December Lake of the Ozarks Real Estate Update

 

     You may have heard that all real estate is local.  I know I’ve talked beat the drum about why it’s a good idea to have an experienced, knowledgeable broker to help with pricing and other items important to making a good buying or selling decision. 

   I think recent events with Zillow and their home buying adventures present a cautionary tale based on exactly these points.  Or, as my wife likes to say, “You can either be a good example or a horrible warning.”

     Don’t get me wrong, I think Zillow has done a fantastic job of putting together a real estate search app and follow up system that was lacking in this industry.  They truly nailed that and captured the market.  Whether they got greedy or over ambitious or a combination of both, their ibuying program showed none of the well thought out execution of their marketing platform.

     Zillow paused it’s ibuying program at the beginning of November.  Reports showed that at the end of the third quarter 9,790 homes in inventory, with another 8,172 homes under contract.  They stated they would honor the existing contracts but would not be purchasing any additional homes. 

     Until this event, I really thought of the zestimate as a gimmick to draw people in and a bit of an aggravation to be honest.  It was rarely correct, and I have spent a lot of time digging through Zillow’s data in order to show homeowners where Zillow had gotten it so wrong. 

     It never occurred to me that this company believed its own hype and was prepared to purchase homes based on these, frequently way off, guesstimates.

     Three main things went wrong here.  1.  They relied on computer generated pricing without having any direct knowledge of the home or neighborhood.  2. Often, the sellers drawn to this type of quick sale transaction have homes with issues.  These may range from repairs and updates to unfixable flaws that make them more difficult to sell.   3.  They didn’t have relationships with various local contractors needed to bring the homes they purchased up to par. 

     Each of these items could be overcome by a local real estate professional.  Think I should see if Zillow needs a listing broker?

     C. Michael Elliott and Associates is a boutique, privately owned office.  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. 

November Lake of the Ozarks Real Estate Update

 

Third Quarter Update 2021

October Lake of the Ozarks Real Estate Update

 

A Seller's Market

The month to month decrease in new listings coming to the multiple listing service continued in September.  Lakefront home listings in September 2021 were 37 percent less than August’s new listings and 43.4 percent less than September 2020’s homes coming on the market.  Year to date, 2021 lakefront homes listings decreased by 12.8 percent compared to 2020.

     Condominium listings in September ’21 decreased by 45 percent from August and 68 percent from September of 2020.  Although, year to date condo listings increased by 1.38 percent over 2020.

     Lakefront home sales by unit closed, year to date as of the end of September, decreased 16.5 percent, 146 less homes than last year.  Most of reduction in the number of lakefront homes closed year to date compared to 2020 comes from August and September closings.

      The gross sales dollar volume of lakefront homes shows an increase of 13.66 percent year to date in 2021 compared to 2020 however that is a little over 6 percent less than the increase shown thirty days ago.  The average sales price at the end of the September is up by 36 percent but down from a year-to-date increase of 40.29 percent at the end of August.  The average days on the market has decreased another two days from 61 to 59 days. 

     Condo sales year to date are also showing a year to date decrease with the number of units closed at the end of September 2021 dipping 5.12 percent.  The total gross sales dollar volumes increased 25.5 percent compared to 2020 and the average sales price climbed 32.3 percent.  The average days on the market for condos decreased by 58 percent in 2021.

     Lakefront lot sales showed the move toward building as buyers were unable to find or win the bid on a lake home.  Year to date closed units are up 39.3 percent in 2021 over 2020 and the total sales volume increase 71.2 percent.  In September of 2020 the average days on the market for closed lakefront lots was at 313 days.  In September of 2021 it was 84 days.

     As I discussed last month, I think we are seeing the beginning of the next trend.  I feel the existing home seller’s market needle will edge toward center.   I think it will continue to lean toward the seller’s favor simply due to the lack of inventory.   I see more serious buying and selling clientele making their move to the forefront.  Clients who do not have to buy or sell but are extremely capable and who will make good solid decisions.   

     New construction will also change the playing field for existing homes and give buyers more choice.  As these new properties become available, owners of existing homes who have waited until they can find another home that suits them will finally be ready to put their home on the market.   This will also open up more inventory over the next year, but it will be the type of inventory that will sell within days if not hours of hitting the market.

      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 and operates a boutique office focused on personal service.  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 located at 3738 Osage Beach Parkway.  Data obtained from the Lake of the Ozarks Multiple Listing System for 2021 and 2020.

