Year-over-year single-family home sales for Boone County were up 2% to 197 properties last month, led by existing home sales jumping 20% while new construction sales slumped by 44%, to 30 units. The drop in new construction sales isn’t concerning, as new construction sales spiked 63% last April and the average number of new construction sales for April is 34 units for the previous ten years. Sales in the City of Columbia were even with last April.
Home prices struggled in April, with the median sold price in Boone County down 4% to $309,900, and the average price was down 8% to $345,787. The median price in Columbia was down 13% to $313,000, with the average price also down 13% to $345,100. Regarding market prices, there continues to be a market split around the $400K list price point as a market shift continues toward more affordable homes with higher demand for entry-level and mid-tier price ranges. Homes priced under $400k had a 15% sales increase last month, while homes above $400k posted a 13% decline. (Market tidbit… 78 homes sold below asking price by an average of 3.6%, 60 homes sold at asking price, and 59 sold above asking price by an average of 3.14%)
Days on market were even with April of last year at 36 days. However, homes priced under $400k only posted 29 days on market, while homes at $400k and above had an average days on market of 49.
Market inventory continues to increase, as April marked the 10th month of year-over-year inventory gains. April saw a 21% increase to 1.87 months of inventory, but is still far below market inventory for April pre-COVID, where market inventory for April from 2015 to 2019 averaged 3 months of market inventory.
Pending listings (homes under contract) jumped 10% in April. Even with the huge spike in mortgage rates last month, rates were still considerably lower than this time last year, which could’ve resulted in the jump in pending listings.
Single-family building permits continue to lag this year, down 14% last month, due to a drop in City of Columbia and Ashland permits. Building permits for the year are down 11%, but builders have had to contend with a colder winter and a much rainier spring so far this year.
The April home sale stats are a little concerning, as prices declined substantially from last year. However, price declines may only be intermediate. During the first three weeks of May, sales have increased, and prices have rebounded, up 8% with five business days left this month.
SOURCE – COLUMBIA BOARD OF REALTORS CEO, BRIAN TOOHEY, MBA, RCE, EPRO
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