2019 Q3 SWMO REAL ESTATE MARKET REPORT

October 2, 2019

The summer heat carried over to the third quarter in the real estate world, keeping up a steady, reliable pace for home buyers and sellers. Inventory is still low, making it a great time to list and a fast paced market for buyers. In the second quarter of 2019, we said it was the best time this century to sell a home and not much has changed. Home prices have decreased a bit since the peak of the summer, but are still close to the highest numbers from 2018. Plus, they’re still selling quickly when priced accurately. With interest rates well below 4%, it is still a fantastic time to invest in real estate. Let’s take a look at the numbers for Greene, Christian and Webster counties for residential properties from July to September!


 

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We experienced strong numbers in homes under contract and closed all throughout the third quarter. Both July and August were fast paced, with September slowing a bit. Prices reached a yearly high at $180,000 in July, evening out at around $165,000 in the final two months of the quarter.

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Federal interest rates dropped even further than most folks predicted in the third quarter, hovering around 3.5% for a 30-year fixed rate and 3% for a 15-year. Last quarter we said it was the best time this century to sell a home and nothing has changed there. Now is a great time to lock in a low 30-year or 15-year mortgage.


 

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The average days on market dipped below a month for the first time this year in the three county area in July. As the weather grows colder, the days on market tends to grow, although at a steady pace, increasing 10 days in two months. A higher days on market is a good sign that the market is leveling out to allow for more inventory to become available.

 

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