The real estate market is running on all cylinders right now folks! Prices are still looking good, interest rates are very favorable and inventory is moving. It is one of the best times to list this century, without question. Let’s take a look at the data for Southwest Missouri in the second quarter of the year!
We look at several Key Performance Indicators to judge how the market is performing. In this report, we’ll take a closer look at monthly total for sales and contracts, average list prices, median days on market and mortgage rates. While these few metrics don’t tell the entire story, they can be used as a barometer for comparative data to give a surface level picture of what you can expect if you decide to put your home on the market in 2019.
The number of homes under contract and sold increased steadily from the first to the second quarter. A whopping 819 homes closed in May and another 817 went under contract in June. Home prices peaked at $170,000 and leveled off in June. Overall, a lot of homes are moving and sellers are getting great value.
It is not out of the ordinary for homes to sell the same day they are listed right now in the Ozarks. In the second quarter, homes sold on average just a few days more than a month, with many selling in less than a week!
Federal interest rates continued a gradual decline, inching toward 4% for the first time in many months. The FED has been a hot topic in the news for quite some time and there are always rumblings regarding rates. Now is a great time to lock in a low 30-year or 15-year mortgage.