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Lake homes selling at nearly same pace as last year; sale prices on the rise
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By Ra'Vae Edwards
redwards@newstribune.com
Despite national headlines of a decline in real estate transactions, Realtors at the Lake of the Ozarks indicate they're not seeing a decline in sales in that region.
According to the Bagnell Dam Association of Realtors, a non-profit organization based at the Lake of the Ozarks, the average “days on the market” for residential property in 2007 was 119 days. In the first six months of 2008, the average was 121 days.
“Buyers are coming into the marketplace assuming the market is declining, but property values are still on the rise here,” said Karie Jacobs, the association's secretary.
Although there are slightly fewer real estate transactions happening in the Lake area compared to years past, the board said the average selling price continues to increase at a steady rate.
The selling average for residential property rose from $271,000 to $283,000 between 2007-08. Commercial real estate saw the biggest gain in average selling price, climbing from an average of $545,000 to an average of $628,000.
Realtors credit the upswing to an overall increase in commercial development, in part because of transportation and infrastructure improvements. Construction of the U.S. 54 Expressway in Osage Beach is underway, as is a four-lane Highway 5 bypass in Camdenton.
Both projects are expected to improve the ability for people to travel around the Lake.
“We have so many positive things in our area,” said Conda Davidson, president of the Realtors association. “We are getting more infrastructure in terms of roads; state governments don't do that if they don't anticipate growth.”
Ryan Gattermeir, vice president of the association, said unlike other markets - including those in the states of Florida, California and Arizona, which saw huge gains in property value too fast - growth at the Lake of the Ozarks market is unique.
“We have seen impressive, yet steady, appreciation for Lake properties,” Gattermeir said.
Davidson identified another local advantage that sets the Lake Area apart from other real estate markets. Whether property is commercial, residential or agricultural, property taxes tend to be low in the Lake Area compared to property taxes in other parts of the country, she said.
“A lot of people come from Chicago and think that their yearly tax rate on a property here is for a single month,” Davidson said, “Lower property tax rates open your buying power a lot more. You can afford more home.”
The Lake of the Ozarks also boasts a high average list-to-sell ratio, which is the price a property sells for compared to its listed price.
The Lake's list-to-sell ratio is 95 percent, while other comparable markets have list-to-sell ratios between 60 and 70 percent.
To learn more about the association, visit their Web site www.lakerealestateinfo.com.
According to the Bagnell Dam Association of Realtors, a non-profit organization based at the Lake of the Ozarks, the average “days on the market” for residential property in 2007 was 119 days. In the first six months of 2008, the average was 121 days.
“Buyers are coming into the marketplace assuming the market is declining, but property values are still on the rise here,” said Karie Jacobs, the association's secretary.
Although there are slightly fewer real estate transactions happening in the Lake area compared to years past, the board said the average selling price continues to increase at a steady rate.
The selling average for residential property rose from $271,000 to $283,000 between 2007-08. Commercial real estate saw the biggest gain in average selling price, climbing from an average of $545,000 to an average of $628,000.
Realtors credit the upswing to an overall increase in commercial development, in part because of transportation and infrastructure improvements. Construction of the U.S. 54 Expressway in Osage Beach is underway, as is a four-lane Highway 5 bypass in Camdenton.
Both projects are expected to improve the ability for people to travel around the Lake.
“We have so many positive things in our area,” said Conda Davidson, president of the Realtors association. “We are getting more infrastructure in terms of roads; state governments don't do that if they don't anticipate growth.”
Ryan Gattermeir, vice president of the association, said unlike other markets - including those in the states of Florida, California and Arizona, which saw huge gains in property value too fast - growth at the Lake of the Ozarks market is unique.
“We have seen impressive, yet steady, appreciation for Lake properties,” Gattermeir said.
Davidson identified another local advantage that sets the Lake Area apart from other real estate markets. Whether property is commercial, residential or agricultural, property taxes tend to be low in the Lake Area compared to property taxes in other parts of the country, she said.
“A lot of people come from Chicago and think that their yearly tax rate on a property here is for a single month,” Davidson said, “Lower property tax rates open your buying power a lot more. You can afford more home.”
The Lake of the Ozarks also boasts a high average list-to-sell ratio, which is the price a property sells for compared to its listed price.
The Lake's list-to-sell ratio is 95 percent, while other comparable markets have list-to-sell ratios between 60 and 70 percent.
To learn more about the association, visit their Web site www.lakerealestateinfo.com.
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formerJC wrote on Aug 25, 2008 9:23 AM:
I moved from JC last summer, my home was on the market
for 9 months, not 70 - 80 days. We got about $14K less than we wanted for it, too. And that was after lowering the asking price twice. It was a very nice home in a very nice neighborhood. I went through 2 different Realtors to finally get it sold! I would have loved to have sold it in that 119 - 121 day window, like at the Lake. "