As we reach the Spring market and look back at the first quarter of 2021, lake area real estate sales show no signs of slowing down.
I’ve been reviewing the inventory levels over the last few years beginning in 2016. For comparison I am using the category of lakefront home listings.
In January of 2016, there were 700 lakefront homes on the market on average on any given day. That number increased to 753 in February of 2016 and continued to increased each month until June. In June of 2016, lakefront home inventory had peaked for the year at 1,001 and inventory returned to 671 lakefront homes in December.
It is typical for the inventory to ebb and flow each year and it usually reaches its highest point in June or July.
As the market improved each year, the overall average inventory dropped. That’s a pretty obvious result of increased demand and no surprise.
That brings us to this year, 2021. In January of this year the average lakefront home inventory was 208. That’s a decrease of 12.6 percent compared to the inventory in the previous month of December 2020. It is still “normal” for inventory to decrease from December to January although in the past I think that is due to people taking their property off the market as much, if not more, than it is due to sales. I’m speaking strictly anecdotally since I don’t have a way to definitely track this, but I feel this inventory decrease is due to the sales.
In February 2021, when we would expect to see an increase in average active lakefront home inventory, the market experienced another decrease of 16.3 percent from January levels to February levels of 174 lakefront homes.
As I wrap this up on March 30th, the full average inventory data is not yet available for March. I can tell you that today there are just 63 lakefront homes actively available.
Something we don’t have a shortage of is available agents. There are currently 911 members of our local Multiple Listing Systems and growing daily. You’ll have plenty of selection when it comes to getting help finding a lake home. I’d love to have the opportunity!
All sales data obtained from the Bagnell Dam and Lake of the Ozarks Board of Realtors Multiple Listing System for the years 2016 through March 30, 2021.
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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 email@example.com or stop by C. Michael Elliott & Associates, 3738 Osage Beach Parkway.