After looking at the sales data on the local Multiple Listing Service for the lake in June there are some interesting numbers to ponder. In May this year there were 62 lake front homes sold and in June of this year there were 51 units sold; there were 43 Offshore homes sold in May and 52 sold in June. The average sale price of a lake front home in May was $345,672 and in June it dropped to $288,437. The average sale price of a house off the water was $145,104 in May and in June it dropped to $119,551.
Regarding the sale of Brand New Condos there were 10 units sold in June, down from 12 units in May. The average sale price of a Brand new condo in June was $234,544 up from $218,755 in May. In May there were 31 Resale Condos sold at an average sale price of $134,618, those numbers increased to 38 units sold and an average sale price of $155,212 in June.
What does all of this mean? I believe it is an indication of the Real Estate Market fluctuating just like the Stock Market. It is my belief that we are in a period of market correction and stabilization. While I look into my crystal ball to predict the future I believe the number of units selling is going to increase steadily while the average price is going to drop. As I write this I am staring out my window at the highway on Friday July 3rd and have been incredibly pleased with the number of cars passing by. It feels like a long time since I have seen this kind of activity at the lake and it feels Great!
At the Lake of the Ozarks there are some real good deals to be had if you are a buyer. As a buyer this is a very exciting time; do not be scared to purchase a home or condo at the lake. Remember Real Estate can fluctuate in price but traditionally it has always rebounded and usually when the market improves it proves to be stronger then it was before.
