2014 Real Estate Market Predictions – Springfield, MO

The housing market shows no signs of slowing down, bucking the typical trend for this time of year, according to November data released by realtor.com and our local Greater Springfield Board of Realtors.

November’s median list prices remained unusually strong for the season, showing a 6.9 percent increase year over year, while declining 0.7 percent month over month, according to the National Housing Trend Report. Locally the average price for a home in 2013 was $132,000.

Inventory appeared to be stabilizing from dramatic drops in the beginning of the year, although some local real estate markets were experiencing significant supply shortages, however the SW Missouri market stayed up pretty well on inventory compared to the rest of Missouri. Meanwhile, median list prices were about 7 percent higher than at the same time last year.

“With demand in a much stronger position compared to last year, we anticipate these gains to remain steady into 2014, but with increases expected at a more moderate pace than we have seen in 2013,” said Jessica Hickok, Manager of The Greater Springfield Board of Realtors.
 

Market Highlights

List prices still on the rise: The majority of housing markets were registering positive signs, with 111 of the 146 markets covered by realtor.com showing year-over-year increases of 1 percent or more in their median list price and only 10 markets registering declines of 1 percent or more.

Age of inventory data tracks with recent hot and cold markets: The areas with the shortest average days of homes on the market were similar to those in recent months — such as Springfield , MO with 86 days, Nixa , MO with 92 days and most other local areas at under 100 days on the market– highlight the continued weakness in some resort markets and older, industrialized communities.

Currently Murney Associates, Realtors has upgraded the website and all technology so that our agents are well prepared for the rising market and knowledgeable in all categories of real estate trends and apps. Be on the look out for our new mobile app coming in 2014.

 

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