Wednesday, October 2, 2013

Close of the Real Estate Season or Great Opportunity for Buyers and Sellers? - Columbia Market YTD

“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.


Property Site: Situated on a large double lo...