Southern Missouri June Market Update   The graphic above compares June 2024 to last June for all property types and locations within the Southern Missouri MLS. We take a rather broad perspective on the market; however, if you want details on specific property types, counties, etc., please let us know! Maria can spend hours pouring over data and trying to find patterns and trends.   In quick summary, our days on the market (days from listing to securing a contract) is up 4 days, median sales price is up by almost 2%, we have 21% more listings but are down 10% in total sales volume.       As you can see above, we have had an increase in active listings with a slight decrease in sold listings 1.56k sold in June 2023 vs 1.41k sold in 2024.           Over the last year, our prices (and units sold) gradually dipped in the winter, but we are up 1.8% in median price and 2.5% in average sale price.           We had a big leap in days on market over the winter and early spring as the rates were increasing, but they are coming back down.  DOM is the time from listing to contract where CDOM is the total time on the market to closing day.           Finally, our volume on the market is increasing while the amount sold is rather level.   We have to admit that this isn't a very exciting market update, but a healthy one in our opinion!  We have needed our inventory to increase and we like to see the slower, steadier price increase. Some property types are still flying off the market where others seem to sit longer than we were used to in the Covid period.      

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Southern Missouri 2023 Year End Market Review   2023 is a WRAP!  2022 through 2023 were rather level with no drastic increases or decreases with standard dips and rises that come with the seasons. Below is my comparison and interpretation of the stats between quarters and the previous year. All data provided by SOMO MLS.   Price Trends When discussing Price Trends, I am comparing Average or Median Sale Price per Property Sold.  All property types... every house, commercial property, farm, or vacant land lot is averaged or median is taken to come up with the sale price trends used below. Year over Year Comparison Our average and median sale price remained fairly level as well with natural volume and averag sale price dropping in relation to the holidays and the new year.  The graphs below show the regular dips December through January/February.  2023 4th quarter median sales price is up by 8% in comparison to end of year 2022.  The Average Sale price 2022 and 2023 was $250,000 (more precicely, our average was just $60 under 2022's average). 2 Year Price Trends Quarterly Comparison The Fourth Quarter median sales price was $213,000.  It dipped by 5% in comparison to Third Quarter.  In 2022, we saw a larger 7% drop between 3rd and 4th quarters. Volume Sold When I discuss volume, I am referenceing the total amount of dollars of sold property.  It doesn't account how many or quantity of properties, just $$ exchanged.  Sales volume follows the seasonal ebbs and flows as well, hence the dips late in the year and early the following year in the graph below Year over Year Comparison In Q4 2023, we we sold 4% less in volume than in Q4 2022.  But the more important stat here is that we sold 17% less in all of 2023 compared to 2022.   Quarterly Comparison In 2023, 4th Quarter was down by 18% in comparison to the 3rd Quarter. In 2022, there was a larger 27% drop in volume between the 2 quarters.   Entire MLS Volume     Local Volume   Inventory The quantity of listings has increased. January 2022 started with 5,370 listings on the entire MLS (including Springfield and surrounding area).  By the end of 2022 we reached 7,180 active listings.  At December 2023, we had 8,070 listings available.  That's a 12.4% increase in NUMBER of listings available over the entire MLS and 14.9% increase in available volume from the end of 2022 to end of 2023 (average list price is up).   Inventory - Listings Available and Sold   Days on Market There are two terms that are brought up when discussing Days on Market.  There is Days on Market and Continuous Days on Market.  Days on Market measures the time a listing hits the market to the time it goes under contract.  Usually there is a month or so between a contract and closing day.  The Continuous Days on Market Measures the time from listing to the time of closing.  CDOM will be more than DOM. Year over Year Comparison 2022, we averaged 52 days on the market while 2023 went up to 60 days on the market. Quarterly Comparison 2023, 3rd quarter averaged 52 days on the market and 4th quarter hit 58 days on the market, a 6 day increase.  2022 q3 to q4 jumped from 38 to 51 days on the market,  a 13 day increase.   Days on the Market  

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                                                Overview Summary The stats are in! The median sales price for all property types is up from both last quarter and Q3 2022.  We had a 3.5% increase of the sales price in the last year.  The total total dollar amount (sales volume) decreased by 14% in the last year, I think for 2 reasons: available inventory and loan rate increases.  The amount of listings are climbing ever so slightly, but not enought to change our market.  This 3.8% increase in available properties for sale is a small, 260 listing increase.  Finally the days on the market is 3 days quicker than last quarter and a week slower than last year. If we focus more on the rural property (removing Greene County where Springfield is located), the current days on the market is 27 days! That's a huge difference when comparing the 7 median days on the market when including Greene County.    Price Trends Below you can see the Median and Average Sale Price trend since the beginning of Q3 2022.  We had a slight dip in the end of 2022 and beginning of 2023, but ended up with a 3.5% increase from 2022 Q3. Sale/List Ratio Below, you can compare the Original and Current List Price to actual Sale Price Ratios.  This shows that most listings are reducing mid listing period before going under contract.  During the COVID rush, these numbers exceed 100%.  We are finally leveling out and sellers are having to adjust expectations. The time for pie in the sky prices is through.  Sale prices have been driven up thanks to that time period, low inventory, and still level demand, but the rate at which that increase happened has drastically slowed and leveled out.  You'll notice that the ever so slight price drop in the graph above correlates to the reduced sale/list price ratio timeline in the graph below. Days on Market Our days on the market really began to climb Q3 2022 and began to fall Q2 2023.  Q3 2023, we are starting to see another climb.   Sales Volume By now, you'll notice the negative trend in the 4th quarter of 2022 and the improvement in the 31st quarter of 2023.  The sales volume is no different.  Q4 2022 took a large dive and began recovering in the first and second quarter of 2023. The volume isn't quite where it was a year ago, down 14.3% from Q3 2022 to Q3 2023.   I hope this is helpful in understanding our current area market!  As always, I am happy to break this down and interpret it to your situation, location, and property type.  

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