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Market Update May 31 2015The market at the Lake of the Ozarks continues to show gains with total number of transactions at 955, up from 840 in 2014 Jan 1st to May 31. Increases have continued while the number of foreclosures sold is decreasing to 96 units from 114 last year and 145 in 2013. The lack of foreclosures in the market show the overall improved strength of real estate at the lake.Resale Condominiums continue strong growth with sales of 218 units up from 167 in 2014. The average List price is $155,330, with an average sale price of $148,477. The market time of condos is 151 days, but is expected to decrease as the summer season begins.Another bright spot is the sale of non-lakefront homes, up from 278 last year to 315 units closed up to May 31st. The average list price is $135,262 with average sale price at 94.9% to $128,321.Lakefront lot closings have remained consistent with 23 properties sold and an average list price of $200,763 and sold price of $182,159. The average market days for lake lots is 224 days.Non lakefront land is demonstrating stronger numbers with 80 closed units in 2015 compared to 66 last year. Days on the market are similar to lakefront at 233 days.The lake market is consistently showing gains and has for the last five years. Property prices are showing some upward pressure with the lack of inventory being the primary reason. Unlike other areas the steady growth at the lake makes the chance of a Real Estate Bubble very small at the lake with the current conditions. *Information is taken from Shared MLS at the Lake of the Ozarks