Springfield Short on Inventory for March 2016

Inventory Starting to Run Short In Springfield Housing Market.

Continuing the upward trend from the end of 2015, March was the 3rd month this year showing positive sales gains over 2015 numbers. The number of sold homes and pending home sales are outpacing new listings, resulting in a continued rise in sales prices.  The Springfield housing market is starting to experience a shortage of inventory.

Home sales in Springfield, MO continue to out perform last year’s sales numbers according to the Greater Springfield Board of Realtors Multiple Listing Service.  The number of sold homes for March 2016 is up over 16% compared to March 2015. Even a modest rise in interest rates has not slowed the buyer demand, this indicates a strong healthy market that should continue through the summer.

The number of total number of active listings in the month of March is up 1.0% over March of 2015, and the number of houses currently under contract is up a 18.9%.  The average list price is up for 2016 is up 1.6% over 2015.  This indicates that prices are on the rise, and are all good signs for a strong housing market.  I expect these trends to continue for through the end of the summer.

Year to Date Sales Stats

Sold Listings:  708 (up 15.5% over same time period 2015)

Year To Date Active Listings: 2410 (up 2.9% over YTD 2015)

Average List Price: $177,019 (up 1.6% over same time period 2015)

Average Sold Price: $146,877 (down 0.9% over same time period 2015)

Average Days on Market: 97 (down 7.6% over same time period 2015)

The number of sold listings year to date is up by over 15% or an additional 95 homes have already sold this year. More home sales with shorter days on market indicate a strong housing market. With the days on market dropping and the number of homes selling on the rise, this is welcome news for any one thinking of selling their home.

What Does This Mean for You?

With prices up and homes selling faster, this could be a great time to sell your home.  With home prices on the rise click to get a free no hassle home valuation. Click Here  Even if you are not looking to sell your home and are just curious, this is great information to have.

Thinking of Buying A New Home?

 It is still a great time to buy a new home with interest rates only seeing a modest increase.  Prices in the Springfield market are on the rise so now is the time to buy.  There are a lot of great loan programs designed to help you afford the home you have always wanted.

To find your new home visit Here

As always, if you have any specific questions about the market or if you need help buying and/or selling real estate in the Springfield area, let me know. I would love to hear from you.

Brice@BriceDavis.com or 417-693-3254

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