Blue Book Monthly – Market Update May 2016
Blue Book Monthly: May 2016
The market is on fire right now! Prices have maintained a steady rise over the past six months, and interest rates have stayed low. It is such a great time to buy or sell a home in the Ozarks! In nearly every metric measured in our monthly reports, May totals improved month-over-month and year-over-year. We’re seeing homes sell extremely quickly and for more money than any month this year!
Here’s a detailed look at the market by the numbers in Greene, Christian and Webster counties for the month of April. If you’re looking to get into the market, give us a call at 417-823-2300 or email us at email@example.com.
THE STATISTICS BELOW ARE BASED ON INFORMATION FROM THE SOMO MLS IN GREENE, CHRISTIAN, AND WEBSTER COUNTIES FOR THE TIME PERIOD OF MAY 1, 2015 THROUGH MAY 31, 2016. REPORT DATA GENERATED ON JUNE 2, 2016.
Inventory remains lower than it was in 2015, which typically rewards the seller. When fewer homes are on the market, there are fewer options for buyers to choose from. The homes that are hitting the market now are going under contract and closing faster than last year. More than 100 more homes were placed under contract in May 2016 over May of last year. Additionally, nearly 100 more homes sold last month over the same time period in 2015.
MEDIAN LIST PRICE
Prices continue an upward trend for the sixth month in a row. In Greene, Christian and Webster counties, the median list price ticked upward to $165,147 and the median sale price bumped up to $139,900. These kinds of increases bode well for sellers in our market. Buyers have been willing to pay more in recent months due to the inventory shortage. It really is a sellers market out there!
NUMBER OF HOMES SOLD
Traditionally, the summer months are busier for real estate in Southwest Missouri, but an increase of 154 homes sold is not typical. Similar to the surge we saw from March to April, the jump in sales from April to May was significant. Lots of homes are selling in our area right now.
NUMBER OF NEW LISTINGS ON THE MARKET
We’ve also seen a noticeable increase in the number of new listings to hit the market. As mentioned before, an increase in inventory is typical in the summer months. The jump in new listings was greater than the month previous, which is an encouraging sign for buyers in the summer months.
CURRENT INTEREST RATES
Interest rates have stayed low. Despite rumblings that the Fed will raise rates this year, we haven’t seen any significant changes so far. Now is a good time to act if you’re considering making a move. While we may not know the exact state of interest rates, we can be relatively certain that they won’t be lowering them. Get in while the rates are low!