Posted: Jun 29, 2012 4:28 PM by Mariel Seidman-Gati
Updated: Jun 29, 2012 5:31 PM
COLUMBIA - Missouri real estate is still a buyer's market, but things are looking up for sellers, according to the Columbia Board of Realtors. This week, the Missouri Association of Realtors released housing statistics from May 2012. It compared figures like listing prices and days on the market to statistics by month and year.
The average home price in Missouri rose by 4.7 percent from April to May. In addition, the number of homes sold in May statewide increased by more than 16.1 percent compared to last year. In mid-Missouri, Columbia area listings spent around 150 days on the market in March of this year. That average dropped to less than 90 days in May.
Kim Coleman, Columbia Board of Realtors president, said in addition to promising numbers from last month, she noticed the selling season started early in Columbia this year. Typically, April, May, and June see the most action in terms of Missouri real estate. This year, however, Coleman said the busy season started back in February.
Coleman said she has begun to see multiple offers on homes in the area more readily. She said the increase in homes sold in the area is a positive indication for the local economy. According to Coleman, more homes sold means more jobs and greater consumer confidence. "I think people were a little afraid to buy a home in the last couple years, but now we know that we have a very strong market in Columbia," said Coleman.
Mid-Missouri typically fares better than the state as a whole when it comes to the real estate market, according to Coleman. She said that's because of the good economy in the area that results from the presence of multiple universities and hospitals.