March Lake of the Ozarks Real Estate Update

 

February Lake of the Ozarks Real Estate Update

 

2021 Lake Market Remains Strong

     The real estate market in 2021 shows no sign of slowing based on the activity I am seeing so far in January.  I have broken down the numbers to give you an idea of how quickly residential properties are moving during what is traditionally a slower time for sales at the Lake.

     During the first four weeks of 2021, from January 1 to January 26, a total of sixty-two new condominiums or single-family homes were placed on the market.    It is possible that some of these were previously on the market and have been relisted but considering how strong sales are, I feel this would be an extremely small amount.  At this same time, one hundred sixty-seven listings were sold (closed) and two hundred twelve listings’ status was changed to indicate either a pending or contingent contract.

     Further analysis of these numbers shows that there were only five new listings of condominium units.  A total of forty-six condo units closed and sixty-two condo units had status changes to pending or contingent.  There are currently just thirty-two condos actively available.

     Single family home sales also remain vigorous.  Twenty-five offwater homes were new to the market in January, fifty-three offwater homes were pending or contingent and fifty-six offwater homes sold.  One hundred twenty-one offwater single family homes are now on the market.

     Homes with lake views and/or lake access amounted to twelve new to the market, twenty-nine pended or shown as contingent and fourteen closed.  Forty homes in the property type are currently available.

     Lakefront homes new to the market equaled twenty.  Seventy lakefront homes were marked as pending or contingent and fifty-one sold.  One hundred six lakefront homes remain on the market.

    All sales data obtained from the Lake of the Ozarks Board of Realtors Multiple Listing System for the time frame January 1 – January 26, 2021.

     C. Michael Elliott and Associates is a boutique, privately owned office with a great group of knowledgeable, topnotch agents and staff that will work in your best interest and are enjoyable to work with.   Please give us a call if you are considering buying or selling, we’ll explain our services in detail and you can decide if we are a good fit for you.

     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 would like to work with Michael in the sale or purchase of property, or have interest in a career in real estate, contact him at 573.365.SOLD or cme@yourlake.com  or stop by C. Michael Elliott & Associates, 3738 Osage Beach Parkway. 

 

 

 

January Lake of the Ozarks Real Estate Update

 

New Year’s Market Uncertainty

 

     Market activity over the previous seven days ending December 29^th had thirty-five new listings to the market plus nine properties had sales contracts cancelled and are now back on the market. A total of fifty-six properties were placed under contract.   While nine may not seem a large amount, it is considerable when you realize that it equals one-fourth the number of new listings.   The most common reasons for failure are due to items discovered during inspections, property not appraising, buyer unable to obtain financing and, lately, buyer getting cold feet.  I have been involved in more transactions this year where the buyer backs up and chooses not to complete a sale than I have any other year over the last thirty-nine years.  I have spoken to numerous fellow agents experiencing the same circumstances.

     I expect this situation to continue into 2021 for the first six months at a minimum.  As we are all aware, there is a great deal of uncertainty in almost every aspect of life right now. Buyers are also facing much higher prices than just one year ago and are having to make cuts to their criteria list.   Competition is fierce and when a new listing hits the market, buyers must move rapidly and be prepared to make quick decisions to have a shot at an accepted contract.  These factors can make for nervous buyers and sometimes result in cold feet.  There is an abundance of demand for lake property coupled with historically low inventory.  The upside of this is that it allows sellers to move quickly to the next buyer. 

     Year to date sales comparisons as of December 29^th , 2020 show the number of  lakefront home sales up forty percent compared to 2019 and the average sales price up twenty-two percent.  Off-water home sales increased seventeen percent both by amount and price.  Condo units sold increased thirty-three percent and the average sales price of resale units rose seventeen percent.  The number of Lakefront lot sales increased by one hundred and forty-seven percent and the average sales price was up by twenty-four percent.  Total Off-water lot sales increased thirty-three percent with an increase of nineteen percent in the average sales price.  

       All sales data obtained from the Lake of the Ozarks Board of Realtors’ Multiple Listing System for the years 2019 and 2020.

     C. Michael Elliott and Associates is a boutique, privately owned office with a great group of knowledgeable, topnotch agents and staff that will work in your best interest and are enjoyable to work with.   We are happy to explain our services in detail and you can decide if we are a good fit for you.

     C. 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 would like to work with Michael in the sale or purchase of property, or have interest in a career in real estate, contact him at 573.365.SOLD or cme@yourlake.com  or stop by C. Michael Elliott & Associates, 3738 Osage Beach Parkway. 

