I've put the numbers on the main page of the site to show you how the Real Estate Market is doing at Lake of the Ozarks. In the simplest of terms - everything is up! Prices, Total Sales, Average Sale Price, High Sale Price and even Square Foot on the sold homes is up as well. While it is not a seller's market, it is definitely not the buyer's market of a few years ago. We still have too much inventory and as such, we will see prices lean toward the moderate and steady gains.
So if you have a home to sell or are looking to buy a lake home, you're on pretty even ground for the negotiations. The only item that the buyers will be keeping an eye on will be the interest rates.
Happy house hunting and let us know if we can provide you will any additional information.
It's Heating UP!
What a great month June was. Fantastic weather around the lake that offered the first real opportunity to enjoy the lake with a very fickled May in the rear view mirror. You do remember that it snowed on May 2, 2013? Yikes!.
Now that we have had a successful 4th of July holiday, it seems that everyone that doesn't own a lakehome just remembered that was on their "To-Do" list for this year. Our site has been rocking with people from Nebraska, Iowa, Kansas, Illinois and Missouri registering to view properties as well as seek advice about the market.
As we've been talking, sales are up, inventory is down, prices are up (slightly) and interest rates are rising. I really can't think of one good reason why you would want to wait to buy a home at #Lake of the Ozarks?
Rain & Dierbergs & The Real Estate Market
We've certainly had plenty of rain at Lake of the Ozarks. It's a wonder www.lakebrennan.com isn't under water! Rain is good considering we were so dry last year. Hopefully a bit more normal in the weather department this year although temperatures have been a bit chilly!
Dierbergs opened last week to rave reviews. Outstanding, Awesome, Spectacular, Friendly were some of the accolades that I heard. Stephanie and I will be visiting this week and we will let you know how our visit went. We have also heard whispers about Bed, Bath and Beyond as well as Dick's Sporting Goods. There we also a barely audible something about a Sam's Club. Heck, before too long we'll have people from KC and St.L coming to the lake to do their shopping.
Our Real Estate Market is changing. What one was strictly a buyer's market is changing direction. Buyers are guarded against losing houses to other buyers and sellers are pricing their homes much more competitively. Inventory is down and sales are up. As opposed to the previous 4 years loss of 5% annually, last year we were only down about 1%. The next shoe to drop will be price increase.
Happy New Year From Lake of the Ozarks
A couple stats from this past year to get us started.
Lakefront Homes - 85 more sales than 2011 - Average Selling Price $278,580 - List/Sell Ratio - 93.2%
Overall Home sales are up 13.72% and the Average Selling price is down .53%
Sales are more brisk than past years. We find our buyers understanding the situation and when they see a house they like, we aren't looking at 40 additional properties. They will generally write and offer following the day's viewings because the house could be gone if they wait too long. That's a far cry from years past when houses would hang around for months on end. Another tidbit is that the sellers are pricing their homes more reasonably and as a consequence, they are getting a higher percentage of the asking price.
Activity so far this year has been outstanding. Weather always plays a part but, we are chugging along with March just 45 days away. Time to start thinking about de-winterizing the boat!
The State of Real Estate
WOW! The summer was a blur. I can't believe it's been 4 months since my last comments. Don't tell my wife! The Real Estate Market at Lake of the Ozarks has certainly changed in the last year. What once was a hands down buyer's market is slowly changing. Now we have buyers that are nervous that their favorite properties will not be there when they come down to see the list of homes they have picked out to see. Routinely we see a couple of homes that are no longer available between the time we receive their list and the time they arrive at the Lake. Lakefront Home Sales are UP - 18% over last year. Inventory is DOWN - 5% over last year. Increased sales, lower inventory so the next shoe to drop will be price. Currently we still see downward pressure on price but, not what it was last year. When these two items, sales and inventory, finally reach their balance points we will see prices increase. Then it will be interesting to see how the current group of buyers reacts to the market.
Internet For Everyone
A couple weeks ago, CoMo announced that the fiber optic internet pilot programs were such a success that they are proceeding with plans to bring fiber optic to all their members. What a great day for our little corner of the world. The forward thinking of those at CoMo will enrich everyone's lives in the membership. The build out will consist of 4 phases. Phase 1 will include approximately 50% of the membership and will proceed from the existing framework of fiber optic lines. Phase 1 should be started early 2013 with a 1 year build out for each phase. We look forward to the growth that comes directly from businesses having access to super high speed internet at Lake of the Ozarks. Feel free to call if you are interested in the locations of the build out phases. We are happy to help.
May 1, 2012. That was the day that Stephanie and I moved our office to RE/MAX Lake of the Ozarks in Osage Beach. We are so proud to be associated with the LARGEST, MOST PRODUCTIVE, MOST INNOVATIVE broker at Lake of the Ozarks. This move will help us to better serve our clients that are looking in Osage Beach, Lake Ozarks, Rocky Mount and other areas on the Eastside of the Lake. While we still live on the Westside, our new location allows us to deliver service to the entire Lake of the Ozarks. Please feel free to drop in at our new office as we would love to show you around.
Lake of the Ozarks Real Estate
I just completed the stats for Lakefront Homes at Lake of the Ozarks. This covers all areas of the lake: Osage Beach, Lake Ozark, Rocky Mount, Sunrise Beach, Gravois Mills, Linn Creek, Camdenton, Climax Springs and Roach. We have quite an extensive area to cover but, it's all good news! Lakefront Home sales were up 20.9% over the last 12 months as compared to the 12 months previous to that. So, transactions were up, how was the selling price. It was down about 3.5% which is less than half of what it was a year ago. Actually the medium average price held exactly to what is was in the prior time period. What this tells me is that people are buying up the lower priced properties slightly more than the higher priced homes. Again this is all good news because housing has always been at the forefront of the end of a recession. Trends like this are being seen all over the country as well.
Sunrise Beach TIF
Another sign of a rebounding economy! Sunrise Beach has formed a TIF commission to explore options for Woods Grocery to relocate to the intersection of F and Highway 5. This is on top of the current expansion at G2M in Laurie. It's a great way to start 2012.
Lake of the Ozarks Homes For Sale & Snow
I need to look back and see what day was the first to experience snow last year. I don't think it was early December. We got dusting this morning. At least enough to have people off the road and experience some driving that required more than normal concentration. Lakefront Home sales are up 4% YTD over last year and values are holding at 96.2%. MUCH better than the last 4 years. Mortgage rates are also doing well with the 30 year fixed around the 4% range.