March Sales Summary
Sales down 7% to 140
Median Price up 1.5% to $334,900
Average Price down 1.3% to $369,608
DOM up 28% to 59 days
Pendings down 4% to 211
Supply up 30% to 2.66
Single-family sales in March were down 7% to 140 closed listings, with a decline in both existing and new construction homes. This puts year-to-date sales up 6%, which is down from 16% for January through February. The drop in sales for March was foreshadowed by the 14% drop in pending listings posted in February.
Prices are mixed, with the average sold price down 1.3% to 369,608 and the median price up 1.5% to $334,900. The decrease in the average price is a result of a 20% sales decline in homes priced above $400k, while sales below $400k remained even with March of 2024.
Days on market jumped 28% last month to 59 days on market while cumulative days on market increased 31% to 79 days. These are the highest numbers for DOM and CDOM since March of 2020 and vary based on price range. Homes priced above $400k had a DOM of 63 and CDOM of 99; homes priced below $400k posted DOMs of 50 and CDOMs of 69.
Pending home sales (homes under contract) were down again in March by 4% to 211 homes under contract.
Home inventory on the market grew 30% to 2.66 months worth of inventory, but for March, 3.5 to 5 months of inventory is preferable heading into prime selling season.
For the first quarter of 2025, sales were 6%. The median price was down .61% to $324,999, and the average price was down .56% to 359,985.
Condo sales decreased slightly in the first quarter from 30 last year to 26 in 2025. Condo sales continue to struggle due to FHA financing not currently approved for any condo developments in Boone County. Even with a lack of financing options, the median price for condos during the first quarter rose 3% to $177K, and the average price dropped 3% to $183,717.
Building permits were down 10% for the first quarter, with permits down in the City of Columbia and Boone County. Permits in Ashland were up substantially compared to last year. The drop in building permits could result from cold weather in January and February this year.
Mortgage rates continue to be volatile based on the activity of the US 10 Yr. Treasury Yield. According to Mortgage News Daily, a 30 Yr. FRM briefly dipped to 6.86 on April 16th, and by three business days later, mortgage rates were back to almost 7%, where they currently sit today.
As you can see from the data, Boone County has a split housing market at the $400k price point. Homes priced above $400k are experiencing sluggish sales numbers, growing days on market, and increased market inventory, while homes priced below $400k are the opposite on all counts. This trend should continue if US economic data and tariffs remain turbulent and 30 Yr. FRM continues near 7% or more. If mortgage rates drop to 6.5% or less and consumer confidence rebounds based on economic data, we could see the market take off again in all price ranges.
SOURCE – COLUMBIA BOARD OF REALTORS CEO, BRIAN TOOHEY, MBA, RCE, EPRO
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