2023 Year End Market Update - Southern MO

by Evan And Maria Lawler

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).

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.

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).

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.