Real Estate Sales in Springfield MO are… UP!
Real estate sales in Springfield MO are on a tear! That’s not to say that we’re totally off to the races, but things are looking up. There were 178 sales of homes in Springfield in January compared to 122 in the same month last year. That’s a 45.9% increase! Wow! (Just as a point of comparison, there were 247 homes sold in January, 2005, at the height of the boom. That's almost 40% higher than last month.) Real estate sales in Springfield also should be up considerably in February as pending home sales rose sharply as well. 233 homes went under contract in January compared to 172 homes in January, 2012, a 35.5% increase.
Now, at the same time that actual and pending real estate sales in Springfield are increasing, the number of homes on the market is falling! The number of homes for sale in Springfield dropped from 1365 in January, 2012 to 1113 in January, 2013, an 18.5% drop. That is very significant because of the potential impact on prices. Higher sales plus lower inventory means the potential for rising prices. Woo hoo!! We haven’t spoken those words in a while!
Unfortunately, it’s too soon to say prices on real estate sales in Springfield are rising. For all of 2012 median prices were up just a bit over 3%. That’s a good thing, but, again, it’s not “off to the races” and the January price numbers reflect that. Median prices in January were actually down 5% to $95,000 compared to $100,000 in January, 2012. Why? It’s hard to say for sure. January is almost always the slowest sales month of the year which means just a few sales at the high end or the low end can skew results. My guess though is that prices will start to rise in the coming months.
If you are considering selling your home, this may be the best time in years to do so. Call me today 417-234-8198 for a no hassle consultation. Cheers!
This article was also posted on my website blog.