While we do expect the housing market to slow during the response to the CoronaVirus, the real estate market showed strong numbers in the first three months of the year. When we have more data to share with homeowners on the impact the CoronaVirus has had on the real estate market, we will be sure to publish those results with the community.
Inventory of homes for sale is very close to an all-time low in Southwest Missouri. This means that people selling their homes will be in a very good position. Homes prices have matched last year’s highest point in March and the percentage of homes selling is much higher than in 2019. The number of homes sold and under contract in the first quarter was very high considering a lack of inventory.
Interest rates have been a hot topic of conversation in recent months. Home buyers can currently get locked in to a rate very close to 3% for the first time in years. Current homeowners may want to look into refinancing at this time as well.
Time on market is typically higher during colder months as buyers tend to look more seriously with warmer weather. The median days on market has been decreasing each month of the year so far, a positive sign for home sellers.