Lake of the Ozarks is known by many names, The Magic Dragon, The Playground of the Mid-West and the Mid-West Coast. It is growing in popularity across the entire United States and with this growth, real estate at the Lake of the Ozarks has seen an excellent appreciation of value as well as growth in the number of homes and condos around the lake.
Lake Ozark and Osage Beach are the hub of all the current expansion, here is what is going on. With the boom in popularity came a boom in business. New restaurants like Applebees, Chili's, Panera Bread, Outback, and The Pasta House, just to name a few are all going in along the Highway 54 corridor. Not to mention the long time fine dining favorites like The Potted Steer (probably my all time favorite!), Bentley's, Domenico's, J. Bruners, and JB Hooks and of course the many restaurants right on the Lake, The Duck, Franky & Louie's, Backwater Jack's and many many more in every category.
Horseshoe Bend Parkway is being expanded to meet Highway 54 and will be the new city of Lake Ozark. The latest press report says there wil be nearly 1,000,000 (One Million) square feet of commercial space being planned! There will be a new city built from scratch.
Lakefront homes remain the staple of the real estate business at the lake, but what is the market doing?
Currently there are 2121 homes on the market in the Bagnell Dam and Lake of the Ozarks Multi-List systems. This gives us an Absorption Rate of 8.53%. The average list price is $237,358 and the average Days On the Market (DOM) is 122.7. How does this compare to last year? Well at this time last year the average DOM was 114, and the asked to sold ratio has gone from 96% down to 95%. The average sales price has actually gone up to a little over $240,000.
Those are the numbers, but what does it mean? It means that in our 23+ years of selling Real Estate at the Lake of the Ozarks, NOW is one of the very best times for a Buyer to Buy! Properties are sitting on the market longer, and selling prices are a little soft.
Ozarks Real Estate - Visit www.realestateatlakeoftheozarks.com, www.donnagum.com, or www.demanddonna.com to find real estate in the Lake of the Ozarks, Missouri area. Find Ozarks homes and real estate for sale here.
Read about the Lake Ozark HH Parkway expansion. |