My team and I continuosly monitor local real estate statistics to keep our clients informed and ahead of the real estate trends. Below you will find Ozark Gateway Association of REALTORS® area real estate statistics for the period July 2007 as compiled by the Ozark Gateway Association of REALTORS®.
| Joplin Area Market Condition Report | |||||||||||
| New Homes on the Market | Total Active Homes on the Market | Homes Sold for the Period | Homes Under Contract | Homes that Expired | Homes that were Withdrawn | Ratio of Homes Entering the Market vs Leaving | Price Changes | Average Days on Market for Solds | List/Sale Price Ratio | Median Sales Price | Inventory Absorption Rate in Months |
April-07 | 186 | 596 | 93 | 143 | 91 | 25 | 0.89 | 103 | 122 | 97% | $ 79,900.00 | 6.41 |
May-07 | 197 | 440 | 120 | 128 | 41 | 28 | 1.04 | 132 | 108 | 96% | $ 80,900.00 | 3.67 |
June-07 | 183 | 535 | 90 | 117 | 41 | 33 | 1.12 | 105 | 96 | 97% | $ 99,350.00 | 5.94 |
July-07 | 167 | 563 | 75 | 112 | 56 | 28 | 1.05 | 130 | 89 | 97% | $ 99,900.00 | 7.51 |
August-07 | 180 | 575 | 82 | 112 | 57 | 33 | 1.05 | 148 | 100 | 95% | $ 82,600.00 | 7.01 |
September-07 |
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October-07 |
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November-07 |
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December-07 |
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January-08 |
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February-08 |
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March-08 |
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YTD Avg | 182.6 | 541.8 | 92 | 122.4 | 57.2 | 29.4 | 1.03 | 123.6 | 103 | 96% | $ 88,530.00 | 6.11 |
Two numbers that deserve some explanation are the Ratio of Homes Entering the Market vs. Leaving the Market and the Absorption Rate. The Ratio is an indication of where the market is headed in general. A ratio below 1 indicates that the inventory is being pulled down whereas a ratio above 1 would indicate that we are adding to the inventory. The Absorption rate indicates how quickly the inventory is being absorbed or sold. For a given month the absorption rate shows how long in terms of months it would take to sell off the entire inventory if nothing else came on the market and if sales stayed stagnant at this month's level. The ratio will tell you if you're headed toward a buyer or seller's market while the absorption rate tells you where you are now. For instance, For August in Joplin the ratio is 1.05 which tells me that we are adding inventory at a rate somewhat faster than we can dispose of it. On the other hand, with an absorption rate of 7.01 in August I know that Joplin continues at the moment to be at the high end of a normal market but is certainly flirting with a buyers market if inventories continue to climb. When watching the absorption rate a number between 5 and 6 months indicates a normal market. A number at or below 4 months indicates a sellers market and a number at or above 7 months would indicate a buyers market.
If you would like a free list of homes for sale anywhere in the area, I'd be happy to help you in anyway that I can. Please give me a call at:
Walter Hayes, GRI, ABR, RECS, e-PRO
Keller Williams Realty of Southwest Missouri
531 E 15th St
Joplin MO 64804
417-649-67776
http://www.walterhayes.com/; http://thehayesteam.com/; http://www.showme-realestate.com/; http://www.joplinmohomesforsale.com/
Email: walter@walterhayes.com
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