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 Carthage area real estate statistics for the period July 2007 as compiled by the Ozark Gateway Board of REALTORS®.
| Carthage 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Active Homes on the Market | Homes Sold for the Period | Homes Under Contract | Homes that Expired | Homes that were Withdrawn | Ratio of Homes Entering the Market vs Leaving | Price Changes | Average Days on Market for Solds | List/Sale Price Ratio | Median Sales Price | Inventory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 | 47 | 215 | 33 | 48 | 25 | 4 | 0.76 | 50 | 131 | 97% | $ 90,019.00 | 6.52 |
May-07 | 58 | 211 | 27 | 41 | 18 | 5 | 1.16 | 32 | 125 | 96% | $ 80,000.00 | 7.81 |
June-07 | 62 | 218 | 30 | 30 | 27 | 20 | 0.81 | 34 | 129 | 97% | $101,250.00 | 7.27 |
July-07 | 63 | 248 | 18 | 27 | 21 | 7 | 1.37 | 49 | 130 | 99% | $134,750.00 | 13.78 |
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 | 57.5 | 223 | 27 | 36.5 | 22.75 | 9 | 1.02 | 41.25 | 128.75 | 97% | $101,504.75 | 8.84 |
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 Carthage the ratio is .81 which tells me that we are adding inventory at a rate somewhat slower than we can dispose of it. On the other hand, with an absorption rate of 73.27 in June I know that Carthage, at least in June was just slightly into a buyers market. Since the previous 2 months show a normal to buyers market I can look to the ratio for guidance as to where the market may be headed more long term. In this case the ratio itself is up and down and is centered around 1 leaving one to believe that Carthage is, at least at the moment in a rather balanced market. These are both more long term numbers and will become more meaningful as we build the history for Carthage'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 Carthage 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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