 

September Lake of the Ozarks Real Estate Update

 

MARKET CONDITIONS

     Now that we are a little over halfway through the year, we can get a better look at how sales are trending in 2021.  The market is still definitely a strong, seller’s market.  Prices are increasing and days on the market have drastically reduced on many property types. 

     Lakefront home sales year to date as of the end of August are down by 14.6 percent in number of units closed, 110 less homes than last year.  However, the gross sales dollar volume increased 19.85 percent and the average sales price was up by 40.29 percent.  The average days on the market has decreased by 41.8 percent to 61 days. 

     Most of reduction in the number of lakefront homes closed year to date compared to 2020 comes from August closings.  August 2021 had 78 less lakefront home sales than August 2020.  This is over fifty percent reduction, while the average sales price remained almost the same with just a .6 percent increase and the days on the market in August 2021 compared to August 2020 decreased from 96 days to 49 days.  There was a 17.7 percent decrease in new listings, not enough to account for the fifty plus percent reduction.

     Condo sales year to date are also showing a year to date decrease with the number of units closed at the end of August 2021 dipping 4.15 percent.  The total gross sales dollar volumes increased 27.6 percent compared to 2020 and the average sales price climbed 33 percent.

     Comparing August 2020 to August 2021 Condo Sales, new listings increased by 3.79 percent in 2021.  Like the lakefront home market, the number of August 2021 condo sales decreased by 37.33 percent or a total of 56 units.  This is what caused the overall year to date decrease in condo sales.  The average days on the market for condos decreased by 61 percent in 2021 to just 37 days.

     Check back next month.  I’ll take a closer look to see if this is an anomaly or a trend.  As I mentioned a couple of months ago, I do think that we’ve hit a ceiling on prices.  There are a lot of buyers who are ready and able to purchase but who are not willing to overpay.  I think the market will remain strong.  Properties that are selling, are selling rapidly, as we can see from the days on the market.  Market time continues to decrease.  This tells me that properties that are priced correctly are still selling quickly and that buyers are beginning to take a step back or a deep breath and make thoughtful decisions. 

      C. Michael Elliott & Associates is sponsoring Hot Summer Nights the second Friday night of each month on the Bagnell Dam Strip.  Lots of great food, music, events, and my favorite, cool cars cruising the strip.  Karen and I will be there with my new (old) ride on September 10^th.  September is a salute to military, law enforcement, firefighters and all of our front line people.  If you haven’t been to the Lake Ozark Strip lately, you’ll be impressed. 

     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.  Data obtained from the Lake of the Ozarks Multiple Listing System for 2021 and 2020.

 

 

August Lake of the Ozarks Real Estate Update

 

Mid Year Update

July Lake of the Ozarks Real Estate Update

 

    More Changes are on the Horizon!

     Over the past few weeks, we have finally started to have more properties come on the market than properties sell.  I am also seeing an increase in price reductions.  These are primarily due to sellers being overly optimistic about pricing in this hot seller’s market. 

     Bidding wars have cooled slightly as buyers have become weary of the fight and concerned about overpaying.  Many are making one offer but refusing to engage in a contest while others are sitting back and biding their time.

     Lumber prices dropped recently with reports that costs will be considerably less by the end of this year.  That will accelerate new construction more than the lack of inventory has been able to spur activity.  The building trades have also been getting their crews back in place after several years of lack of work.  Several reputable, capable contractors have relocated to the lake this year and are in place to take advantage of the upcoming construction boom.

     2020 was such an unexpected year due to the pandemic.  Based on the natural amenities of the lake area and the freedom mentality, we gained national exposure on a level not previously experienced. 

     I believe this attention and subsequent increase in visitors and property owners will continue to trend upward.  I think we are on the cusp of another development expansions here at the lake.  We are already seeing a few condominium projects and residential developments take place.  By next Spring, I expect to see numerous ground breakings.

     I am currently working with an investment group with a condominium project set to break ground this fall.  I am also working with developers on a few upcoming lakefront luxury spec homes. 

     I have been involved in several condominium and residential subdivisions over the years.  If you have questions or interest in investment and development property, please give me a call.

     I recently listed the “Lake Dale Estate” at $6,550,000 situated on 25 acres and 500 feet of lakefront.  We will be hosting an open house mid July by invitation.  If you would like the opportunity to visit this exceptional home, please send an email to Karen@YourLake.com, subject line Lake Dale Open and include your name and the email(s) or postal address(es) where you would like an invitation sent.

