June Lake of the Ozarks Real Estate Update

This month I have compiled the data on lakefront home and condo sales for a 11 year overview of the market.  The chart represents sales in 2005 thru 2015 comparing January 1 thru May 15 of each year and was obtained from the Lake of the Ozarks/Bagnell Dam AOR MLS.

As you look at the average sales prices, you can follow the rising values up to 2008.  In 2009-2010 values as well as the number of sales began to fall then bumped up and down through today.  2015 Lakefront home sales had an 8.3% increase over 2014  The average sales price of lakefront homes also had a nice bump this year.   2015 Condo sales saw a huge increase of 42% over last year with the average sales prices down slightly.  Both lake homes and condos 2015 sales is the largest number sold since 2007

I realize that this data combines all property types and locations.  There are many areas that I see decent value increases while other still continue to remain stagnant or even lose value.  If you would like a detailed sales report and value for your specific property type or neighborhood, please contact me.

Michael has been selling real estate at 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 C. Michael Elliott & Associates at 573.365.SOLD.  You can also view each month’s article, ask questions and offer your opinion on his blog at www.AsTheLakeChurns.com  and Search and view thousands of lake area listings at www.YourLake.com

 

LAKEFRONT HOMES SALES
YEAR	#SOLD	AVG. PRICE	AVG. SF
2015	208	$     311,978	2415
2014	192	$     289,817	2293
2013	175	$     307,115	2422
2012	198	$     293,894	2312
2011	163	$     312,688	2442
2010	148	$     308,390	2345
2009	145	$     307,853	2065
2008	174	$     359,622	2164
2007	240	$     355,915	2146
2006	302	$     350,222	2248
2005	275	$     298,903	2223

CONDOMINIUM SALES:
YEAR	#SOLD	AVG. PRICE	AVG. SF
2015	206	$     151,982	1329
2014	145	$     164,797	1381
2013	169	$     149,215	1348
2012	158	$     151,388	1374
2011	128	$     150,397	1362
2010	123	$     167,035	1331
2009	108	$     171,859	1344
2008	195	$     194,494	1369
2007	300	$     197,564	1369
2006	363	$     171,174	1320
2005	360	$     161,035	1336

May Lake of the Ozarks Real Estate Update

With the recent upturn in the sale of lots for building construction, I though I would share with you a few things to consider in making a decision on which lot to purchase.

If a lot is not located in an area that has a central sewer system, you will need to look at the regulations by both the state and county that control the design and placement of a septic system.  Current regulations specify a sewage quantity of 120 gallons flow per day per bedroom for design purposes.  This translates into a need for at least a 1,000 tank and 6 100’ lateral trenches.  Trenches must be located a minimum of 5’ apart and at least 50’ from the lake and 25’ from a basement.  They must also be at least 10’ from the property lines.

In addition, you will need to be aware of the regulations that cover the placement of your home on the property such as setbacks from the property lines as well as any outdoor patios and entertaining areas.

When you factor in these items along with the topography of the property, you need to do some research to make sure your home will fit on the lot you choose.

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

April Lake of the Ozarks Real Estate Update

I wanted to share an overview this month of what is going on in the real estate market both nationally and statewide.

     Existing-home sales showed some improvement in February, but remain constrained by low inventories of homes for-sale that are pushing price growth to the fastest pace in a year.  The median existing-home price for all housing types was $202,600 in February – 7.5 percent higher than a year ago.

     Mortgage rates, for now, continue to hover near historical lows. The 30-year fixed-rate mortgage averaged 3.71 percent in February, according to mortgage giant Freddie Mac.  "With all indications pointing to a rate increase from the Federal Reserve this year – perhaps as early as this summer – affordability concerns could heighten as home prices and rents both continue to exceed wages," says Yun.

     The following is an overview of how sales fared in February across the country:

·         Northeast: existing-home sales plunged 6.5 percent to an annual rate of 580,000, but are 3.6 percent above year ago levels. Median price: $241,800, up 3.3 percent year-over-year.

·         Midwest: existing-home sales were mostly unchanged from January at an annual level of 1.08 million, but are 4.9 percent higher than February 2014 levels. Median price: $152,900, up 8.8 percent from a year ago.

