As The Lake Churns

Friday, October 28, 2016

November Lake of the Ozarks Real Estate Update

Year to Date Market Comparison

Lake of the Ozarks’ year to date home and condo market data indicates a mostly positive outlook as we head toward 2017. On a year-over-year basis, waterfront homes sales declined while non-waterfront home sales and condo sales both increased. Average home sales prices were up and average condo sales prices were slightly down.

Waterfront, single-family home sales year to date totaled 603, down 7.2 percent from October 2015. The average sales price climbed 6.5 percent to $328,427, the 2^nd highest in 5 years with 2013 the highest at $388,224. Days on Market (DOM), or the number of days it took the average home to sell, tightened to143 days versus 152 last year.
Broken out by home location, Year to Date Waterfront Home sales performed as follows:

Totals for all 2016 home and condo sales show an increase of 2 percent in units sold with the average sales price remaining steady at less than 1 percent increase over 2015.

I have also compiled data for non-waterfront home sales. Total non-waterfront home sales were 734; up 8.1 percent over 2015. The average sales price rose 4.2 percent to $132,899.

Data for condominium sales shows an increase of 5.3 percent with 608 units selling year to date versus 577 a year earlier. The average price fell 2.6 percent to $155,715.

I anticipate the 2016 housing market to finish out overall with moderate but solid growth. I foresee the 2017 market looking very similar to the current year.

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, 2015 to October 24, 2016 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

Friday, September 30, 2016

October Lake of the Ozarks Real Estate Update

Three Years Compared

With the close of the 3^rd quarter in 2016 I have complied a spreadsheet showing a comparison of the past 3 years sales, average sales price and number of days on the market. As I mentioned several times over the previous year, inventory is tight and continues to drive sales prices upward as well as decreasing time on the market. This is also responsible for a decrease in the number of closed sales we are seeing in many property types.

Lake area sales data has been obtained from the Lake of the Ozarks MLS based on all property type sales shown over the time frame from January 1, 2014 to September 26, 2016 and all other times represented in the data.

Tuesday, August 30, 2016

September Lake of the Ozarks Real Estate Update

While the summer’s peak season is winding down and we head into the beginning of our fall market we are seeing a 2% overall increase in the number of properties closed. However there is a decrease in closed sales for most property types year to date compared to the same time in 2015 with just a couple of categories making up the difference.

My first thought was that this was due to the summer season coming to a close. So I looked to 2015 sales and checked them against 2014 sales and found the sales during that time frame had increased across all property types for an overall increase of 8.7%.

Reviewing additional sales factors I find that the average sales prices on most property types continue to hold steady. Lakefront homes showed a 2.5% average sales price increase but the number of closed homes fell 12%. In addition to this, the average time on the market dropped across the board. My conclusion, as it has been most of this year, is that the inventory is simply so tight that many buyers have yet to contract a property.

The properties that saw gains in the number of closings were non-lakefront homes and non-lakefront land. The sales of these homes increased by 8.6% and the sales prices remained unchanged. Non-lakefront land sales increased by 46% with sales prices decreasing 15%.

September usually sees many houses become available with owners moving on to what the fall season holds for their lives and families. It will be interesting to see if this lends any relief to our tight market. I report more in October and let you know what happens.

Lake area sales data has been obtained from the Lake of the Ozarks MLS and the Missouri Association of Realtors based on all property type sales over the time frame from January 1, 2014 to August 29, 2016 and all other times represented in the data.