     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.   

June Lake of the Ozarks Real Estate Update

 

What a difference a year makes! 

     Last year came out of the gates strong.  Compared to January of 2019, January 2020 total closed transactions had increased 20.28 percent, total dollar volume 37.6 percent and average sales price 14.4 percent.  

     Lakefront home sales had increased immensely.  January 2020 Lakefront home closed transactions were up 28.6 percent, total dollar volume increased 62.3 percent and the average sales price increased 25.25 percent from January 2019.  New listings decreased 14.6 percent and days on the market averaged 5 percent less than in 2019. 

     In February and March the closed transactions continued to increase year over years but each month the gains were less, new listings began to increase as did days on the market.  In April, things really changed abruptly.  New listings dropped by 45 percent compared to 2019, closed transactions dropped 18 percent and sales volume dropped 14 percent.

     By the end of May 2020, the downward effects of the pandemic on the lake real estate market had eliminated most of the gains from the early months.  Total closed transactions were down 5.56 percent year over year, total closed sales volume was even with the previous year and the average sales price was up just 5.75 percent.

     One year later.  We’ve watched most properties spend limited  days on the market and enjoy multiple offers.  The number of properties sold in 2021 has increased 44 percent compared to 2020.  There is a 101 percent increased in total sold volume year to date.  The average sales price has increased 39.87 percent for 2021 sales compared to those closed in 2020.  There is also a 15.28 percent decrease in time on the market.  These numbers include all properties types. 

     It’s a little difficult to compare this year vs last due to the pandemic and the toll it took on the second quarter of the year.  It is important to keep in mind that while there has been huge increases this year, there were some pretty big decreases or adjustments to the market during the early months of the pandemic.  Even so, it’s no difficulty to see that the pandemic drove our market up in a way that we have never experienced.

     I have noticed over the last two to three weeks of May that there has been a slight slow down to the frenetic activity of the past year.  I am seeing properties sit a little longer on the market and I am seeing more price reductions.  I don’t feel we are headed for any major change, but I do think that we’ve hit a ceiling on prices.  There are a lot of buyers who are ready and able to purchase but who are not willing to overpay.  I think we are reaching the point where prices will begin to even out and not climb as rapidly.

      C. Michael Elliott & Associates is sponsoring Hot Summer Nights second Friday night of each month on the Bagnell Dam Strip.  Lots of great food, music, events, and my favorite, cool cars cruising the strip.  Karen and I will be there with my new (old) ride on June 11^th.  If you haven’t been to the Lake Ozark Strip lately, you’ll be impressed. 

     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.  Data obtained from the Lake of the Ozarks Multiple Listing System for 2019 and 2020.

 

May Lake of the Ozarks Real Estate Update

 

Hot Seller's Market

      You don’t need me to tell you that it’s a HOT seller’s market or that property values have doubled and then some this year.  I think that information is glaring at you from every media source available. 

     As I write this as the end of April, there are currently about 1200 properties on the market in the Lake of the Ozarks and Bagnell Dam area multiple listing system.  This number includes all homes, on and off water, condos, lots, farms, and acreages.  There have been almost that number of properties sold and closed so far this year.  We also have just under 1,000 agents in our local MLS with hundreds of agents who primarily work other areas also working the lake market.    

     I see a lot of information talking about whether now is the time to sell or buy.  There are so many variables to this answer depending on everything from how you plan to use the property to what level of risk you are comfortable with.   

     Almost all properties, and especially homes and condos, are receiving multiple offers.  Some things to keep in mind as a buyer.  You need to be in a position to move quickly when a property becomes available.  If you aren’t located at the lake full time, develop a relationship with a broker that you can count on.  You need a broker who will be able to visit a new listing as soon as it hits the market, tell you if it will suit your needs and give you a video walk through.  Even better, is a broker who will let you know as soon as a suitable property becomes available AND one who will seek out property not on the market or for sale by owner for you.

     You will need to be pre-approved for financing or have the ability to pay cash in order to compete with today’s offers.  Depending on the property, you may need to make an offer considerably above the asking price.  While you need to be able to make a strong offer, I urge you to be cautious about giving up your rights to inspections and appraisals.  It’s easy to get carried away with winning the bidding war.  An experienced real estate broker can help you stay calm and make rational long-term decisions.

