Missouri’s real estate market is showing signs of healthy growth, according to new figures by the Missouri Association of Realtors.
Missouri sales were up by 11% in the third quarter as compared to the same time last year. The average price grew to over $150,000, a nearly 6.5% increase. And homes averaged 6 fewer days on the market.
Missouri Association of Realtors president La Nora Kay says there is less inventory on the market than in 2011 and homebuyers are no longer waiting for prices to drop.
“But all the indications now are that the market has really kind of settled down,” Kay said. “The values are at the bottom or edging up. And I think that the consumer is finally feeling comfortable that if they go out today and buy a property, they’re not at risk of seeing a 10% drop in the next 12 months.”
Homes are on the market less time. Kay says sellers are establishing more realistic asking prices this year as compared to 2011.
“In the real estate business, it’s always about location. But in today’s world it’s also about price and condition. And whenever you price it right, you are going to get the results that you need, which is getting it sold,” Kay said.
Kay says home prices have bottomed statewide and in some cases may be edging upwards.