Columbia Missouri Market Statistics Part II

Well, I have done some research and would like to elaborate on some analysis of the July 2007' housing numbers for Columbia Missouri. As per part I of this commentary this blog will be mostly comprised of statistics.

Existing Home Sales July 2007' vs. July 2006'

• Volume: Up $2,992,554 or (4.2%)
• Units Sold: Up 32 units or (7.6%)
• Average Price: Down $11,258 or (3.4%)

New Home Sales July 2007' vs. July 2006'

• Volume: Down $5,033,238 or (23.4%)
• Units Sold: Down 18 units or (17%)
• Average Price: Down $26,872 or (6.7%)

Total Homes Sales July 2007' vs. July 2006'

• Volume: Down $2,040,684 or (2.2%)
• Units Sold: Up 14 units or (2.6%)
• Average Price: Down $16,993 or (4.9%)

What does all of this mean?

Well, to summarize the numbers, it seems existing home sales in Columbia Missouri are holding strong. However, the price of the homes selling is down an average of over $11,000 or 3.4% from a year ago. New construction sales are really suffering. Volume, units sold, and average price are all down an average of 15.7% over last year. This is especially true for the sales price. Can you believe these homes are selling almost $27,000 less than July of 2006'? This shows the eagerness of builders wanting to unload their inventory.

Overall the market is down, but this is somewhat skewed as the majority of our issues lie in the "new construction" area which has simply been over built for the community. With the majority of the homes being over $200,000, there seems to be no "quick fix" to rid us of these problems. Time is the answer. Over time the Columbia market should rebound nicely!

I am sure I speak for most of us in the real estate community, the sooner the better!!

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