Everyone is curious about our local real estate market, especially in light of all the negative coverage being shown by the media these days. The news in our area is encouraging.
For the category of All Homes Sold throughout our MLS, sales were only down 10.8% in 2007, as compared to 2006. Since 2006 was a phenomenal sales year, a 10.8% drop isn't devastating. Also, the average sales price of homes increased in 2007 over 2006; from $167,734 to $183,286. In addition, the average days that homes took to sell (days on market) decreased slightly from 149 to 147.
There's even more good news. Sales in the Branson school district actually increased by 5.87% in 2007 over 2006. The average sales price also increased from $186,924 to $206,551.
The only real negative was the 4thquarter of 2007. Sales were very slow and had an impact on the total sales figures for the year. Sales of All Homes Sold throughout the MLS were down 22.15% as compared to the 4th quarter of 2006. In the Branson school district, the picture was even bleaker with a 30.9% decrease in comparison to the 4th quarter of 2006.
The economy and housing market in the rest of the country may be finally trickling down to our area. I know several people who want to move here, but are waiting for their home to sell in other parts of the country. I'm also finding people to be much more cautious. In the past, many people were taking out a loan or using their home equity line of credit to purchase a home here and then putting their other home on the market. That's not happening very often now.
However, I don't look for prices to start falling on homes. In past years, homes in our area experienced healthy appreciation rates, unlike the unbelievable appreciation in other parts of the country. The average list to sale percentageon All Homes Sold throughout our MLS was 96.17% in 2007.
On a brighter note, since the first of the year, phone and Internet inquiries have increased significantly over the 4th quarter of 2007. The Tri-Lakes area is still a top destination for retirement and I look for that to continue.
I look forward to a great 2008 and invite you to contact me with any real estate questions you might have!
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