made a cash offer, above list price with a fast closing and, unfortunately, did not end up with the winning contract. 

     If you are considering selling, there are a huge amount of buyers who are ready and capable.  We can work with you remotely if you prefer not to travel to the lake right now.  Agents and buyers are being very considerate and aware of the need to protect each other and be respectful not to touch or handle items inside a home.  I feel the strong buying trend will continue over the summer.  New listings have been down over fifty percent and I think we will see inventory levels start to rise some in June, but I feel new inventory will continue to be lower than previous years for several months.

      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