September Lake of the Ozarks Real Estate Update

Lakefront Home and Condo Sales

During the first 8 months of this year, the number of lakefront home sales increased by by15.7% compared to 2014 and 2013.  The average sales price increased 3.6% this year over 2014 however 2013’s average sales price was 2.1% higher than 2015.  The median sales prices remained about the same in homes priced under $500,000 with the $500,000 and up market showing increases however the higher price range showed a decrease of about 50% in the number of sales.  I have been seeing a great deal of activity in the upper end market homes under contract and I think we will see some “catching up” in the upper price range over the next 30-60 days.

Condo Sales increased by 27.4% in 2015 with a total of 446 sales.  The average sales price was down 3% over last year but showed a 1.4% increase in price over 2013 as well as an 18.9% increase in the number of units sold in 2013.

The overall market is seeing a nice, steady increase.  The Fall market indicators look good.  I am also seeing an increase in lot sales and interest in building.  There are a large number of buyers who are already second homeowners looking to either build a new home or purchase a larger home as well as buyers making the switch from a condo to a home.

Sales data represents January 1 through August 20 of each year reported and was obtained from the Lake of the Ozarks/Bagnell Dam AOR MLS.

I realize that this data combines all property types and locations of lakefront homes and condos.  There are many areas and price points that I see decent value increases while other still continue to remain steady; I am seeing very little decrease in values compared to the last two years.  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

August Lake of the Ozarks Real Estate Update

About half of all sales at the lake are lakefront or lake access homes.  Many of these sales include a private boat dock.  When purchasing or selling a home, you need to be aware of the requirements by both Ameren Missouri and the appropriate fire protection district in order to transfer the dock permit to the buyer. 

     When a property located in the Osage Beach or Lake Ozark Fire Protection District or Village of Four Seasons transfers ownership, an inspection of the electrical system on the dock must be made by the Fire District or the Village before transferring the dock permit to the new owners. A copy of this inspection approval must be submitted with the permit transfer application to Ameren Missouri.

     All Lake Area Fire Districts and the Village of Four Seasons require a permit and inspection when installing or modifying a dock as well as any time work is being performed on the electrical system of a dock.  In order to complete the initial or modification dock permitting process, Ameren Missouri requires a copy of the Inspection Approval. 

     If you are selling your property with a dock, I recommend that you complete the electrical inspection approval as soon as possible.  Due to an onslaught of inspection requests, some of the districts have up to a 6 week backlog.  This could possible cause a delay in the closing of your home if you wait until you have a contract in place to start the inspection process.  Also, if there are any items that need attention, you will be able to address these and present this information to potential buyers.  The added benefit to you is knowing that your dock is safe while you and your family continue to use it.

     When you are purchasing a property with a dock you should make sure that the dock is properly permitted with Ameren Missouri and that there have not been any changes since the permit was issued.  If required, you will also need to request an electrical inspection from the proper entity in order to have the dock permit transferred into your name.  This will allow you to discover any potential issues prior to closing in the event that there are compliance problems that need to be addressed.

     If your property is not for sale or is not located in an area that requires an electrical inspection for the transfer of the permit, I highly recommend that you still contact the appropriate agency for an inspection.  Most of the districts charge a $50 to $75 fee for the inspection.  In my opinion this is a bargain, especially if you consider the potential cost of having an electrical issue on or around your dock.

     AmerenMissouri.com/Lake has a wealth of information on their website about permit requirements including contact information for fire districts and other inspection agencies.

     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.  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

As we hit the mid-year mark, I wanted to share with you some of the national statistics and trends that are occurring this year as we are beginning to see a strong market recovery.  Home sales are off to their best year since the downturn and new home sales are also making a comeback.

     Pending home sales continued to rise in May and are now at their highest level in over nine years.  The Pending Home Sales Index, a forward-looking indicator based on contract signings, climbed 0.9 percent to 112.6 in May and is now 10.4 percent above May 2014 (101.9). The index has now increased year-over-year for nine consecutive months and is at its highest level since April 2006 (113.7).

   The Pending Home Sales Index in the Northeast increased 6.3 percent to 93.9 in May, and is now 10.6 percent above a year ago. In the Midwest the index declined 0.6 percent to 111.4 in May, but is still 7.8 percent above May 2014.  Pending home sales in the South decreased 0.8 percent to an index of 127.8 in May but are still 10.6 percent above last May. The index in the West rose 2.2 percent in May to 104.5, and is 13.0 percent above a year ago.

     One concern I see with the increase in sales activity is a lagging correspondence of increase in inventory both nationwide and here at the lake.  As demand surges and supply dwindles, prices will naturally increase.  I think this will drive further recovery in the new home construction market.  This will in turn ease the inventory shortage and should temper the potential for unsustainable growth in values.

     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