BLUE BOOK MONTHLY: MAY MARKET UPDATE

June 1, 2017

In May, the real estate market showed steady signs of growth. When the weather heats up, typically the real estate market follows and this year is no exception.  The numbers for homes sold in the area have outpaced last year’s figures and the median home prices have continued to show strong totals.  Despite much speculation, mortgage rates have maintained a consistent total, hovering right around 4%.  Let’s take a deeper look at the numbers to get a clearer picture of the market right now in the Ozarks.

THE STATISTICS BELOW ARE BASED ON INFORMATION FROM THE SOMO MLS IN GREENE, CHRISTIAN, AND WEBSTER COUNTIES FOR THE TIME PERIOD OF MAY 1, 2017 THROUGH MAY 31, 2017.  REPORT DATA GENERATED ON JUNE 1, 2017.

 

HOUSING STOCK

Housing Stock in Springfield missouri

For the past several months, inventory has been lower than last year’s totals.  May was no different.  The supply of homes is lower than it was this time last year, which bodes well for sellers. With fewer homes on the market, inventory usually moves faster.  That’s true of our market right now in the Ozarks.  As you can see from the figure above, the rate of homes under contract and sold are similar to 2016 figures despite a lower number of homes available.


 

MEDIAN LIST PRICE

home prices in springfield mo

A steady increase in the median sale price of homes in the Ozarks is a great sign for sellers. The median list price dipped a bit last month, but is still higher than it has been since last year.


 

NUMBER OF NEW LISTINGS ON THE MARKET THIS MONTH

homessold-MAY17-01

Setting a record for this year, there were 950 new listings last month, narrowly edging out the total from March.

 


 

CURRENT INTEREST RATES

 

current mortgage rates in springfield mo

Largely unchanged over the past few months, interest rates have hovered around 4% and continue to sit right around that number for this month.  There has been speculation of a raised rate since before the presidential election, but we have yet to see one of any significance.  It’s still a great time to get a mortgage in the Ozarks.

 

mortgagehistory

To put things in perspective, we like to remind people of the history of mortgage rates in the country.  They’re much lower than they were over the past few decades, despite ticking up in the past year.


 

If you’re in the market now, give us a call at 417-823-2300 and check out what’s on the market now at the top of your screen!

 

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