 

 

 

December Lake of the Ozarks Real Estate Update

 A Year Like No Other at a Lake Like No Other

 

     2020 has been a year of blessings.  That may not be most people’s first thought as they reflect on this past year.  It has also been a year of fear, loss, upheaval, and unforeseen events.  I feel we have been particularly blessed at Lake of the Ozarks.

     As an unknown virus made its appearance during the first quarter of this year and traveled across the country; businesses, schools and events were closed or cancelled.  At a time when most Lake area businesses were gearing up for the 2020 season, suddenly everything and everyone was in limbo. 

    As people began to realize that schools were not going to resume session and employers set up work from home situations, the nation collectively looked to areas where they could spread out, be safe and still possibly enjoy life while we waited to see what came next.

     Those fortunate enough to own a home at the lake headed this way.  Spring boating at the lake was at an all-time high with plenty of space to socially distance in the fresh air.  Businesses cautiously opened.   Memorial Weekend gave us widespread news coverage (all press is good press?) as the world learned about our piece of heaven here in the Ozarks and vacation rentals began to rapidly fill up.  Property sales began to skyrocket with sales increasing over 100 percent during the summer months.

    I know there have been terrible hardships suffered across the country.  Loss of lives and loss of income has devastated many areas and many people.  I feel we have been truly fortunate here at the lake to have an environment that allowed us to continue working and gave us an outlet to enjoy life and time with our immediate families.  There is a spirit of comradery among “Lake People”; a willingness to help one another and a common bond in our love of Lake Life.

     As 2020 winds down and a vaccine seems close to being distributed for medical personnel and first responders, I pray that it is successful.   I am thankful for so many things.  I appreciate my clients who allow me to provide for my family.  I am thankful for my work family of staff and agents who support me.  I enjoy the Lake’s extended Realtor family, all of whom also help me to be successful and to enjoy this business.  I am grateful to live in such a beautiful and prosperous area as Lake of the Ozarks. 

     Merry Christmas and Happy New Year.  I hope you all find peace and joy this season. 

      C. Michael Elliott and Associates is a boutique, privately owned office with a great group of knowledgeable, topnotch agents and staff that will work in your best interest and are enjoyable to work with.   Please give us a call if you are considering buying or selling, we’ll explain our services in detail and you can decide if we are a good fit for you.  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.   You can contact him at 573.365.SOLD or cme@yourlake.com  or stop by C. Michael Elliott & Associates, 3738 Osage Beach Parkway. 

 

 

November Lake of the Ozarks Real Estate Update

 

Continuing the Upward Trend 

     Lake area sales continue the rapid pace we have been seeing since Spring of this year.   Contracts written keep exceeding new listings coming on the market.  As I write this near the end of October, the previous seven day’s activity remains strong.  A total of 73 new listings became available via the Lake’s Multiple Listing System, 118 properties have had contracts accepted and 125 property transactions closed.

     I am currently working with developers who are planning a new lakefront condo project in one of the Lake’s most desirable locations.  Over the next couple of months, I will be able to share more information on size, pricing, finishes and options.  It’s an exciting time as we see more people become aware of all that the lake has to offer.

     All property types and all price ranges have benefited from the surge of activity created by the pandemic. At the start of the year, luxury home sales had lagged behind the recovery enjoyed by more moderately priced homes but have now regained traction and are generating more interest than I have ever experienced in that price point.  I recently listed a lakefront home at just under $1.2 million and had eight showing appointments scheduled within two hours.  The home was sold within 24 hours.

     Here’s a snapshot of sales across all property types.  Year to date in 2020 vs. 2019, lakefront homes sales have increased by 38.6 percent.  Non lakefront homes sales have increased by 10.4 percent.  Condo sales have increased by 23.4 percent.  Non lakefront lots sales have increased by 18.4 percent and lakefront lots have increased a whopping 130 percent.

       All sales data obtained from the Lake of the Ozarks Board of Realtors Multiple Listing System for the years 2019 and 2020.

     C. Michael Elliott and Associates is a boutique, privately owned office with a great group of knowledgeable, topnotch agents and staff that will work in your best interest and are enjoyable to work with.   Please give us a call if you are considering buying or selling, we’ll explain our services in detail and you can decide if we are a good fit for you.

     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 would like to work with Michael in the sale or purchase of property, or have interest in a career in real estate, contact him at 573.365.SOLD or cme@yourlake.com  or stop by C. Michael Elliott & Associates, 3738 Osage Beach Parkway. 

 

 

 

October Lake of the Ozarks Real Estate Update

 UPTURN MARKET DESPITE COVID

     At the start of 2020, it appeared that this year would bring a slight easing of existing property sales as new construction started to take off.  I also felt that property values would not continue to increase as quickly as last year.   Then Covid made it’s appearance and turned all real estate predictions upside down. 

