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With the new year well underway, today I want to talk about what the rest of 2017 holds for our Lake Ozark real estate market.
If you’ve been following the news lately, you might’ve heard that the stock market recently went over 20,000 for the first time ever. That means that businesses expect the economy to grow and the new administration to have fewer regulations and fewer taxes.
How does this impact our market? Let’s start with condos. During the height of the downturn in 2007 and 2008, there were about 1,600 condos for sale. This morning, we had around 488 listed for sale. At this time last year, that number was 800. Of the 488 condos currently listed, only 322 have docks, which is what most people in our area look for when browsing condos for sale. Because inventory is obviously very low in this category, if you have a condo that you want to sell, now is the time to put it on the market. We expect the market to stay strong, but we can’t predict the future, and interest rates are expected to creep up .
On the flip side, prices for condos are still very reasonable. Last year at this time, the median sale price for them was $136,500. This year, the median sale price so far is $145,900. That’s a significant increase, but still within range for most buyers. Though condos are the most popular type of home to sell in our area, the lack of inventory has also affected buyers. In January 2016, we were able to sell 100 condos. In January of this year, we only sold 69. It’s not a matter of people not looking; it’s more that they can’t find a quality product within their price range.
Inventory is low for both condos and houses.
Lakefront homes face a similar situation as condos, just not as drastic. In January 2016, we sold 152 homes. In January of this year, we sold only 82. That’s a drop in sales of 46%. Last year, the median price for lakefront homes was $250,000. This year, it’s $280,000.
The most popular price range for lakefront homes right now is from $300,000 to $350,000. If you venture over the $500,000 price range, the market is much softer, so if you’re looking for a luxury lakefront home, now is a great time to pounce.
If you have any questions about our market or are thinking or buying or selling, please feel free to reach out to us. We’d be happy to help!