     If you are considering selling your lake property, you are definitely in the driver’s seat. Prior to accepting offers, setting the asking price and how you initially present your property to the market still matters and can make a big difference in your final sale price.  If you need to purchase another property, you should research your options before deciding to sell.

      Some properties are receiving as many as twenty offers.  This is a great position to be in but can bring a lot of confusion in deciding which offer to accept.  Highest price seems like the obvious choice but there are many other factors to consider.  Various contingencies, closing dates, items included in the sale and buyers financing are a few of the items that you will need to weigh out.  A buyer might make a cash offer, but your broker should verify that they have the funds to bring to the closing table or you could be starting over at square one.  With the amount of ready buyers, it’s a great idea to have a backup offer in place in case the first buyer is unable to complete the purchase.  

     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. 

 

 

 

April Lake of the Ozarks Real Estate Update

 Spring Market

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 30^th, 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.

     C. Michael Elliott and Associates is a boutique, privately owned office.  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. 

March Lake of the Ozarks Real Estate Update

 

February Lake of the Ozarks Real Estate Update

 

2021 Lake Market Remains Strong

     The real estate market in 2021 shows no sign of slowing based on the activity I am seeing so far in January.  I have broken down the numbers to give you an idea of how quickly residential properties are moving during what is traditionally a slower time for sales at the Lake.

     During the first four weeks of 2021, from January 1 to January 26, a total of sixty-two new condominiums or single-family homes were placed on the market.    It is possible that some of these were previously on the market and have been relisted but considering how strong sales are, I feel this would be an extremely small amount.  At this same time, one hundred sixty-seven listings were sold (closed) and two hundred twelve listings’ status was changed to indicate either a pending or contingent contract.

     Further analysis of these numbers shows that there were only five new listings of condominium units.  A total of forty-six condo units closed and sixty-two condo units had status changes to pending or contingent.  There are currently just thirty-two condos actively available.

     Single family home sales also remain vigorous.  Twenty-five offwater homes were new to the market in January, fifty-three offwater homes were pending or contingent and fifty-six offwater homes sold.  One hundred twenty-one offwater single family homes are now on the market.

     Homes with lake views and/or lake access amounted to twelve new to the market, twenty-nine pended or shown as contingent and fourteen closed.  Forty homes in the property type are currently available.

     Lakefront homes new to the market equaled twenty.  Seventy lakefront homes were marked as pending or contingent and fifty-one sold.  One hundred six lakefront homes remain on the market.

    All sales data obtained from the Lake of the Ozarks Board of Realtors Multiple Listing System for the time frame January 1 – January 26, 2021.

     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. 

 

 

 

January Lake of the Ozarks Real Estate Update

 

New Year’s Market Uncertainty

 

     Market activity over the previous seven days ending December 29^th had thirty-five new listings to the market plus nine properties had sales contracts cancelled and are now back on the market. A total of fifty-six properties were placed under contract.   While nine may not seem a large amount, it is considerable when you realize that it equals one-fourth the number of new listings.   The most common reasons for failure are due to items discovered during inspections, property not appraising, buyer unable to obtain financing and, lately, buyer getting cold feet.  I have been involved in more transactions this year where the buyer backs up and chooses not to complete a sale than I have any other year over the last thirty-nine years.  I have spoken to numerous fellow agents experiencing the same circumstances.

     I expect this situation to continue into 2021 for the first six months at a minimum.  As we are all aware, there is a great deal of uncertainty in almost every aspect of life right now. Buyers are also facing much higher prices than just one year ago and are having to make cuts to their criteria list.   Competition is fierce and when a new listing hits the market, buyers must move rapidly and be prepared to make quick decisions to have a shot at an accepted contract.  These factors can make for nervous buyers and sometimes result in cold feet.  There is an abundance of demand for lake property coupled with historically low inventory.  The upside of this is that it allows sellers to move quickly to the next buyer. 

     Year to date sales comparisons as of December 29^th , 2020 show the number of  lakefront home sales up forty percent compared to 2019 and the average sales price up twenty-two percent.  Off-water home sales increased seventeen percent both by amount and price.  Condo units sold increased thirty-three percent and the average sales price of resale units rose seventeen percent.  The number of Lakefront lot sales increased by one hundred and forty-seven percent and the average sales price was up by twenty-four percent.  Total Off-water lot sales increased thirty-three percent with an increase of nineteen percent in the average sales price.  

