“This year has been a
strange one – it’s the year of the legitimate, full-fledged shift from
recessionary market doldrums to a booming market full of activity, even in
areas where home values haven’t yet fully recovered.” Says Trulia contributor
Tara-Nicholle Nelson. In Columbia, MO
the market has been fabulous this past year. This was the year that sellers
with ‘trouble houses’ were able to sell. This is also however been a year of
high demand and low supply. This means
many looking to buy lost out on bidding wars and ended up renting, waiting for
the market to cool down for the year.
So far this year 2146
homes have sold in the greater Columbia area. In the Columbia public schools
area 1597 have sold. Of those 1597 homes in the CPS district 734 were slabs and
863 had basements. In the CPS district, 1452 single family homes have sold. In the CPS
district, 141 condos have sold.
Last year, by October 2nd,
1870 homes had sold in the greater Columbia area. 1438 of those were in
the CPS district. Of those 1438 homes in the CPS district 650 and 788 had
basements. In the CPS district, 1311 single family homes sold. In the CPS
district, 121 condos sold.
Columbia is a highly
seasonal market and statistics show, year after year, that our market starts in
early spring and cools down as MU and CPS start for the fall. We pick up again in mid winter during the
Universities winter break and then the season starts again in February or
March. April is the peak of the Columbia
season and, statistically, the homes that go on the market in January have a
higher chance of selling in March or April than staying on the market into the summer.
In the past three years we have seen the Columbia market starting earlier and
earlier. The influx of new listings are
starting in January and February rather than March or April as they have
traditionally in our market.
This however shouldn't discourage
sellers from listing in the fall if it is in their financial interest to sell
sooner rather than later. There is an
even lower inventory in the fall then there was in the spring and even though
there are less buyers, those buyers that are in the market have a stronger need
for a home then the on-season buyer. The great season has also pushed prices up
allowing for great comparables for appraiser and Realtors to use to justify
higher prices.
The fall can also be a
great time for buyers as the homes that have sat on the market all spring and
summer might be more willing to negotiate now then they would have been in May
or June. Buyers can also look with a
little less pressure this time of year.
With a smaller number of buyers in the market they have less of a chance
of getting into a bidding war.
