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

April Lake of the Ozarks Real Estate Update

This is the most exciting Spring at Lake of the Ozarks that I’ve experienced in several years.  The residential real estate market is moving along at a good pace; available inventory is still low.  Lot sales and new home construction has begun to pick up and the commercial market activity is showing positive signs in both property sales and businesses remodeling, expanding and creating new locations.
     In April, we’ll be settling into our new office.  We are moving from our current location to the opposite end of the building to double our office size to accommodate the increase in our business and several new agents joining our current team. 
     Kevin Wood joined us in February.  Kevin is an experienced sales agent with a background in lending and title insurance.  By mid-March, Kevin had already assisted five families in the purchase of a lake home.  He is a perfect fit in our organization, I couldn’t be more pleased and honored that he chose to work with us.
     Jeff Anderson joined us in March.  Jeff has several years of real estate experience and currently also operates a nightly vacation rental company.  Jeff’s unique niche in the vacation home market is a real asset and it is a privilege to work with him.
     Stanley Spears has worked with us for over a decade and is one of the most dedicated and considerate agents I’ve had the pleasure of knowing.  He is a great ambassador for our company and a real help in growing our business.
     Maggie Dollar is the jewel of our office.  She manages our listings and sales with ease and makes us all look good.  With the expansion of our business, we are searching for another individual to work with her.  Maggie has worked with us for over 15 years and we are truly blessed to have such a knowledgeable and loyal individual looking out for us.
     Karen Elliott manages our marketing, technology and office systems.  Karen has over 30 years’ experience in Lake of the Ozarks real estate.  Karen is also my wife and business partner.
     We are looking forward to welcoming three more future sales agents who are currently taking classes and studying for the real estate license exams.  They will be joining us over the next couple of months as they each complete their courses.
     Feel free to stop by our new office and meet our current and new staff.  We are very excited about the direction the market is heading and to be in a position to expand our business.
     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, 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

March Lake of the Ozarks Real Estate Update

     If the early spring-like weather and the possibility of getting a jump start on boating haven’t brought you to the lake, perhaps the rapid acceleration in the real estate market will entice you to make plans to come to the lake soon.
     Listing inventory continues to diminish as sales prices are climbing and average time on the market gets shorter.  Comparing statistics based on year to date listings and sales; the numbers shake out as follows.
     New listings of lakefront homes are down 11% compared to 2016 and the number of homes sold is up 26%.  Lakefront home pending sales are also up 13.6% and the average sales price has climbed by 13.1%.  The average days on the market has fallen 11.78%.
     Non-waterfront home sales have risen 6.5% with the average sales price decreasing slightly by 1.8% and the number of new listings becoming available has decreased 6.8%.  Pending sales for off water homes has jumped by 16.7%.  The average days on the market fell by 15.6%.
     Newly available condo listings are 4.6% fewer than last year and the number of units sold has increased 4.3%.  The average sales price is up by 11.8% with the average days on the market decreased by 23.3%.
     Finally, some good news for lakefront lot sales with the total up 75%; the number of new listings has also climbed by 33.75% indicating more seller confidence in the market.  The average sales price is down 21.4% however the median sales price is up 15.5% and the days on the market decreased by 9%.  I recently sold a lakefront lot in The Villages of Shawnee Bend that closed within 48 hours of the contract.  
     The market is up considerably and I feel that this will continue throughout the upcoming “lake season”.  I am seeing multiple offers submitted as well as properties being contracted very quickly from the time they are make available.  Don’t miss out on our beautiful, early spring as well as the opportunity to own the lake property you have been considering.

      Sales data obtained from the Lake of the Ozarks MLS comparing the time frame from January 1 to February 20 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, 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