The Lake’s Real Estate Market 2009-2011



Residential Sales 2009-2011

2012 is off and running. Interest rates are holding at a fantastic rate and interest in Lake of the Ozarks homes is gaining strength every day. Prudential Lake Ozark Realty had a record year in 2011 with over 200 units sold. As you can see from the above numbers, sales were up by only 51 homes around the lake. What has happened is that those companies and agents that work full time, utilize the latest marketing and internet methods and understand the market, are increasing their market share while those that are part-time, throw up a sign and hope it sells agents are not seeing any results. It is the old Pareto principle at work, but instead of 20% of the agents doing 80% of the business, it is closer to 5% of the agents doing 95% of the business.If you compare the Absorption rate, the number of months of inventory supply on hand for a given price range, you will see that the inventories have dropped considerably. What does this mean to you? It means that sooner, not later, prices will rise due to demand.Looking at the List to Sell Ratio, it bounces around higher than 2009 to lower, then higher than 2010 then lower, but always in between 90 and 94%. The latest trend however is up for August through November. December was down primarily due to fewer sales caused by normal seasonality at the lake.

Residential Sales 2009-2011

Waterfront Home Sales 2009-2011

The sale of waterfront homes is up 12% over 2010!!! The good news if you are a buyer is that prices are down $7,000 from last year on average. The good news if you are a seller is from August on, the trend was up in price every month!

Waterfront Home Sales 2009-2011

Condo Sales 2009-2011

The good news here is there are 35% less units on the market. Sales numbers are identical to 2010 with 472 closed but with the lowered inventory, the Absorption Rates are not as scary as they were last year and the List to Sell Ratio remains between 93.39% and 96.18% the entire year. So if you are looking to sell, know your competition, price it right and you will not have to sell at half price!

Condo Sales 2009-2011 For More Market Statistics, Sign Up for the Schrimpf-Gum Team’s Newsletter on the right of this page.



The Lake’s Latest: FERC Fiasco Resolved



The Federal Energy Regulatory Commission (FERC) provided certainty for citizens at Lake of the Ozarks in Missouri last Thursday by setting the record straight that FERC has not required shoreline homes and structures with valid deeds, permits and easements to be removed. The Lake of the Ozarks reservoir is part of the Osage Hydroelectric Project, licensed to Ameren UE.

“I am confident that today’s decision will bring clarity to residents along the shoreline of the Lake of the Ozarks,” FERC Chairman Jon Wellinghoff said. “I expect Ameren to move quickly to comply with the Commission order. This will resolve all outstanding issues associated with its shoreline management plan and bring this matter to a swift and satisfactory resolution.”

FERC’s prior order on this case, issued July 26, 2011, was misinterpreted to mean that the Commission would order all privately owned structures built within the boundaries of the Osage project to be removed. Ameren is responsible for managing the shoreline, which includes ensuring that structures within the project boundary around the Lake of the Ozarks are built with the proper authorizations.

The order states:

  • Whatever property rights that owners have in lands within the boundaries of the Osage Project, whether conferred by deed, lease, easement or other conveyance, have not been and will not be altered by FERC’s actions today. Nothing in this order affects any previously issued valid permit authorizing a non-project use of project lands or waters.
  • For structures without valid deeds, permits or easements, Ameren must determine whether they interfere with the Osage project. If they do, Ameren must take some action, such as redrawing the boundaries of the project, so those structures no longer are sitting on project lands. This would put them outside of the project boundaries and therefore outside of FERC jurisdiction.
  • If any structure does interfere with the operation of the Osage project, Ameren and the structure owner must find a solution that satisfies both sides. Ameren itself has stated that after the project boundary is revised, it expects the majority of structures will no longer be considered nonconforming.

FERC established these requirements in the context of directing Ameren to change its shoreline management plan for the Osage project. Ameren must file with the Commission its plan to modify the project boundary by June 1, 2012.

Fact Sheet/FAQs – http://www.ferc.gov/media/news-releases/2011/2011-4/11-10-11-factsheet.asp

Overview – http://www.ferc.gov/media/news-releases/2011/2011-4/11-10-11-osage-overview.pdf

Decision – http://www.ferc.gov/EventCalendar/Files/20111110090759-P-459-310a1.pdf



Lake of the Ozarks Real Estate Market Statistics – October 2011



Information is power in today’s volatile real estate market. Spotting the trends and keeping up on sale prices and volume keeps you ahead of the market and enables you to make critical decisions regarding your lake property. Whether you’re buying or selling, information is key to making a informed decision.

