Greetings from Branson, MO!
I would like to fill you in on the exciting things happening here in Branson and at HCW Realty during the last year, currently, and what we can expect in the future.
We had banner year in 2017 at HCW Realty as we sold just under $20MM in property ranging from inexpensive lots to million-dollar homes. Once again we had the highest average sale price of any real estate office in Branson, with a median sale price of $221,000!
2017 General Real Estate Trends
Construction was in full force last year as new homes were popping up all over the Branson area ranging from $180k-$600k. With two consecutive strong years for sellers, we started to see the beginning of a potential inventory issue in Branson. Since there was little to no construction from 2008-2015, Branson had an absence of newer homes and the main reason we saw so much new construction working towards getting the inventory back up. Branson Hills was a particular area in 2017 that really took off with multiple newer homes selling and many more in the process of being built. As always, lake homes in the Branson area sold well during the spring and summer months. We did start to see a lack of inventory in lake property under the $500,000 price point. Last year also marked, in my opinion, the first time since 2007 where people bought real estate more so based on personal preference and lifestyle rather than just “best deal”. Condos in Branson make up well over half the total properties for sale so they are naturally going to fall behind residential sales in terms of quickness of sale and appreciation. Some areas like lake condos, Branson Landing, and Branson Creek had a better year than 2016 but overall condo sales had a typical year. There was also an increase in both lot inventory and sales. Lots are by far the most price sensitive area where buyers do typically purchase mainly on price.
With our 10-year Birthday in the rear-view mirror, Branson Landing is in the midst of a huge makeover. 2017 saw a new 10,000 sq. ft. arcade open to rousing success! That was just the beginning as 2018 will feature exciting new openings highlighted by a 20,000-sq. ft. H&M clothing store. Adding to all the fun that Branson Landing already has, Andy B’s, a bowling alley-restaurant will be opening middle of the year. Lastly, Branson Landing will also introduce 2 very cool restaurants that have committed, but we currently can not announce as of yet. It is safe to say you will definitely want to plan a trip to visit the Landing this year and take in all the awesome new activities and stores.
Branson Landing Condos had a rebound year in 2017 as we sold a handful of Boardwalk condos and as always, quite a few promenade and penthouse condos. Rental income has been and always will be the biggest factor for how quickly and what price the condo hotels sell at. Last year the hotels had a great year and most rental statements I saw had better numbers than the year before. So that should make selling the condos easier and, in some cases, potentially, sell for more than what they have been.
After a rainy spring, the summer and fall weather helped the Branson area have another incredible year. Silver Dollar City set a record for attendance, Branson Landing went over 4MM visitors again and although the city tourism numbers aren’t in yet we are expecting an increase over the record-breaking numbers from last year. There were many exciting new openings last year from mountain coasters, water slides, roller coasters, snow rides, etc. Branson continues to be a great place to invest in as the tourism market is as strong as it ever has been.
We expect new construction to continue to grow in Branson as home demand is still very high with a limited inventory. Last year we saw more spec home building than in recent years and I think this year it will even be double as there was a ton of success in selling those specs last year. Interest rates have continued to climb in the recent weeks so we anticipate a busier than normal buying season this winter. The economy is doing great and consumer confidence is at levels we haven’t seen in a while so there are no signs that 2018 shouldn’t be another awesome year for real estate in Branson.
I want to thank you again for your past, current or future business and would love to be able to assist in any questions or comments you have about Branson Real Estate. If you are looking to purchase or list your property, and are not with another realtor, we would love to be able to assist you. We feel, with the obvious advantages we have being at the Branson Landing, where 4 million people walk by our office, we provide the most exposure for your property.
Eric Huffman HCW Realty