Tuesday, October 27, 2020

November Lake of the Ozarks Real Estate Update


Continuing the Upward Trend 

     Lake area sales continue the rapid pace we have been seeing since Spring of this year.   Contracts written keep exceeding new listings coming on the market.  As I write this near the end of October, the previous seven day’s activity remains strong.  A total of 73 new listings became available via the Lake’s Multiple Listing System, 118 properties have had contracts accepted and 125 property transactions closed.

     I am currently working with developers who are planning a new lakefront condo project in one of the Lake’s most desirable locations.  Over the next couple of months, I will be able to share more information on size, pricing, finishes and options.  It’s an exciting time as we see more people become aware of all that the lake has to offer.

     All property types and all price ranges have benefited from the surge of activity created by the pandemic. At the start of the year, luxury home sales had lagged behind the recovery enjoyed by more moderately priced homes but have now regained traction and are generating more interest than I have ever experienced in that price point.  I recently listed a lakefront home at just under $1.2 million and had eight showing appointments scheduled within two hours.  The home was sold within 24 hours.

     Here’s a snapshot of sales across all property types.  Year to date in 2020 vs. 2019, lakefront homes sales have increased by 38.6 percent.  Non lakefront homes sales have increased by 10.4 percent.  Condo sales have increased by 23.4 percent.  Non lakefront lots sales have increased by 18.4 percent and lakefront lots have increased a whopping 130 percent.

       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.