Last year was a fantastic one for Lake Ozark real estate, and we expect the strong market to continue throughout 2016. Total sales in 2015 rose 3%, while sales volume increased 5%. We saw an increase in prices and in the number of units sold, which is great for sellers. However, this is bad news for buyers, as there are fewer listings on the market to choose from.
The Lake of the Ozarks has seen significant growth in off-shore residences, as we saw the volume of sales increase by 14% and the number of units increase by 9%. For waterfront properties, we saw a 3% increase in units and a 71% increase in value! The demand for waterfront properties is off the charts, so you can expect some new construction to hit the market soon. For off-water lots, we saw a 65% increase in volume and 28% increase in units. Lastly, for condos, we've seen a 15% increase in units and a 14% increase in value. Prices just continue to go up! In 2014, there was a little over $460 million worth of real estate sold in Lake of the Ozarks; in 2015, there was a total of $504 million! We've seen a year-over-year increase in real estate sales since 2012, and we expect this growth to continue here in 2016! We predict to see a 3-5% increase in value and a similar increase in units sold, so there is a lot to look forward to this year. If you have any questions about how you can take advantage of our strong market, please don't hesitate to reach out to us. We would love to hear from you!
What's the deal with home inspections? Do you always need one? Our answer is YES -- you should always get a home inspection, even when you're selling. That's right, we recommend that each and every one of our sellers gets their home inspected before they list it.
In 30 years in the business, I've seen many instances where people don't want to get a home inspection before listing their home, only to have a deal fall apart later in the process. If you wait to get it done by the buyer, you put yourself in a more vulnerable position during negotiations. It typically results in the buyer requesting you fix the problems or they walk. Getting your home inspected before you put it on the market gives you the upper hand. If big issues are found, you can fix them for cheaper before the selling process is underway. The inspection report can be presented to the buyer and used to make the deal move along quicker. A pre-inspection also makes your home more attractive to buyers, who will feel confident that the home they are buying is in good condition. Whether you're buying or selling, you need to get a home inspection if you want the process to go smoothly. If you have questions about how an inspection can keep you and your interest protected, or if you need real estate assistance of any kind, please don't hesitate to reach out to us. We would love to hear from you!
Although it’s the holiday season, I assure you our eighteen full-time agents are working every day to pursue buyers and sellers. Don’t hesitate to reach out to us for real estate assistance over the holidays. So far this year, we’ve experienced a 30% increase in volume for Berkshire Hathaway in Lake Ozark. We’ve had a great year. We’d like to take a moment to say thanks for your continual support and business this year! Overall, the MLS has increased 11% in volume. Again, that’s another excellent improvement.
Many sellers want to remove their listing during this time of year and wait until the springtime. I strongly advise against this. According to the National Association of Realtors, sale prices are up 3.9% year to year. Additionally, we’re experiencing 4.5% less inventory compared to this time last year. Lastly, we’ve finished our Monthly Absorption Rate Report. It goes through different criteria, including average days on the market, original listing price, and sales by price range. It’ll give you insight on the local market. Reach out to us if you’d like a copy of this special report. If you’re thinking about buying or selling a home in the area, give us a call or email today. Let’s get your property out there. Let’s start viewing homes. We’d be thrilled to talk about your real estate needs 2016!
