We here at Keller Williams Realty continuosly monitor local real estate statistics to keep our clients informed and ahead of the real estate trends. Below you will find Joplin area real estate statistics for the period July 2007 as compiled by the Ozark Gateway Board 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Active Homes on the Market | Homes Sold for the Period | Homes Under Contract | Homes that Expired | Homes that were Withdrawn | Ratio of Homes Entering the Market vs Leaving | Price Changes | Average Days on Market for Solds | List/Sale Price Ratio | Median Sales Price | Inventory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 |
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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 | 183.25 | 533.5 | 94.5 | 125 | 57.25 | 28.5 | 1.02 | 117.5 | 103.75 | 97% | $ 90,012.50 | 5.88 |
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 June in Joplin the ratio is 1.12 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 5.94 in June I know that Joplin, at least in June was in a very normal market. Since the previous 2 months show a normal market as well and even a dip into seller market territory in May I can look to the ratio for guidance as to where the market may be headed more long term. In this case since we are adding inventory at a rate that exceeds our ability to consume it I would expect that even though we are currently experiencing a normal market in Joplin if this trend continues we will move more and more towards a buyer's market in Joplin. These are both more long term numbers and will become more meaningful as we build the history for Joplin's market.
When watching the absorption rate a 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 in this area/neighborhood, would like more information about Joplin or would like to be the first to know about hot new listings before other buyers do, then give me a call at:
Walter Hayes
Keller Williams Realty of Southwest Missouri
531 E 15th St
Joplin MO 64804
417-649-67776
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