Now is a great time to buy. Homes for Sale in Branson are at an all time high, 50% more than were for sale a year ago. Prices are slipping as the pressure from the credit crisis is building and foreclosures are mounting. Buy now! Branson real estate has never looked better. This is just a minor dip in a long bull market for real estate in the Branson area.
Building continues at a torrid pace around Branson. Mortgage rates easing up should help with the historic levels of “For Sale” homes on the market:
8/30/06 8/28/07 change
Homes for Sale 1168 1759 +51%
Land/Lots for Sale 1900 2637 +39%
Condos for Sale 428 614 +43%
The growth in population creates a need for more housing inventory, but 50% more over a year ago is an ominous number that reflects overbuilding as well as local population growth. Transactions have dried up. From August 1-28 2006, 144 homes were sold, but from August 1-28 2007, only 106 homes have sold, 26% less in 2007.
Homes for sale in the Branson area increased from 1235 to 1285 during the last week alone. This 4% increase is the largest increase ever in housing inventory for a week. While we have seen inventory levels reach new highs for several weeks in a row, this trend looks to be accelerating, not slowing. Likewise, condos and land for sale also reached all time highs. Condo listings increased from 463 to 470 on the market and land listings increased from 2082 to 2097. As recently as July, there were only 1085 homes for sale, an 18% jump in 3 months. Greed amongst realtors and property owners are pushing the inventory to unsustainable levels. This is not the California gold rush and the market cannot tolerate such a huge increase in properties for sale without some side effects. We are likely to see days on the market to increase and the gap between asking price and sales price to go up as well. The number of transactions are not growing to keep up with the inventory so price and time to sell a home must be impacted.
Residential listings reached a new high again with 1235, compared to 1200 a week ago. Condo listings grew from 454 to 463 and vacand land for sale grew from 2013 to 2082. Once again, we are seeing weekly growth and record inventory levels in the Branson area, which includes Stone County and Taney County.
Lakefront property has proved to be a hot commodity and the offerings are relatively slim on Lake Taneycomo. Mike Cooper and I had a discussion about this today - which is a better deal Table Rock Lake or Lake Taneycomo? Really, it depends on what you’re looking for.
I argued Branson School District’s reputation and state acknowledged achievement which Mike suggested the possibility of a lower student teacher ratio in Stone County schools.
Which Lake?
I regressed to my school argument on Lake Taneycomo in addition to the extraordinary low taxes Hollister offers for lakefront property on the east side of the lake (and great trout fishing). Mike argued the size of the lake, world class Bass Fishing and warm waters friendly for outdoor sports on Table Rock.
When it comes to rarity Lake Taneycomo takes the cake with only a dozen offerings of Vacant Land on the lake…
The number of homes for sale in the Branson area, including Stone & Taney County, reached an all time high and reached the 1200 mark for the first time. Amazing growth in the number of listings in the area. As recently as July, the homes for sale were just 1080. Condos for sale increased to 454 from 445 last week, another all time high for condos on the market. Vacant land for sale increased to 2013 from 2005, another record. The total for these 3 categories, 3667, grew from last weeks all time high of 3637 by about 1% (in 1 week). That’s a 50% annual growth rate. This has been going on for a while - no end in sight. This growth in inventory could create a glut which drives prices down. To understand the market and profit from it, we need to understand the demographics, trends and long term factors. High inventory could simply be a function of high growth. . . or it could be a function of overbuilding. Lets analyze it and figure it out.
The number of residential homes for sale in Stone and Taney Counties reached 1187 today, compared to 1153 last week. Condos likewise reached an all time high with 445 on the market in the Branson mls area compared to 431 last week. The number of lot and land listings increased to 2005 from 1890 last week. The total of these three categories, 3637 shattered the previous high inventory mark of 3496 in August, 06. New developments continue to come on-line and higher prices are limiting the ability of investors to absorb the extra inventory. Some would argue it is a buyer’s market.
Branson West is building roads going around and behind Wal-Mart that will relieve the chronic traffic jams on the 13 south. This is great news for residents of Stone County. The road will be open next year and should open up a great deal of additional development land.
The new interchange and elimination of traffic lights promise to improve the flow of traffic into Branson from our Southern neighbors. The two traffic lights removed on the 65 will speed up traffic into and out of Branson. The merchants in the SouthTowne Center will benefit from easier access as well as additional outdoor advertising impressions from consumers and and visitors.
1161 residential, 435 condo, and 1890 land listings in the Branson mls area compared to 1153, 431, and 1850, respectively, one week ago. The total for these three categories falls just 10 properties short of the previous high of 3496 of August 30, 2006.
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