A Rising Market is a Smooth Market

We've talked before about how the buyers’ market that we’ve encountered in the last two or three years may be coming to an end, and if this month’s market data is any indication, it may have already ended.

Several areas within the Springfield Marketplace, whether searched by zone or by school district, show that inventories of homes currently on the market have reached a three (or in some cases a four) year low (and by that we mean the number of months it would take to sell all of the houses currently for sale on the market).

In addition to that, the last three months have shown a robust increase in the median home sales price in Springfield. In May, median sales price of residential property went up to $116,500- the highest that it’s been since July of 2009. In January, we started the year off with a median sales price of $101,900, so this month’s $116,500 represents a 14.3% increase in the median sales price just this year.

For both sellers and the market, this is great news in that this greater median sales price may allow other sellers with good quality homes to place them on the market, in effect keeping the market going smoothly. However, it may indicate to buyers that it is a good idea to buy now, before the prices go up even further.

If you’re ready to buy a home, all of those reasons that you may have had to delay might  now have evaporated, and it may be just the right time to find a new home for you.

For more information, visit us on the web at www.springfieldfirsthome.com, or simply call or text us at 417.872.9222.