5 Eye-Opening Real Estate Trends at Lake of the Ozarks This August
As summer is coming to its end at Lake Of The Ozarks let's take a peek at how the market is shifting as the season starts changing...
Whether you're a buyer, a seller, or simply interested in the local property scene, staying informed is A MUST.
Let's take a look at these five key statistics...
1️⃣ Active Inventory
This month's inventory saw a slight increase to 834 homes available, compared to last month's 817. While the growth was subtle, it reveals a steady trend.
2️⃣ New Listings
The number of new listings increased slightly from 317 to 328 this month.
3️⃣ Closed Sales
The number of homes sold decreased slightly from 225 last month to 195.
This tells us more homes are coming available, with sellers showing interest, but fewer buyers making purchases.
4️⃣ Average Sales Price
The average sales price experienced a minor drop, settling at $425,000.
5️⃣ Average Days on Market
Homes are taking a little longer to sell, with the average time on the market increasing from 39 to 52 days.
📣 For buyers, this could mean more room for negotiation.
📣 Sellers, however, should take heed of the post-pandemic market conditions and interest rates to avoid overpricing.
Supply and demand play a crucial role in determining market trends. With less supply and more demand, prices are likely to rise.
Contrary to previous media reports, home values are expected to continue rising, making now an opportune time to invest.
Waiting too long to buy may lead to higher prices down the line.
Matt Smith Real Estate Group is the #1 Real Estate Team in Mid-Missouri. We're here to help you understand the data, stats, and trends to guide you through the local real estate market at the Lake of the Ozarks.