Springfield Area Sales Rose in 2012

By
Real Estate Agent

Springfield Area Home Sales and Prices Rise

Sales in the Springfield market area were up 12.2% in 2012, the first rise in annual sales since 2005. There were 6057 residential homes sold through the Greater Springfield Board of Realtors MLS system in 2012 compared to 5,397 in 2011.  The 2012 sales number is the highest since 2008.  Similarly, sales in December increased 15.1% compared to the same month in 2011. Total sales were 457 units in Dec, 2012 compared to 397 units in Oct, 2011.  While these sales numbers are certainly nothing close to what we say at the peak of the bubble (8,915 homes sold in 2005) it is nice to finally see improvement in the market. 

Homes sold 2011 and 2012

Median selling prices also rose in 2012 by 3.84%, the first rise in annual median prices since 2006.  The median selling price in 2012 was $108,000 compared to $104,000 in 2011.  As with annual sales, December median selling prices closely mirrored the overall 2012 annual number with median prices in December rising by 3.3% to $103,211 compared to a $99,900 median price in Dec, 2011. 

It remains to be seen whether these rises in both sales and prices are the start of a trend or are a temporary blip up in a larger, downward trend.  So far though, 2013 seems to be starting out with strong buyer interest as interest rates hover near all-time lows.  The effects of the “fiscal cliff” debate, general intransigence in Washington DC and slow employment growth do not seem to have moderated interest in real estate.  Low interest rates coupled with strong investor demand for rental homes and a general lack of new home construction seems to have put a floor under home prices.  But, the large, less known factor that seems to be supporting home prices is lower overall inventory.  Generally, the number of homes listed for sale was down between 10% and 15% throughout 2012.  The In November, 2007 there were 6,107 homes on the market.  At the time of this writing that number stands at 3,601 homes, a whopping 41% drop.  The trend is clearly visible in the chart below.  It’s simple supply and demand folks: Lower inventory plus increased sales means rising prices.

Homes For Sale 2011 and 2012


As posted on my original website at www.JimStewartHomes.com

 

Posted by

Jim Stewart
REALTOR®
RE/Max Solutions
1715 James River Rd
Ozark, MO 65721
417-234-8198
www.JimStewartHomes.com

Real Estate In Ozark Mo

Comments (2)

Todd Clark
eXp Realty LLC - Tigard, OR
Principle Broker Oregon

Welcome to Activerain and I hope you are learning a lot and if you ever need any assistance, don't hesitate to check out my blog, email me, call me, I will be glad to help you in any way possible. Also, check out the main page of Activerain and look for the Activerain University tab, there are lots of educational webinars to help you build your business.

Jan 16, 2013 02:10 PM
Jim Stewart
Springfield, MO
Jim Stewart- RE/MAX Solutions, Ozark MO

Thank you Todd!

Jan 17, 2013 09:39 AM