Market Insights: Will 2018 Provide an Advantage for Sellers?
As 2017 draws to an end, many folks are probably wondering what the real estate market will have in store for 2018. In order to get an idea of what 2018 may hold for us, we must first look back on 2017 and the recent market insights. So Team Andy Gibson is taking a look at home prices, sales, housing inventory, and the ever-changing mortgage rates. Take a look:
Home Prices
Nationally, the median home price decreased to $247,000 in October, which was down 0.2 percent from September and up 5.5 percent from October of last year. The median home price has increased by approximately $12,900 in the past year alone. For the Lake of the Ozarks region, the median home price increased to $169,000 in November, which is up 9.03% from October, and up 7.7% from November of last year. The current listing price average for the Lake region is at $270,366.
Home Sales
The National Association of REALTORS® reported home sales at a seasonally adjusted annual rate of approximately 5.5 million homes during the month of October. This was an increase of 2.0 percent from September and a decrease of 0.9 percent from October of last year. At the Lake of the Ozarks, between January 1, 2017 - to date, there have been 3,188 documented closed listings.
Inventory - Month's Supply
There was a 3.9-month supply of housing inventory in October, which was a 7.1 percent decrease from September. The total number of available homes for sale has decreased by 11.4 percent compared to October of last year. Currently in the Lake of the Ozarks area, there are roughly 1,700 active listed homes, condos, and farms for sale.
Mortgage Rates
Mortgage rates jumped this week as the GOP passed sweeping reform to the U.S. tax system. The benchmark 30-year fixed-rate mortgage rose this week to 4.14 percent from 4.09 percent. The mortgage rate of 4.14 percent is the highest level since the beginning of July. The 15-year fixed-rate mortgage rose to 3.52 percent from 3.47 percent. The 5/1 adjustable-rate mortgage fell to 3.72 percent from 3.74 percent. The 30-year fixed-rate jumbo mortgage rose to 4.19 percent from 4.15 percent.
So, from what the fluctuations of 2017 and this past month has indicated, we can expect to see a gradual increase in median home prices, an increase in mortgage rates, and a possible slight decrease in home sales due to these factors combined. What it also shows though, is that there are less homes on the market for buyers to choose from, meaning sellers may have an advantage to sell quicker with little competition! The buyers are out there, so if you're considering selling your home, 2018 may be the best time to do so!
When you work with the best real estate team at the Lake of the Ozarks, Team Andy Gibson, you'll have a team of agents to help guide you through the process of buying a home at the Lake of the Ozarks. Team Andy Gibson is excited about your decision to buy a home at the Lake of the Ozarks, and we would love to discuss what we can do to help your real estate transaction go as smoothly as possible!
Home Prices
Nationally, the median home price decreased to $247,000 in October, which was down 0.2 percent from September and up 5.5 percent from October of last year. The median home price has increased by approximately $12,900 in the past year alone. For the Lake of the Ozarks region, the median home price increased to $169,000 in November, which is up 9.03% from October, and up 7.7% from November of last year. The current listing price average for the Lake region is at $270,366.
Home Sales
The National Association of REALTORS® reported home sales at a seasonally adjusted annual rate of approximately 5.5 million homes during the month of October. This was an increase of 2.0 percent from September and a decrease of 0.9 percent from October of last year. At the Lake of the Ozarks, between January 1, 2017 - to date, there have been 3,188 documented closed listings.
Inventory - Month's Supply
There was a 3.9-month supply of housing inventory in October, which was a 7.1 percent decrease from September. The total number of available homes for sale has decreased by 11.4 percent compared to October of last year. Currently in the Lake of the Ozarks area, there are roughly 1,700 active listed homes, condos, and farms for sale.
Mortgage Rates
Mortgage rates jumped this week as the GOP passed sweeping reform to the U.S. tax system. The benchmark 30-year fixed-rate mortgage rose this week to 4.14 percent from 4.09 percent. The mortgage rate of 4.14 percent is the highest level since the beginning of July. The 15-year fixed-rate mortgage rose to 3.52 percent from 3.47 percent. The 5/1 adjustable-rate mortgage fell to 3.72 percent from 3.74 percent. The 30-year fixed-rate jumbo mortgage rose to 4.19 percent from 4.15 percent.
So, from what the fluctuations of 2017 and this past month has indicated, we can expect to see a gradual increase in median home prices, an increase in mortgage rates, and a possible slight decrease in home sales due to these factors combined. What it also shows though, is that there are less homes on the market for buyers to choose from, meaning sellers may have an advantage to sell quicker with little competition! The buyers are out there, so if you're considering selling your home, 2018 may be the best time to do so!
When you work with the best real estate team at the Lake of the Ozarks, Team Andy Gibson, you'll have a team of agents to help guide you through the process of buying a home at the Lake of the Ozarks. Team Andy Gibson is excited about your decision to buy a home at the Lake of the Ozarks, and we would love to discuss what we can do to help your real estate transaction go as smoothly as possible!
Keller Williams Lake of the Ozarks Realty
858 Hwy 42
Osage Beach, MO 65065
573-286-5907 Cell
573-348-9898 Office
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