January Lake of the Ozarks Real Estate Update

    

Happy New Year!  Here is a review of how the 2015 sales compared to one year ago and 5 years ago as well as what I see upcoming in 2016. 

     Total number of property sales increased 9.1% year-over-year and increased 44.7% compared to 2011.  Total dollar volume closed was up 11% compared to 2014 and 55.8% compared to 2011.  Foreclosures dropped again with a decrease of 20% year-over-year and a substantial decrease of 48.9% compared to 2011.  Total foreclosures accounted for just 6% of all sales. 

     2015 Lakefront home sales increased in number by 3.47% above 2014 and were up 36% over 2011.   The average sales price increased by 3.55% above 2014 and 4.75% above 2011.  Total dollar volume increased 7.13% above 2014 and 42.6% compared to 2011. 

     Offwater homes sales saw a healthy increase of 7% in homes sold, a 6.2% increase in the average sales price and 13.6% increase in total dollars sold compared to 2014.  2015 Offwater home sales saw a tremendous increase compared to 2011 with a 35.7% increase in number of homes sold, 31.7% increase in average sales price and 78.9% increase in total dollar volume sold.

     Condo sales also saw healthy increase in the number of units sold of 16% and the total dollars sold increased 14.4% compared to 2014.  Compared to 2011, 2015 total condo sales increased 47.2% and total dollars sold increased 48.3%.  While the number of condo sales have increased greatly, the average sales price in each of the past 5 years has remained within a 6% range and 2015 when compared to 2011 average sales price saw only a half percent increase.

     Commercial sales were at 67 units in 2015 and 70 units in 2014.  2015 units closed represent an 86.1% increase, average sales price a 19.5% increase and total dollars sold a 122% increase when compared to 2011.   Commercial investors and individual business owners are continuing to show confidence in the lake area.

     The number of Lakefront lot sales increased year-over-year by 8.7% and the average sales price was up 63.5%, the total dollars sold increased 78%.  2015 numbers compared to 2011 saw huge increases; 86.1% increase in number of sales and 122% increase in total dollars sold as well as 34.7% increase in the average sales price.

     My outlook for 2016 is more of the same healthy increases in sales.   As I said last year:  I am seeing good, consistent increase in the market numbers.  I project that as the lake home sales and values continue to rise and good inventory lowers even more; more buyers will turn to lakefront lots.  This will include both individuals looking to build their personal home as well as more builders looking to get back into the spec home market.

    Lake area sales data has been obtained from the Lake of the Ozarks MLS based on all property type sales over the time frame from January 1, 2011 to December 15, 2015 and all other times represented in the data.

    Michael 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, contact him at 573.365.SOLD or cme@yourlake.com  View thousands of lake area listings at www.YourLake.com $1 million plus homes at www.LakeMansions.com   You can also view each months’ article, ask questions and offer your opinion on Michael’s real estate blog, www.AsTheLakeChurns.com

December Lake of the Ozarks Real Estate Update

     I want to share an overview this month of the national real estate market activity.  Also, when compared with the statewide market activity in Missouri and Lake of the Ozarks activity, sales are continuing to look very good with continued growth for our area.

     Nationally, existing-home sales fell 3.4 percent in October but despite the decline, year to date sales are still 3.9 percent above a year ago.
     According to Lawrence Yun, National Association of Realtors® chief economist, the sales slowdown in October was likely due to the pullback in contract signings. "New and existing-home supply has struggled to improve so far this fall, leading to few choices for buyers and no easement of the ongoing affordability concerns still prevalent in some markets," he said.  "Furthermore, the mixed signals of slowing economic growth and volatility in the financial markets slightly tempered demand and contributed to the decreasing pace of sales."
     Adds Yun, "As long as solid job creation continues, a gradual easing of credit standards even with moderately higher mortgage rates should support steady demand and sales continuing to rise above a year ago."

The median existing-home price for all housing types was $219,600 in October – 5.4 percent higher than a year ago and marks the 44^th consecutive month of year-over-year gains.
    
