Craig Ferguson used to have a little song at the end of his late night show, "What did we learn on the show tonight, Craig?"
I couldn't help but think of Craig Ferguson's wacky late night show, as I did some research to see if the first part of January tells us anything about the Cape Girardeau area real estate market so early in 2015.
Properties are selling between 95 and 100 percent of their listed price! In fact, the average ratio is 96.17 percent. That holds true of all classifications except vacant land and farms (which, along with commercial/industrial also skews the total days on market).
Three, four, and five bedroom properties are bringing the highest list to sold price ratio of the categories. Yes, this is a limited cross-section of the market, as we are only 20 days into the year; but consumers hoping to get under contract would be wise to pay attention. The days of lowball offers are pretty much behind us, as the local market transitions from a buyers' market to a sellers' market--or at least to a "normal market," as described by Karen Fiddler in her recent AR blog.
Whether your area is a normal market or a sellers' market, though, local statistics will tell your agent whether or not the market supports listed values. The snapshot for my area (Southeast Missouri) does support listed values, so wise buyers should take note when deciding how much to offer.