Real Estate Market Update for Joplin, MO - July 2012

By
Real Estate Broker/Owner with Oak Creek Realty Group LLC MO# 1999078273

List vs Sold

The real estate market in Joplin Missouri continues to slog along in an overall buyer's market. While the gap between new listings and solds has improved somewhat, Joplin is still far from a seller's market. Current projections show the gap between new listings and solds narrowing by about 300 homes by the end of the year nut we're still a long way from seeing a seller's market again.

If projections hold, the total number of homes sold in Joplin will be down some 25% over 2011. This is however an YTD Salesanomaly because of the devastating tornado that hit Joplin on May 22nd of 2011. The tornado wiped thousands of homes resulting in a temporary "bubble" in the Joplin area. That has settled down now and a more accurate comparison of year to year sales would be to compare 2012 to 2010. Right now it looks like sales will be up by a little over 3% for the year.

What most people in the media around the country don't know about what happened when the tornado hit was that it devastated single family properties that were for the most part valued at $100,000 or less and were occupied by a lot of renters. Most of the population that owned their home and were impacted by the tornado have already relocated after settling with insurance. There are certainly some still out there that haven't but by and large the homes that still need to be replaced are those that had been occupied by renters. They are still waiting on availability in large part because so many of the people that owned these rental properties have decided not to rebuild. This leaves a lot of the land that once had homes on it vacant and this will take some time to fill in.

The biggest thing for someone to remember that is looking to sell right now in Joplin is that only about 48% of the homes going on the market are selling. If you want to sell your home you must be the best priced and in the best condition in order to compete. Buyers aren't exactly scalping sellers on price as the ratio of sales price as compared to list price is still close to 96% but they are being choosier about what they buy. There's a lot of available inventory to choose from in most price ranges.

The good news for buyers is that it's never been more affordable to buy a home. Interest rates are at historic lows and will likely continue to be low for awhile. Home prices are still low as well. Most existing homes have seen very little if any appreciation since 2007. The tornado has caused a rise in the average sales price in the Joplin area but this is somewhat skewed because of the new homes coming on the market. An existing home can be bought much cheaper at the moment that a brand new home. Most new homes, even spec homes, are running in the $95 - $100 per square foot range whereas an existing home that is 10 to 20 years old will most likely be selling in the $75 - $85 per square foot range. High end homes are of course going for higher per square foot prices but the majority of the homes in the Joplin area are extremely affordable right now.

Joplin YTD Numbers

Whether you're buying or selling, call Walter or Darren with the Hayes Team of Keller Williams in Joplin to see how to best sell your current home and how to save on buying your next home. We can be reached at 417-208-9007 or email to walter@walterhayes.com.

 

 

 

 

 

 

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Walter Hayes

Keller Williams Realty of Southwest Missouri

619 S Florida

Joplin, MO 64801

Office: (417) 623-9900

Walter: (417) 649-6776

Fax: (512) 519-7578

E-Mail: walter@walterhayes.com

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