I hope everyone is having a great start to the New Year! Around this time every year, I like to take moment to fill you in on how the Branson market did in the previous year, 2015, and what we anticipate for 2016.
HCW Realty ended 2015 selling/leasing over $14MM in real estate; the most since 2008! By the end of 2014 most of the foreclosures had been sold, but many of our buyers were still waiting for them to come which led to 2014 being one of our worst years. Last year, we saw buyers realize that foreclosures were fewer and farther between, and the buyers began to purchase more on a “want” basis rather than trying to get the best "deal". This helped raise our average sale price to $215,000, almost $80,000 more than the average price of sale in Branson.
Another positive trend that we saw last year was the increase in new construction. We had three spec homes built and sold at Branson Hills. Emory Creek, which is a subdivision north of Branson Hills, also saw an increase in new construction sales. With an absence of almost any building taking place the last seven years, Branson is actually having a supply problem with newer homes. So I think in 2016, we will continue to see new construction sprout at every price point.
Our office is located at Branson Landing which tends for much of our business to consist of the various Landing condos. The Boardwalk condos saw a nice rebound in sales in 2015. So much so that we only have a few listings to start 2016. The Promenade and Penthouse Condos also had a good year regarding sales. Although prices for both the Boardwalk and Promenade have stabilized and a market price has been set, the Penthouse condos continue to decrease in sales price. Fortunately, the lowest priced Penthouse condos (that brought the average down) did sell towards the end of 2015. All total, fourteen Landing Properties sold, of which, HCW Realty sold ten of them. I look for 2016 to be another good year for Promenade Condos, with a potential supply problem popping up towards the end of the year.
Condos in Branson continue to make up a large portion of our sales with an emphasis in nightly rental units. There are a number of management companies that do a great job, but we have also seen a trend in more owner managed condo rentals with AIRBNB and VRBO continuing to be extremely popular. Lake property in and around Branson continues to be in high demand. During the downturn, lake property suffered the least, and now that the market has stabilized lake property is as hot as it was a decade ago!
Branson had a great year in terms of real estate and tourism in 2015. Sales tax was up substantially for the first time in quite a while. There are a bunch of exciting things happening in Branson for the 2016 season, including, but not limited to: a new $10MM Adventure Park, the Chicago Navy Pier Ferris Wheel being moved to Branson, and another attraction with three rides called Big Foot on the Strip. Add to those adventures, new retail at the Landing and throughout Branson, and we are anticipating another big year tourism wise, which in turn, helps real estate tremendously.
In closing, we want to once again thank you choosing HCW Realty in the past to help with your real estate needs, and we look forward to assisting you in any way possible in the future. If you want to list your property, we would love to visit with you and if you have your property listed with another realtor, we wish you success. If you are looking to purchase another property in Branson, we would love to help you find the perfect one for you. Please feel free to email me or call me anytime!