Lake of the Ozarks real estate by year
through September 2014
The local market hit bottom in 2010-11. By mid-2013 the number of transactions climbed 29 percent from the low in 2009. Maintaining growth at that rate is not a practical expectation. Sales to date in 2014 are down just 2 percent from a year ago. Reflecting the swing in transactions is the dollar volume of sales, which is up 28 percent from 2010, but down slightly (5 percent) to date from 2013. The sales volume through Sept. 15, 2014, is $322 million compared to $338 a year ago. That compares to a high of $509 million in 2007 and a low of just $231 million in 2010.
Waterfront sales dominate the market share at 49 percent. Off-water was next at 23 percent and condominiums were close behind at 21 percent. The remaining 7 percent was comprised of commercial, farms, waterfront lots and other lots and land.
Waterfront sales through Sept. 15 are up 7 percent from a year ago at 531 compared to 498 in for the same time period in 2013. The sales so far this year total $159,473,035 with the median sold price of $239,000. While the sales volume is up, the median sales price fell slightly.
The number of residential waterfront foreclosures through Sept. 15 was 29, compared to 45 the year before. Sales volume so far in 2014 is $6.93 million compared to $8.12 million for the same time period in 2013.
Off-water sales through Sept. 15 are up 26 percent from 2011, though down slightly from 2013. There were 433 units sold in 2011 with a volume of $43 million, compared to 583 through mid-September and a sales volume of $73.1 million.
Foreclosures of off-water properties fell to just 20 percent of sales through Sept. 15. There have been 188 foreclosures in 2014 compared to 148 a year ago at 25 percent of sales. Foreclosure sales volume so far this year is at $8.09 million compared to $10.41 million a year ago.
As of Sept. 15, there had been 415 sales for a sales volume of $68.6 million compared to 461 sales in 2013 and a sales volume of $71.9 million. While the sales numbers and volume fell from 2013 to 2014, the median sold price increased from $146,000 to $154,000.
Foreclosures, constituted only 11 transactions as of Sept. 15 this year compared to 21 a year ago, or only 3 percent so far this year compared to 5 percent of all condo sales a year ago. The foreclosure sales volume for condos also declined from $1.9 million a year ago to $1.2 million this year.
2014 has not shown the increase as hoped; however, there have been some bright spots.
There is a renewed confidence in real estate at the Lake. There has been a 30 percent increase in homes sold in the $300,000 to $500,000 range. There has been a 38 percent increase in homes sold of $1 million or more. There has been an increase in new-home construction. In 2015 we hope to see similar real estate sales with a decline in foreclosure activity and continued new-home construction. With interest rates remaining at historic lows and shrinking inventory, home values should slowly increase.
Read more: http://www.lakenewsonline.com/article/20140930/News/140939894#ixzz3EuHtbUFt
Contact Valerie Littrell for all your real estate needs @ Lake of the Ozarks
573-216-4991 - SellingTheLake.com