Oct. 2008 Story County Market Update

By
Real Estate Agent with Lora & Company Real Estate

According to the Boone MLS, we witnessed 19 pending sales in Boone and surrounding Boone in the month of October, suggesting a stabilizing real estate market.  In 2007 pending sales were 16 for the month.  September pending sales were comparable also with 13 compared to 14 in 2007, and 28 and 28 in the month of August for both years.  As of Nov. 3rd we have 215 homes listed for sale on the Boone MLS.  At Hunziker & Associates, Realtors we pay very close attention to the absorption rate, the rate in which "active" listings are converted into sales. "Supply" is defined by the taking the number of homes actively for sale in a given market divided by the number of houses sold within a specified period of time.  In this instance we have 215 houses for sale, and our current pace of sales is 19 homes per month.  Should the pace of sales continue at this rate, and no further houses are added to the market, it would take 11.3 month to exhaust the existing supply of homes on the market in Boone. In comparison we had 12.0 months inventory supply at this same time in 2007.

While the pace of sales in August, September and October shows some market stabilization in comparison to the summer months of May, June and July. Home buyers are still finding themselves in a favorable bargaining position versus the home seller. Buyers in any price range are finding an abundance of homes available for sale. Given the wide variety of choices available, buyers are in a position to be very selective in their choice, and they are not paying more than the current market value of a home. Home sellers should note that while the numbers of sales are comparable to 2007, a large number of homes are remaining on the market unsold. As of Nov. 3rd, we found that 147 listings in the Boone area had been on the market in excess of 60 days. The good news is that homes which are appropriately priced, at current market value, and are in move in condition are indeed selling at an average of 93 days on the market.

At Hunziker & Associates, Realtors service is at our core, and our mission statement reflects our values, stating, "Hunziker and Associates is committed to developing and maintaining positive relationships with individual and families to meet their real estate needs." We look forward to assisting you should you have any real estate needs.

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