·         South: existing-home sales rose 1.9 percent to an annual rate of 2.11 million last month, and are 6 percent higher than year ago levels. Median price: $177,900, up 8.5 percent from a year ago.

·         West: existing-home sales increased 5.7 percent to an annual rate of 1.11 million in February, and are 2.8 percent above a year ago. Median price: $290,100 -- 4.2 percent above February 2014.

     According to the Missouri Association of Realtors February Market Summary the number of residential properties sold was up 9.7% YTD this year compared to 2012 and the median selling price rose by 22.7%.  At the end of February 11% of currently listed properties were under contract.

March Lake of the Ozarks Real Estate Update

     I was all set up to report on statistics regarding new housing starts on a national, state and local level and how I felt that would affect existing house sales.  However, I read an article today that reported a sharp fall in U.S. homes sales and stated that they were at their lowest level in nine months.  It went on to talk about this being worse than economists’ expectations despite the 30- year mortgage rate falling to a 20-month low.

     This sounded fairly dire to me so I decided to dig a little deeper and take a look at how the lake area real estate market compared to national sales.  After reviewing data, I discovered that lake area sales were also at the lowest level not just in 9 months but in the past 12 months!  The average sales price was also at the lowest level since March 2014!

     Still sounds pretty dire.  Before panic could commence and I started looking for another job; I began plowing into home sale stats back to January 2005.  When I finished this review; I saw the real trend in the recent sales “plummet”.  Each year since 2005, home sales and their average sales price have been the lowest in January with few variations when the average sales price was up slightly over another month or two.  The only interesting exception to this was January of 2006 when the average sales price was the highest in a month to month comparison of the previous year.  As you may recall, the market was peaking at that time and average sales prices were highest in 2006.

     Last month, the national inventory of unsold homes on the market slipped 0.5 percent from a year ago to 1.87 million. It was the second straight year-on-year decline.   Even at January's sales pace, it would only take 4.7 months to clear houses from the market, down 2.1 percent from a year-ago. A six months' supply is viewed as a healthy balance between supply and demand.

     The average time on the market over the past year for residential homes has ranged from four to six months.   Lake of the Ozarks real estate is a unique marketplace in that it includes a large geopgraphical area and each area holds a wide array of property types.  In assessing the amount of marketing time and at what price to expect a property to sell; you need to concentrate on the sales data for the type of property and specific area where it is situated.

    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 2005-2015.

    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

February Lake of the Ozarks Real Estate Update

     Last month I gave a synopsis of 2014 sales numbers.  I also projected that we would see a strong increase in lot sales in 2015 and 2016.  If the first 3 weeks of 2015 are any indication, it appears that lot sales are taking off right out of the gates. 

     The total number of lot sales so far this year account for 17.3% of all property sales during the first 3 weeks of 2015.   There have been 13 lots sales so far in 2015 and there are currently an additional 30 lots under contract.  While this may not sound like a huge number, there were just 4 lot sales during the same time frame in 2014.  2015 lots sales to date represent a more than 100% increase compared to each year since 2010 with the exception of 2013 which saw 8 lot sales.  Total property sales to date are up 36.4% in 2015.     Below is a chart that shows the number of lot sales and total property sales for the first 3 weeks of each year starting in 2010.

     Home prices are increasing and inventory is being reduced.  On a state level, the average residential sales price was up 5.7% in 2014.  The number of MLS listing inventory decreased each month from August thru December 2014.  The total decrease during that time frame was 23.4%.

     I am seeing high activity in the number of buyers viewing both homes and lots during January.  Many of the home buyer’s objective is to have a contract in place scheduled to close by mid-March so they can take advantage of the Spring season and be ready for Summer.

     Lot prices are currently at an all-time low due to the lack of sales during the past 6 years.  As with anything, when demand increases; prices will follow.  It probably goes without saying:  if you have been waiting to purchase a lot at the bottom of the market; you should act immediately.      

    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 through January 22 of the years from 2010-2015 and data obtained from the Missouri Realtors Housing Statistic Report of January 20, 1015.

    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