Over the past few months I have been creating a database to track sales of real estate over the last five years. It is still a work in progress and I plan to take the numbers back even further to include up to year 2002. With that said, I would like to share what the sales have been like at the Lake of the Ozarks since the beginning of 2005 for Lake Front Homes.
A quick disclaimer: I have compiled this information from the local Multiple Listing Service. This information is not guaranteed to be 100 % accurate. If the average sale price seems low it is because this information takes into consideration all sales at the Lake of the Ozarks.
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Number of Units Sold |
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|
1st Quarter |
2nd Quarter |
3rd Quarter |
4th Quarter |
Year Total |
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|
2005 |
142 |
169 |
326 |
218 |
855 |
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|
2006 |
169 |
302 |
240 |
170 |
881 |
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|
2007 |
132 |
251 |
231 |
120 |
734 |
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|
2008 |
99 |
157 |
145 |
101 |
603 |
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|
2009 |
80 |
91 |
0 |
0 |
171 |
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|
Average Sale Price |
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|
2005 |
$ 297,702 |
$ 311,359 |
$ 277,246 |
$ 308,895 |
$ 298,800 |
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|
2006 |
$ 355,219 |
$ 343,068 |
$ 343,092 |
$ 356,559 |
$ 349,484 |
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|
2007 |
$ 349,476 |
$ 367,659 |
$ 401,677 |
$ 353,385 |
$ 368,049 |
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|
2008 |
$ 357,483 |
$ 389,531 |
$ 340,321 |
$ 328,172 |
$ 353,877 |
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|
2009 |
$ 272,206 |
$ 338,326 |
$ 321,469 |
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As you can see from the numbers above, 2006 was the peak year for the Real Estate Market at Lake of the Ozarks. The year 2006 peaked at 881 total sales with an average sale price of $349,484. While the average sold price of Lake Front homes continued to climb in 2007 the total number of homes sold declined by 147 units sold or nearly 17%. Then in 2008 the average sale price dropped from 2007 but remained higher than the peak sales year of 2006 but the number of units sold dropped again another 131 units or an 18% drop from 2007 and 32% lower than 2006.
If you compare the first quarter of 2009 with the first quarter of previous years you will see that there has been a significant drop in the number of units sold and the average sale price of those units. Comparing the first quarter of 2009 with the first quarter of 2006 you will see that the number of units sold has dropped by 53% and the average sale price has dropped by $83,013 or 23%.
What does all this mean for the Lake of the Ozarks? Well obviously it means that we are not recession proof. As of today, June 19, 2009 there are 1,244 Lake Front homes for sale with an average list price of $520,730 and an average day on market of 143. The highest price home on the market is listed for $9,695,770 and the lowest price is $47,000.
Clearly it is a Great time to be a buyer!
