The real estate market in Southwest Missouri remains strong. The number of sales and home prices are on the rise. Large increases in the prices of homes sold continued from last month’s report. Inventory remains lower than it was in 2015. Low inventory means less competition on the market, making it a great time to list your home.
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The statistics below are based on information from the SOMO MLS in Greene, Christian, and Webster Counties for the time period of March 1, 2015 through March 31, 2016. Report data generated on April 4, 2016.
Housing Stock
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The number of homes on the market in Southwest Missouri decreased 6.6% year-over-year from last March, which leads to a shorter supply of inventory on hand. In March of 2015, our market showed 4 months of inventory, while last month registered only 2.6 months on hand. The number of homes under contract increased more than 31.5% when compared to the year previous. The final number of homes sold showed a slight uptick year over year as well.
Average Median List Price
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Both list prices and sale prices significantly increased over February this year. Homes prices are higher than they’ve been in the past six months and have increased more than 3.9% since the beginning of the year.
Number of Homes Sold
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More homes sold in March 2016 than in March of 2015, which is quite a mark to reach. This is an encouraging sign for the summer months to come. Homes are selling more frequently, for more money and faster than they did in 2015.
Number of New Listings on the Market
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While inventory remains lower than it was in 2015, the number of new listings on the market continues to increase. March saw an increase of new listings of 9% over February and has more than doubled since December.
This post brought to you by Debi Murray – Murney Associates, Realtors – The Office of Patrick Murney
