Lake of the Ozarks Housing Industry Market Analysis
Everyone always wants to know..."What's the Housing Market look like?" Their next question is usually "What's the LAKE's Housing Market look like?"
We all know Buying or Selling your Lake of the Ozarks Home can present some unique obstacles along with some great perks. The following information was recently released by the Bagnell Dam Board of Realtors MLS and sheds some light on the Local market forecast.
- Homes - Market activity continues to improve at Lake of the Ozarks. According to MLS data the total number of transactions increased 19% since 2010 while the number of foreclosures dropped 6% during the same time frame showing market stability. Lakefront home sales volume increased by 30% while the average sales price declined by 9% from 2010 to 2012. Non-lakefront homes sales volume increased slightly while average sales price remained steady. The number of foreclosures for both waterfront and non-waterfront decreased slightly.
- Condos - The number of original (new construction) condo unit sales decreased slightly showing that the over-supply is depleting. The average sales price remained steady. Resale condos unit sales increased substantially up 22% with the average sales price remaining relatively steady.
- Villas/Townhomes - The number of villa/townhome units sold did increase but still remains a small number due to the limited number of units available.
- Lots and Land - Lakefront lots increased in both transactions and average sales price while non-lakefront remained relatively steady.
- Commercial - The number of commercial transactions remained steady while average sales price fell 43%.
- Farms - Farms show the highest gain with number of transactions increasing 143% which is exaggerated due to the small quantity of sales. The average sales price also increased substantially at 114%.
- Overview - The total number of transactions across all categories increased by 19% while foreclosures decreased 6% from 2010 to 2012. Low interest rates continue to drive the real estate market as buyers scramble to take advantage of low prices and low rates as the inventory continues to decrease.
What about the National Housing Market??
According to the National Association of Realtor
January/February 2013 issue, the real estate future looks bright. They are
predicting that the average sales price will increase from $177,000 in 2012 to
$193,000 in 2014; existing home sales will increase from 4.64 million to 5.3
million and housing starts will almost double.
Interest rates are predicted to increase from 3.7% to 4.8% while
distressed sales will decrease from 25% of total sales to 8%. In the commercial market vacancy rates are
predicted to decrease and rental growth will almost double from 2011 to the end
of 2013.
We hope that this information is helpful and insightful. When you are ready to Sell or Buy your Lake of the Ozarks Home, be sure to talk to the Realtors that Know and Understand the unique traits of this market, the Gattermeir Davidson Team!!!
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Gattermeir Davidson Real Estate, LLC
752 Bagnell Dam Blvd., Suite A
Lake Ozark, MO 65049
Office | 573.365.1555
Fax | 573.365.1766
Mobile | 573.746.0133
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