Navigating Phelps County's Real Estate Market: August Market Update

As we transition from July to August 2023, the market is changing...

and here's what you need to know:

📈 Inventory:

A slight increase to 118 properties, meaning more opportunities to find your dream home.

🏡 New Listings & Sales:

A decrease in new listings but the market remains active, making it a good time for your property to stand out.

💵 Sales Price:

An average decrease to $215,563, reflecting fluctuating demands, yet well-priced homes are still attracting offers.

⏰ DOM (Days on Market):

A significant improvement to just 37 days, a 45% decrease, means homes are selling faster.

💲 Sales Price to Original Price Ratio:

Holding strong at 98.5%, showing homes are selling close to their asking price.

Here's the BOTTOM LINE...

Home values are predicted to increase, and waiting to buy might cost you more in the long run.

🚨 Buyers...

A slight decrease in inventory levels indicates that competition among buyers might be high. However, quality homes are still coming onto the market.

🚨 Sellers...

The slight decrease in inventory is a positive sign. Less competition could mean your property stands out more to potential buyers and may sell quickly and for a good price.

Don't believe everything the media tells you! The demand is there, and the supply is tight, so prices are likely to continue rising.

Are you a buyer or seller that wants more info?

Check out our pages for detailed insights, and feel free to reach out anytime.

Matt Smith Real Estate Group is the #1 Real Estate Team in Mid-Missouri. We're here to help you make the best decisions for you and your family. 🏠

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