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Boone Area December Market Update
December was a good month for the Boone housing market even with the seasonal fluctuations in the real estate market (December tends to be one of the slowest months for Real Estate sales). The supply of new listings continued at the same pace, but the number of pending sales increased 140% compared to last year (17 for 2008 compared to 7 in 2007).
The listing supply (the period of time needed to clear the housing market inventory) has gone from a high of over 23 months (2007) down to the low teens (2008) for Boone County for the month of December.
The silver lining to this housing market cloud is the affordable housing and financing rates available for buyers which is causing the increase in pending and closed real estate sales. With the influx of foreclosure homes coming onto the market, sellers have had to become more competitive with price and condition of their homes.  A positive note for the seller, home values in 2008 averaged a .5% increase for the Boone County area compared to many areas in the country experiencing a 5-35% decrease. This indicates that home purchases in our area are still a safe investment in contrast to ... more

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