     January and February residential sales had increased by 18.9 percent in 2020 versus 2019.  This included all homes and condos closed in those months.  In March, lake area sales slowed down.  We watched to see what the various restrictions and shutdowns across the country would bring.  Businesses pivoted to allow employees to work from home and schools shifted to online learning.  Thousands who had access to a lake home packed up and moved temporarily, many permanently, to Lake of the Ozarks.

     By the end of May, lake area real estate sales had fallen in comparison to last year.  The number of lakefront home closings had decreased by 2.5 percent.  The sale of homes not directly on the water decreased 4.5 percent compared to 2019 and condo sales were down 13 percent. 

     Beginning in June, closing numbers roared and property values accelerated rapidly.  It was unusual for any properly priced property NOT to receive multiple offers.  The months of June through September had record increases in residential sales.  During those four months, lakefront homes sold increased by 78 percent compared to 2019.  Non lakefront home sales increased 21.4 percent and condo sales increased 57 percent.

     Current YTD sales as of the end of September show that 2020 lakefront home sales increased by 41.2 percent compared to 2019.   Non lakefront home sales increased 8.7 percent YTD and condo sales increased 22.8 percent.

     Weekly sales stats for the last week of September indicate that sales remain strong into the Fall market.  A review of the data for all homes and condos show that 68 new residential listings hit the market and 100 residential listings were marked as under contract.  There also have been a total of 103 residential sales closed in the last seven days.  All sales data obtained from the Lake of the Ozarks Board of Realtors Multiple Listing System for the years 2019 and 2020.

     C. Michael Elliott and Associates is a boutique, privately owned office with a great group of knowledgeable, topnotch agents and staff that will work in your best interest and are enjoyable to work with.   Please give us a call if you are considering buying or selling, we’ll explain our services in detail and you can decide if we are a good fit for you.

     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 would like to work with Michael in the sale or purchase of property, or have interest in a career in real estate, contact him at 573.365.SOLD or cme@yourlake.com  or stop by C. Michael Elliott & Associates, 3738 Osage Beach Parkway. 

 

September Lake of the Ozarks Real Estate Update

                                Check the Dock Permit before you Buy

 

  The ability to have a dock permit greatly affects property value.  The size of the dock envelope and distance from other structures also is a big factor.  Be sure you are making an informed decision before you commit to a purchase.

     When searching for a lakefront property, understand the permitting process for docks, seawalls, and other lakefront improvements. When considering a property for purchase, always ask to see approved permits.

     When I list a property, I discuss the dock and various permits with the seller and request a copy of those permits from Ameren.  This shows all permitted items currently on the property along with a drawing of where the items should be situated according to the permit.  It can also indicate potential for a larger dock system or other items.  If it appears that any items are not permitted or appear to be out of the correct position, I help the owner arrange further investigation and correction, if necessary.

     I post the permit information with the listing data so buyers can see if a property’s lakefrontage suits their needs.  This verifies that the existing dock, seawall, etc. match the current permit and makes for a smoother real estate transaction.  I recommend that you do a visual inspection and get additional help if you aren’t sure about any permit items.       

     For most lakefront buyers, the availability to have or install a dock that suits their needs is crucial.  Not all lakefront property is able to have a dock, and some have significant limitations. This may be caused by a subdivision restriction; other times it is due to the way the lot lines run to the lake, position of the lot in a cove, size of cove, etc.  Some subdivisions designated certain lots as able to have a small dock, day dock, etc. BUT in the time since those subdivisions were created Ameren permitting rules changed and many of those lots are no longer able to obtain a permit.

     Docks are required to be installed within the boundaries set out by Ameren.  Because lot lines vary from lot to lot, the dock envelope can change greatly between properties.  Ameren can require a property owner to obtain a survey if there is any question about the location of permit items.  There may be dock location agreements or easements granted to or by another property owner that you need to research before purchasing.    

     When ownership of a lakefront property with Ameren permits changes; Ameren must be notified, and the existing permit(s) should be transferred to the new owner.  An electrical inspection completed and approved by the appropriate authority within the previous 12 months must be submitted with the permit transfer.  If this inspection shows items not in compliance; those items must be corrected with an approval issued before Ameren will process the transfer.  Existing permit numbers stay with the property, they are NOT transferred with the dock.  Any new construction, replacement or modification of existing docks must be permitted.   

     These are the type of issues that a good Broker will keep you informed about and walk you through any vital procedures to help you maintain your property’s value.  There are many unseen items beyond the house size, condition and location that you need to be aware of when making a purchase. 

     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