July Lake of the Ozarks Real Estate Update

     Ready to navigate the Seller’s Market?  Sales are clipping along at a rapid pace and values are also continuing to increase although at a slower pace than last year.  Inventory is still tight and I am beginning to see signs of strengthening in the lot market with custom home builds and properties being purchased to gut and remodel on the rise.

     2017 closed condo sales increased 21.1% compared to last year with the average sales price up just one-half percent.  Lakefront homes sold are following in line with a 21.9% increase in the number sold and a half percent increase in price.

    Off water home sales have slowed their rapid climb, settling in at a 1.8% increase in 2017 against 2016 and the average sales price shows values climbing at a rate of 4.6%.

     Lakefront lots are experiencing the largest increase in units sold with a whopping 78.2% rise above 2016 and the average sales price has gained by 20.1%     

     With the rapidly moving market and rising prices; it can be difficult to determine value for both buyers and sellers.  A good market analysis should include the most recent sales of the homes closest and most like your home.  In addition, it should also factor in the sales trends happening at the lake and in your neighborhood as well as considering the home’s features and potential drawbacks that add or detract from its worth. 

     My office is rapidly expanding as well.  With the addition of Kevin Wood and Jeff Anderson early this year, our inventory of well-priced and well-maintained properties are expanding, however with this fast-moving market, the new listings are not available long.

     We welcomed two more sales professionals in the late Spring.  Katie Doran and Lauren Bozzardi both are newly licensed and are currently working under the C. Michael Elliott and Associates Mentorship Program “Selling in Sixty”.  Both women have excellent educational backgrounds and prior professional experience well suited to their choice of a real estate careers.  Katie relocated to the Lake in the fall of 2016 with her family; including her son and daughter.  Lauren made the move to the Lake in the summer of 2015 with her two sons.  Both women can be reached at our office in Osage Beach.

     If you need assistance in getting a clear picture of what this market means for you, please don’t hesitate to contact me or a member of my sales staff.  We have great insight into the current trends that effect the value and market demand of property.

      Sales data obtained from the Lake of the Ozarks MLS comparing the time frame from January 1st to June 25th of 2016 and 2017.

      

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 $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

June Lake of the Ozarks Real Estate Update

     Lake of the Ozarks is still experiencing a tight market with an inventory shortage.  The number of homes coming on the market in 2017 has decreased by 4.6 percent compared to the same time in 2016 while the amount of closed sales increased 15.2 percent and pending sales are up 15.3 percent.  The median sales price also rose by 6 percent.

     2017 condo inventory coming on the market is currently even with 2016 numbers and the median sales price dropped by 1 percent.  The total units sold increased 6.7 percent and pending sales are up 5.45 percent.

     U.S existing home sales took off in March to their highest pace in over 10 years, and severe supply shortages resulted in homes selling much faster than in February and a year ago, according to the National Association of Realtors. 

     March's sales pace is 5.9 percent above a year ago and surpasses January as the strongest month of sales since February 2007.  The median existing home price for all housing types in March was up 6.8 percent from March 2016. March's price increase marks the 61^st consecutive month of year-over-year gains.

     The available home inventory at the end of March increased 5.8 percent to 1.83 million existing homes available for sale, but is still 6.6 percent lower than a year ago and has fallen year-over-year for 22 straight months.  Properties were on the market an average of 34 days in March, which is down significantly from 45 days in February and 47 days a year ago.  Forty-eight percent of homes sold in March were on the market for less than a month.

     In the Midwest, existing-home sales jumped 9.2 percent to an annual rate of 1.31 million in March, and are now 3.1 percent above a year ago. The median price in the Midwest was $183,000, up 6.2 percent from a year ago.

     Interest rates have been inching up since last fall.  The average commitment rate for a 30-year, conventional, fixed-rate mortgage rose for the fifth straight month in March to 4.20 percent from 4.17 percent in February. The average commitment rate for all of 2016 was 3.65 percent.

    

     With the rapidly moving market and rising prices; it can be difficult to determine value for both buyers and sellers.  A good market analysis should include the most recent sales of the homes closest and most like your home.  In addition, it should also factor in the sales trends happening at the lake and in your neighborhood as well as considering the home’s features and potential drawbacks that add or detract from its worth. 

      Sales data obtained from the Lake of the Ozarks MLS comparing the time frame from January 1 to April 23 of 2016 and 2017 and from the National Association of Realtors.

      

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 $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

May Lake of the Ozarks Real Estate Update

     U.S. existing home sales took off in March to their highest pace in over 10 years, and severe supply shortages resulted in homes selling much faster than in February and a year ago, according to the National Association of Realtors. 

     March's sales pace is 5.9 percent above a year ago and surpasses January as the strongest month of sales since February 2007.  The median existing home price for all housing types in March was up 6.8 percent from March 2016. March's price increase marks the 61^st consecutive month of year-over-year gains.

     The available home inventory at the end of March increased 5.8 percent to 1.83 million existing homes available for sale, but is still 6.6 percent lower than a year ago and has fallen year-over-year for 22 straight months.  Properties were on the market an average of 34 days in March, which is down significantly from 45 days in February and 47 days a year ago.  Forty-eight percent of homes sold in March were on the market for less than a month.

     In the Midwest, existing-home sales jumped 9.2 percent to an annual rate of 1.31 million in March, and are now 3.1 percent above a year ago. The median price in the Midwest was $183,000, up 6.2 percent from a year ago.

     Interest rates have been inching up since last fall.  The average commitment rate for a 30-year, conventional, fixed-rate mortgage rose for the fifth straight month in March to 4.20 percent from 4.17 percent in February. The average commitment rate for all of 2016 was 3.65 percent.

     Meanwhile, at Lake of the Ozarks, the number of homes coming on the market in 2017 has decreased by 4.6 percent compared to the same time in 2016 while the amount of closed sales increased 15.2 percent and pending sales are up 15.3 percent.  The median sales price also rose by 6 percent.

     2017 condo inventory coming on the market is currently even with 2016 numbers and the median sales price dropped by 1 percent.  The total units sold increased 6.7 percent and pending sales are up 5.45 percent.

     With the rapidly moving market and rising prices; it can be difficult to determine value for both buyers and sellers.  A good market analysis should include the most recent sales of the homes closest and most like your home.  In addition, it should also factor in the sales trends happening at the lake and in your neighborhood as well as considering the home’s features and potential drawbacks that add or detract from its worth. 

      Sales data obtained from the Lake of the Ozarks MLS comparing the time frame from January 1 to April 23 of 2016 and 2017 and from the National Association of Realtors.

      

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 $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