Thought I would share some market research with you.
In the Columbia MLS which includes towns such as Ashland, Fulton, Harrisburg, etc the number of months of inventory we have for residental property currently stands at: 9.53 months of inventory. A balanced market is 6 months
In the Columbia School District (Columbia is reaching 100,000 pop) it is 9.51 not much difference. Interesting item though: IN August we only had a 3.37 month of inventory indicating a seller's market. In fact, since Nov. 2005 September 2007 is the first month we have actually gone over 6 months of inventory in the residental market in Columbia, MO.
Just this week I saw another agent post that her buyers had lost a deals on 2 homes to other buyers. I had the same situation in the spring. The Columbia, MO market over all is pretty balanced.
Though it truly is normalizing... There are items going down as expected in a normalizing market. Closed Sales are down overall for the year 18%, New Listings are up 10% with new listings for Sept up 56% and Oct up 86% over last year (accounts for the increased inventory months), Volume is down 17% but days on the market are only up 3% (which on average is 83 days on the market over all.
Now while you digest all of that, perhaps my next blog will be a break down by price range for each of these stats.
Please feel free to contact me regarding any of these numbers.