Below you’ll find links to the current 2011 information, plus comparisons to 2010 and 2009 markets. We have separated the properties into the following sets:

  • Waterfront Residential Market Statistics
  • Residential Market Statistics
  • Condominiums Market Statistics

In each set, there is information regarding

  • Number of Sold Listings
  • Absorption Rates
  • Median Sell Prices
  • Average Days on Market
  • List to Sell Ratio

There’s good news and not so good news, but it is the local market. Check out the following E-Statistics below.

Cheers,
The Schrimpf-Gum Team

Waterfront Residential Market Statistics

Residential Market Statistics

Condominiums Market Statistics

 



Sell, Buy… Curious?



As you can tell, The Schrimpf-Gum Team is STILL closing transactions this year – Up 74 over last year.

Sign up below to see the Lake’s MLS Total Market Statistics comparing 2009, 2010 to 2011.

 

Reports are broken down into categories of:

Waterfront Residential
Residential
Condo

Each report has the latest Lake Market Statistics for each of the categories:

Units Sold
Absorption Rates
Median Sell Price
Average Days on Market
List to Sell Ratio

Buy or Sell at Lake of the Ozarks with The Schrimpf-Gum Team, give us a call at 888-366-6266 !

 



Lake of the Ozarks Real Estate Market Watch



In Lake of the Ozarks real estate may closings represent an important barometer. Buyers are looking to get in before the season starts, so they can enjoy the summer playing. May closings represent buyer demand for the coming Lake of the Ozarks summer market.

 

A snapshot of MLS settlements during the month of May 2010 and 2011 we feel the following:

1.         Sales of homes in May of 2010 equal to 115 closings, there were 118 closings in May 2011. Average sale price stayed basically flat.

2.         Condo sales in May of 2010 equal 38 units with an average list price of $179,593 and an average sale price of $172,873. There were 60 sales in May of 2011 with an average list price of $188,686 and average sales price of $178,334. This represents over 63% gain in the number of units sold.

 

It appears that buyers (especially of condos) are finally recognizing the great values that are out there and are taking advantage of both that and the extremely low interest rates. The result is that inventories of both single-family homes and condominiums are continuing to shrink at the same time interest rates have been dropping for to the past 2 months. The basic law of economics is a relationship of supply and demand. At Lake of the Ozarks, today’s demand has been driving up prices slightly and bringing the supply of properties into balance with the demand. The research indicates that for homes and condos at Lake of the Ozarks, to see the bottom of the market you have to look in your rearview mirror.

Real Estate Market Stats

Zillow Home Value Index

Owners vs. Renters

Home Size in Square Feet

Year Built

Local National
Percent Homes Decreasing 0 0
Percent Listing Price Reduction 20.3% 27%
Median List Price Per Sq Ft 0 99
Median List Price $169,900 $195,000
Median Sale Price 0 202,100
Homes For Sale 0 0
Homes Recently Sold 0 332,415
Property Tax 0 2,086
Turnover (Sold Within Last Yr.) 0 0
Median Value Per Sq Ft $127 $111
Homes For Sale By Owner 0 0
New Construction 0 0
Foreclosures 0 0

 



How are our Lake of the Ozarks sales for 2011?



Buyers are finding great deals on Lakefront Homes

We just figured our sales volume for 2011 and although I knew we had been busy, even I was surprised with the results!

This time last year we had $14,756,550 total volume closed and pending. A good start to the year. For the same time frame this year we have $24,382,800 closed and pending! That is an increase of 60% NEARLY TEN MILLION DOLLARS!!

Now, what does that mean to today’s Buyers and Sellers?
I believe there has been a realization by many Buyers that the current prices are great values. With prices somewhere around what they were in 2002 and 2003. They know; Yes, prices may yet dip, but by knowing the market and working with a knowledgeable agent and making good offers, and getting pre-approved for a loan, they can buy the properties they want at a price that is very attractive. They realize that inflation is the looming 6,000 pound gorilla in the room and every one per cent increase in interest will cost hundreds of dollars every month and thousands or hundreds of thousands more over the life of the loan.

What if you want to sell your Lake of the Ozarks home or condo now?
The good news is that inventories are down across the board. There are fewer homes and condos on the market this year than there were this time last year. So there is less competition. The bad news is that prices, though they seem to have stabilized, are not moving upward.

