UPTURN MARKET DESPITE COVID
At the start of
2020, it appeared that this year would bring a slight easing of existing
property sales as new construction started to take off. I also felt that property values would not
continue to increase as quickly as last year.
Then Covid made it’s appearance and turned all real estate predictions
upside down.
January and
February residential sales had increased by 18.9 percent in 2020 versus
2019. This included all homes and condos
closed in those months. In March, lake
area sales slowed down. We watched to
see what the various restrictions and shutdowns across the country would
bring. Businesses pivoted to allow
employees to work from home and schools shifted to online learning. Thousands who had access to a lake home
packed up and moved temporarily, many permanently, to Lake of the Ozarks.
By the end of
May, lake area real estate sales had fallen in comparison to last year. The number of lakefront home closings had
decreased by 2.5 percent. The sale of
homes not directly on the water decreased 4.5 percent compared to 2019 and
condo sales were down 13 percent.
Beginning in June,
closing numbers roared and property values accelerated rapidly. It was unusual for any properly priced
property NOT to receive multiple offers.
The months of June through September had record increases in residential
sales. During those four months, lakefront
homes sold increased by 78 percent compared to 2019. Non lakefront home sales increased 21.4
percent and condo sales increased 57 percent.
Current YTD sales
as of the end of September show that 2020 lakefront home sales increased by
41.2 percent compared to 2019. Non
lakefront home sales increased 8.7 percent YTD and condo sales increased 22.8
percent.
Weekly sales
stats for the last week of September indicate that sales remain strong into the
Fall market. A review of the data for all
homes and condos show that 68 new residential listings hit the market and 100
residential listings were marked as under contract. There also have been a total of 103
residential sales closed in the last seven days. All sales data obtained from the Lake of the
Ozarks Board of Realtors Multiple Listing System for the years 2019 and 2020.
C. Michael
Elliott and Associates is a boutique, privately owned office with a great group
of knowledgeable, topnotch agents and staff that will work in your best interest
and are enjoyable to work with. Please
give us a call if you are considering buying or selling, we’ll explain our
services in detail and you can decide if we are a good fit for you.
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.