     The following is an overview of how sales fared in October across the country:

·         October existing-home sales in the Northeast were at an annual rate of 760,000 home sales, unchanged from September and 8.6 percent above a year ago. The median price in the Northeast was $248,900, which is 1.3 percent above October 2014.

·         In the Midwest, existing-home sales declined 0.8 percent to an annual rate of 1.30 million home sales in October, but are 8.3 percent above October 2014. The median price in the Midwest was $172,300, up 5.7 percent from a year ago.

·         Existing-home sales in the South decreased 3.2 percent to an annual rate of 2.14 million home sales in October, but are still 0.5 percent above October 2014. The median price in the South was $188,800, up 6.2 percent from a year ago.

·         Existing-home sales in the West fell 8.7 percent to an annual rate of 1.16 million home sales in October, but are still 2.7 percent above a year ago. The median price in the West was $319,000, which is 8.0 percent above October 2014.

     According to the Missouri Association of Realtors October Market Summary the number of residential properties sold was up 10.7% YTD this year compared to 2014 and the median selling price rose by 7.3% to $173,106.  At mid-October 10.15% of currently listed properties were under contract.

On a final note, I hope all of you had a wonderful Thanksgiving, and I would like to thank all of our family, friends, clients and the realtor community who have helped us have such a successful year in 2015. Best wishes to everyone and a Merry Christmas & Happy New Year!!

Michael 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, contact him at 573.365.SOLD or cme@yourlake.com  View thousands of lake area listings at www.YourLake.com $1 million plus homes at www.LakeMansions.com   You can also view each months’ article, ask questions and offer your opinion on Michael’s real estate blog, www.AsTheLakeChurns.com

November Lake of the Ozarks Real Estate Update

Third Quarter Sales; Recovery Continues

    Buyer interest is still high and we are experiencing a continuance of the strong fall market. 

Inventory continues to drop and as excitement builds in seeing ongoing relief in the market recovery; the inventory of accurately priced homes is in even greater demand.

 

    Residential building permits in Camden County made a huge jump to 70 so far this year from 32 in 2014. Information is based on reports from Camden County with data available thru September 30, 2015.

     Total 3^rd quarter sales this year stand at 2,042.  This is approximately 9% over the last year at the same time, 2014 total sales were 1,870.  However, we show a healthy increase of 25% over 3 years ago in 2012 when total sales where at 1,633. Recovery is looking better every year.

     Sales Activity has steadily increased over the last four years in Residential Lakefront, Condominium’s & Homes over a Million. Residential lakefront & offshore homes rose 9% over 2014 and Condominiums rose 12%. This year 44 waterfront lots have sold, about the same as 2014 but the dollar amount almost doubled – higher end lots are selling. 136 Offshore lots have sold this year so far, 17% more than 2014’s 3^rd quarter sales of 116. Farm sales went up this year by 42% with total sales so far at 17 whereas 2014 saw sales of just 12.

     Commercial movement continues to increase.  Some current construction in the works includes the planning of a new waterfront hotel and event space near the KK & Business 54 Intersection, a much needed potential revenue for the Westside Osage Beach economy including up to 300 possible jobs. 55 commercial sales have closed so far this year with an additional 10 properties under contract.  This is an increase of 16% over 2014 and a huge 150% increase over 2012 commercial sales.

    

     This year the luxury home market continues to grow with 19 homes priced over a million sold and 5 under contract so far in 2015, the same amount sold last year at this time but the selling dollar volume was 14% higher this year.  In 2012 only 6 lakefront homes were sold over the $1 million mark and 14 sold in 2013, a huge 156% increase.  If you would like to view homes that are available at $1 million and up, you can visit my website at www.LakeMansions.com

     Sales data was obtained from the Bagnell Dam and Lake of the Ozarks Board of Realtors MLS from January 1, 2012 through September 30th, 2015.

Michael 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, contact him at 573.365.SOLD or cme@yourlake.com  View thousands of lake area listings at www.YourLake.com $1 million plus homes at www.LakeMansions.com   You can also view each months’ article, ask questions and offer your opinion on Michael’s real estate blog, www.AsTheLakeChurns.com