If you go back to 2000 and look at those prices and then add 3% per year as a basis for where prices should be without the real estate bubble, that is about where we are today. Next year prices will most likely be 2 to 3% higher than they are this year.

Not every seller is willing to accept this reality yet, so if you price your property realistically, it shows well and you hire an experienced and knowledgeable agent, even though 3 out of every 4 properties goes unsold, yours will most likely sell in a reasonable amount of time.

If you would like to know what your specific area or sector is selling for, or what the Absorption Rate (The time it would take to sell the current inventory) is for your home or condo, just contact us at Info@DemandDonna.com or give us a call at 888-366-6266.



Lake Front Porto Cima Home for Sale at Lake of the Ozarks




New Lakefront Porto Cima Home at Lake of the Ozarks



Overview
Maps
Photos
Features

Video of the property

Neighborhood

$799,900
Single Family Home
Main Features
4 Bedrooms
3 Bathrooms
Interior: 3600 sqft
Location
410 Oak Drive
Porto Cima
Sunrise Beach, MO 65079
USA
To get updates on open home dates and other property events, please click the “Like” button below:

Our recent listings

Subscribe to our listing feed

Nearby properties for sale

Powered By RealBird.com



This Week In Real Estate at Lake of the Ozarks



The spring selling season is finally upon us. The same time the dogwoods are in bloom and the crappie are biting, Buyers seem to migrate back to the lake. This year, probably due to holding off for the past 2 years, it seems that everyone is at least looking for a deal in real estate at Lake of the Ozarks! The good news is that most of them are finding them.
Last week we had 28 deals pending and under contract, with a volume of nearly $8.5 Million. This week week we have 35 deals pending and a volume over $10 Million!! That is just in one week!
Last week we had closed 35 transactions and delighted 35 Buyers and allowed 35 Sellers to move on to other plans or properties, for a total of $7.45 Million. This week we closed 4 more properties and are up to $7.98 Million.
That means that in one week, we had a net gain of $2,183,800 for a total of $17,997,800.00 in sold and pending transactions. We projected a strong year, but if this rate continues, we are going to have to reevaluate our goals for the year. But that’s not a bad thing! :0)

Condos and Homes Selling at Lake of the Ozarks



Lake of the Ozarks Nightlife, Entertainment, Dining & Dancing & Local Events



Searching for the best in Nightlife at The Lake of the Ozarks? Are you looking for a relaxing afternoon or evening at a luxurious lounge? Want to find out which Lake of the Ozarks Bars has your favorite Band or DJ? Hoping to find that perfect Lake Ozark Restaurant? Looking for a Lake Ozark Entertainment Venue to enjoy with the Kids? No problem…it’s all here at your fingertips!

LakeOfTheOzarksNightOut.com is a destination website where you’ll discover a comprehensive guide of everything Lake Ozarks…Nightlife, Entertainment, Lodging & Accommodations, Dining & Dancing and Local Events and their locality



2001 Lake of the Ozarks Real Estate Market



A question I get every day is “What is the market like at the lake?”

I have been pretty busy : The Donna Schrimpf-Gum Team had 7 closings this weekend : ) , so I haven’t taken the time to crunch the numbers, but I am taking a break and here they are.

So far this year Prudential Lake of the Ozarks has closed $7,027,500 with 34 transactions. Last year at this time we had closed 19 transactions and $4,517,100 in volume. An increase of 15 transactions and $2,510,400 in sales!!! Our whole team is out there selling homes, condos and commercial properties. They are doing a GREAT job! And this is even with the 2 week shut down because of the late nasty snow storms!

But, you ask, where is the market headed?
Well, we have 24 deals pending and waiting to close, last year at this time we had 23. About the same. But….last years volume of pending was $6,195,250 and this years is $8,115,000. What does that mean? It means that the Buyers are not just picking up the bottom end. There are some higher priced properties starting to move. This is the best positive sign I have seen in the market at the lake for the past 3 years!  Sure, everybody wants a good deal and asks about foreclosures, but out of the 1,155 condos on the market today, how many do you think are foreclosures? Half?   200?   100?   50?   Try only 21 and of those 21, only 12 of those are waterfront! So though there may be a foreclosure mindset when starting their search, it can’t dominate the market.

I will talk about foreclosures more in a future post.

If you have any questions on the market at the lake, or want to see if it is the “right” time for you to buy or sell, please give me a call. 573-216-1051

I look forward to hearing from you!