       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.   We are happy to explain our services in detail and you can decide if we are a good fit for you.

     C. 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. 

 

 

 

December Lake of the Ozarks Real Estate Update

 A Year Like No Other at a Lake Like No Other

 

     2020 has been a year of blessings.  That may not be most people’s first thought as they reflect on this past year.  It has also been a year of fear, loss, upheaval, and unforeseen events.  I feel we have been particularly blessed at Lake of the Ozarks.

     As an unknown virus made its appearance during the first quarter of this year and traveled across the country; businesses, schools and events were closed or cancelled.  At a time when most Lake area businesses were gearing up for the 2020 season, suddenly everything and everyone was in limbo. 

    As people began to realize that schools were not going to resume session and employers set up work from home situations, the nation collectively looked to areas where they could spread out, be safe and still possibly enjoy life while we waited to see what came next.

     Those fortunate enough to own a home at the lake headed this way.  Spring boating at the lake was at an all-time high with plenty of space to socially distance in the fresh air.  Businesses cautiously opened.   Memorial Weekend gave us widespread news coverage (all press is good press?) as the world learned about our piece of heaven here in the Ozarks and vacation rentals began to rapidly fill up.  Property sales began to skyrocket with sales increasing over 100 percent during the summer months.

    I know there have been terrible hardships suffered across the country.  Loss of lives and loss of income has devastated many areas and many people.  I feel we have been truly fortunate here at the lake to have an environment that allowed us to continue working and gave us an outlet to enjoy life and time with our immediate families.  There is a spirit of comradery among “Lake People”; a willingness to help one another and a common bond in our love of Lake Life.

     As 2020 winds down and a vaccine seems close to being distributed for medical personnel and first responders, I pray that it is successful.   I am thankful for so many things.  I appreciate my clients who allow me to provide for my family.  I am thankful for my work family of staff and agents who support me.  I enjoy the Lake’s extended Realtor family, all of whom also help me to be successful and to enjoy this business.  I am grateful to live in such a beautiful and prosperous area as Lake of the Ozarks. 

     Merry Christmas and Happy New Year.  I hope you all find peace and joy this season. 

      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.   You can contact him at 573.365.SOLD or cme@yourlake.com  or stop by C. Michael Elliott & Associates, 3738 Osage Beach Parkway. 

 

 

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. 

 

 

 

October Lake of the Ozarks Real Estate Update

 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. 

 

September Lake of the Ozarks Real Estate Update

                                Check the Dock Permit before you Buy

 

  The ability to have a dock permit greatly affects property value.  The size of the dock envelope and distance from other structures also is a big factor.  Be sure you are making an informed decision before you commit to a purchase.

     When searching for a lakefront property, understand the permitting process for docks, seawalls, and other lakefront improvements. When considering a property for purchase, always ask to see approved permits.

     When I list a property, I discuss the dock and various permits with the seller and request a copy of those permits from Ameren.  This shows all permitted items currently on the property along with a drawing of where the items should be situated according to the permit.  It can also indicate potential for a larger dock system or other items.  If it appears that any items are not permitted or appear to be out of the correct position, I help the owner arrange further investigation and correction, if necessary.

     I post the permit information with the listing data so buyers can see if a property’s lakefrontage suits their needs.  This verifies that the existing dock, seawall, etc. match the current permit and makes for a smoother real estate transaction.  I recommend that you do a visual inspection and get additional help if you aren’t sure about any permit items.       

     For most lakefront buyers, the availability to have or install a dock that suits their needs is crucial.  Not all lakefront property is able to have a dock, and some have significant limitations. This may be caused by a subdivision restriction; other times it is due to the way the lot lines run to the lake, position of the lot in a cove, size of cove, etc.  Some subdivisions designated certain lots as able to have a small dock, day dock, etc. BUT in the time since those subdivisions were created Ameren permitting rules changed and many of those lots are no longer able to obtain a permit.

     Docks are required to be installed within the boundaries set out by Ameren.  Because lot lines vary from lot to lot, the dock envelope can change greatly between properties.  Ameren can require a property owner to obtain a survey if there is any question about the location of permit items.  There may be dock location agreements or easements granted to or by another property owner that you need to research before purchasing.    

