Author: Kelsey Fairchild
Right now, we’re at the end of our second quarter, and we thought it would be a good time to look at the real estate market at Lake of the Ozarks. Let’s talk about this past quarter compared to others and some other statistics you might find interesting.
There has been plenty of craziness and exciting things happening in the last few months despite what’s going on all over the world. It’s showing a really positive effect on our lake market. We’re seeing increases in different statistics all across the board. Transactions, volume, and sale price are all on the rise while inventory is way down.
Condos, for example, are flying off the shelves right now. Even though inventory is down 26% from the previous year, we’re still increasing transactions, and compared to May, sales of condos are up 52%. This time last year, the total condo volume sold was $70 million. This year, that number is up to $80 million. Condos are where it’s at.
June 2020 boasts the second highest median sales price ever recorded within the waterfront single family homes segment since we have seen lower inventory in that category. That rests at $233,000. Because of this, people are leaning towards other options like building. We’ve seen an increase in both transactions and volume for waterfront lots. Lot transactions in Q2 2020 were up 48% compared to Q2 2019, and volume in Q2 2020 was up 71% compared to Q2 2019! It seems that everyone is looking at other options with this limited inventory.
So let’s talk totals. In Q2 2020, total transactions were up 21% (1600), and volume was up 23% ($371.1 million) compared to Q2 2017. Even with all the uncertainty going on, there’s one thing for sure: it is a seller’s market, and this is a good time to sell. The decrease in inventory is pushing prices up higher than normal.
I personally was working with a buyer. Well, I still am actually. Together, we found a house on Horseshoe Bend in Lake Ozark that the buyer fell in love with. Though it was on the market for only one day, it already had seven offers. Seven! We submitted an offer $20 thousand dollars over the list price and they still did not win the house. That shows you what this market is like right now.
While it may be a seller’s market, I do not want to discourage any buyers from weighing their options in this market. The market is trending up and interest rates are way down. You can take advantage of these good interest rates. However, you have to be prepared to move quickly when that dream home comes along. You’ll have to move quickly.