March Lake of the Ozarks Real Estate Update

                                                                                          
    Over the past few months my staff and I have been working to design a comprehensive website that is simple and easy to use.  We are excited to have launched to new site in February and you can view it at www.YourLake.com .  There are several key features available for your convenience.

  You can search our database of properties currently on the market at Lake of the Ozarks.  View property based on your criteria, save your favorites to your personal folder, receive updates when a new listing fitting your specifications comes on the market or has a price reduction and request a viewing appointment.

     We have included links for a broad range of real estate related resources such as permitting for docks, building and other processes.  Information on service providers from plumbers to handymen and title companies to lenders.  Links to area schools, shopping and entertainment.   If you can’t find it here, let us know, we’ll get the information for you and include it in the future.

     All previous and current Business Journal articles are posted on my blog so if you’ve missed a month or want to go back and review a prior article, you can find it there.

     You can request information on recent sales to get a better picture of how properties similar to yours are selling and what your home is worth.

     We have references available for your review and you can see what our clients have to say about their experience with us.  We are committed to fast, professional and courteous personal service to help you understand and feel at ease throughout the buying and selling process.

     I hope you will find this information helpful when you need answers about real estate related items at Lake of the Ozarks.  Thanks for continuing to read my article.  I promise I’ll return from this commercial break and provide you with the latest sales statistics and real estate trends next month.

    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

February Lake of the Ozarks Real Estate Update

   

Last month I shared with you the 2015 local area sales numbers showing the increases in the Lake of the Ozark’s real estate market compared to 2014 and going back to 2011 sales.  The Missouri and national real estate markets each saw strong increases in 2015.  Sales data from the Missouri and National Associations of Realtors indicates continuing recovery and increasing consumer confidence.
     The number of Missouri homes sold in 2015 rose 10.6% above 2014, nationally the number increased 7.7%.  The average sales price increased by 5% in Missouri and nationally 7.6%.  The 2015 average home sales price in Missouri was $174,445 and nationally reached $222,400.
     The breakdown by price of the 5,260,000 national existing home sales in 2015 is as follows:  14% were priced under $100,000, 43% sold from $100,000 to $250,000, 31% sold in the $250,000 to $500,000 range, 8% sold between $500,000 and $750,000 and 2% sold at $750,000 to $1 Million with the remaining 2% selling for more than $1 Million.
     In 2014 approximately 11.5% of national home sales were distressed sales.  This number decreased to about 8% in 2015.  Sales to first time home buyers increased in 2015 and accounted for about one-third of all sales.  Investors accounted for 15% of the 2015 home purchasers.  One-Fourth of 2015 home sales were cash transactions.
     Information from the Department of Housing and Urban Development shows 2015 new home sales increased 9.1% above 2014 sales.  The $374,900 average sales price was an increase of 8.4% compared to 2014 and a rise in values of 15.5% above 2013.  Current new home inventory represents a 5.7 month supply. 
    As we head toward the historically busy spring market, one of the biggest issues facing the housing market today is the sheer lack of supply of homes for sale. The current national home inventory has just a 3.9 month supply and is currently at a 12 month low.  State and local inventory levels are also at statistical lows with the Missouri statewide inventory experiencing a 40% decrease since August 2015.    
     I anticipate the 2016 housing market to depict moderate but solid growth as the acceleration in existing home sales and prices both ease year over year due to higher mortgage rates, continuing tight credit standards, and lower affordability. The new construction market will see more significant gains in the coming year as new home starts and sales increase 10 - 15% year over year.  2015 total sales for existing and new homes should reach the 6 million mark for the first time since 2006.

  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

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