     When ownership of a lakefront property with Ameren permits changes; Ameren must be notified, and the existing permit(s) should be transferred to the new owner.  An electrical inspection completed and approved by the appropriate authority within the previous 12 months must be submitted with the permit transfer.  If this inspection shows items not in compliance; those items must be corrected with an approval issued before Ameren will process the transfer.  Existing permit numbers stay with the property, they are NOT transferred with the dock.  Any new construction, replacement or modification of existing docks must be permitted.   

     These are the type of issues that a good Broker will keep you informed about and walk you through any vital procedures to help you maintain your property’s value.  There are many unseen items beyond the house size, condition and location that you need to be aware of when making a purchase. 

     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 have interest in a career in real estate or would like Michael’s assistance in the sale or purchase of property, you can reach him at 573.365.SOLD or cme@yourlake.com  View thousands of lake area listings at www.YourLake.com  

 

August Lake of the Ozarks Real Estate Update

It's a Seller's Market

At the rate lake property is selling, we’ll be sold out by Fall!  Seriously, I have been selling lake area real estate since 1981 and I have never seen inventory levels this low.

      We have been experiencing low inventory the past couple of years.  This was especially true in a price range up to $500,000 and somewhat extending up to about $750,000 for lakefront homes and most condos.   Upper end properties and vacant land were not seeing much activity.  Also, properties with limitations like shallow water, cramped docking areas and grossly overpriced properties simply were not moving.  As this year has progressed, more buyers and buyers willing to accept those limits just to get on the lake have drawn even those inventories down.  I am seeing prices escalate and buyers willing to pay more based on that continual increase however I am not seeing many buyers who are willing to pay a hugely inflated number.  They are doing their homework and not setting themselves up to be upside in a home. 

     At this point, all price ranges are moving and homes both on and off water, condos and vacant lots are all selling at a rapid pace.  There are currently just 169 lakefront homes available and 100 condo units.  Year to date there have been 558 lakefront home sales (closed) with 135 currently pending and 546 condo sales with 110 currently pending. 

     New listing of Lakefront homes have dropped 12.5 percent in 2020 compared to 2019 and the number is down 27 percent from June to July 2020.  New condo listings are 11.25 percent lower in 2020 year to date and down 7.62 percent from June to July of this year.

     Lakefront lot sales have increased 78 percent in 2020 compared to 2019 as we are starting to see buyers shift from searching for an existing home to building.  There has also been a small increase in new condominium units under construction and that trend will continue along with ground being broken on spec homes.

     I don’t look for us to see the traditional slow down that we usually experience after Labor Day as remote learning and work continue in much of the country.  Area schools are experiencing record numbers of new students and the lake post offices are experiencing huge increases in residential delivery customers.

      The strong sellers’ market continues.  I believe it will continue to do so well into next year barring any unusual events.  I think it will start to ease some in mid to late 2021 as more spec homes and condos are built, and prices reach a point where the cost of building new vs. buying existing are not as far apart.

      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

July Lake of the Ozarks Real Estate Update

The Market is Still Strong

    The market continues to be on fire.  The increase in buyer’s interest because of the covid pandemic has created a marketplace where homes and condos are receiving multiple offers and selling within days of becoming available.   The lake area inventory was already at all time lows, now people are standing in line to view property as soon as it becomes available.

     In another interesting twist in the middle of everything is a new rule by the National Association of Realtors.  This was something decided on in 2019 and each area Multiple Listing System (MLS) had until May 1, 2020 to implement it.  All new listings taken by any Realtor member must be shared with the entire membership via the MLS system as soon as the property is advertised in any other fashion.  What this means for you as a buyer is that you have the opportunity to see each property as it becomes available.  For sellers, it means that your property is exposed to the widest possible audience of buyers and you can obtain the best deal.

     Of course, there is never a rule made unless someone has behaved in a fashion to prompt it.  Many agents were promoting their listings to a select group of people in the hopes that they could work both sides of the transaction and collect the entire commission.  I don’t know how much of this occurred in the lake area but it will certainly remove any temptation to operate in this manner while the market is moving so quickly.  To be clear, I feel a good agent is perfectly capable of handling both sides of a transaction but I don’t feel people should be forced into that situation.  Also, I think sellers deserve the best exposure for their property.

     What this means for my customers who receive new listing updates is that I can now provide them with a true, timely picture of what is available.  I have a lake area listing search on my website YourLake.com that allows you to enter your specific criteria, view any current matching properties and immediately receive updates as soon as a new listing is entered in MLS whether it is one of my company listings or a cooperating broker’s listing.  Happy lake home hunting and Happy 4^th of July!

     

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