We again had another month of sales declines while prices increased year-over-year. The single-family average sold price in Boone County for the month of November was up 10% over last year to $305,809. The median price increased 15% to $275,000. In the City of Columbia, the average price was up 16% to $362,936, and the median jumped 17% to $300,000.
Average days came in at 24 days on market, up 20% from last year. For the past ten years, average days on market for November have averaged 51 days.
The decline is sales will probably continue until the end of the year as pending listings (homes under contract) declined 40% to 114 pending listings compared to this time last year.
Inventory still remains low at 2.46 months. This is a 97% increase from last year but still far below the norm for this time of year, which is fueling the price increases the market continues to experience. Another item influencing low inventory is the amount of new listings hitting the market. New listings in November were down 19% from last year, and 8 out of 11 months this year have posted a decline in new listings.
Sales the past two months might seem discouraging, but there has been some positive economic news in the last few weeks. Inflation data continues to show inflation is easing, which is pushing mortgage rates down below 6.5% for a 30 YFM. As rates have moved lower, applications to purchase rose 4% for the week. Additionally, consumers are seeing a decline in gas prices, and the DOW is 5K points higher from the September low. These are all positive signs heading into 2023, although the first quarter of 2023 could continue to see sales declines while prices remain stable.
Source – Columbia Board of Realtors CEO, Brian Toohey, MBA, RCE, ePro