What you need to know about Phelps County Real Estate Market in January 2023

Are you thinking about buying or selling your home in 2023?

It is important that you seek out the latest local information and facts when you're keeping up with the real estate market.

Real estate always has been and always will be a LOCAL MARKET.🔥

Today we are going to look into the Phelps County housing market, the local trend, what we saw over the last 30 days and most importantly, what that means for you.

When doing our monthly market updates we look at a few statistics that we feel are the most important when analyzing the real estate market.

✅ Number of Homes For Sale

If you're thinking about waiting until spring to sell your home like most do, we may have news that could change your mind.

Last month there were 120 homes actively on the market and this month its slightly less with 110 homes.

Sellers, you might want to meet with us and see the potential buyers in Phelps County while the inventory is less on the market. This may be the opportunity that you need! 

✅ Average Sales Price

Last month's average sales price is $200,000 and it dropped this month at $176,000.

But DON'T PANIC! The market is NOT crashing!❌

The drop may be explained by a few different variables, like the the caliber of homes sold, the number of bedrooms, or even the size of the home.

For example, more 3-bedroom homes than 5-bedroom homes have been sold in the last 30 days.

✅ Number of Homes Sold

Last month, we sold 35 homes and over the last 30 days we sold 36. This backs up the numbers of our average sales price.

The good news is that even though winter months are typically slow for sales, the number of homes selling is staying consistent in Phelps County.

✅ Sales Price vs List Price

This is an indicator of what are buyers and sellers are doing in the market based on trends. It tells us our price point as a seller and negotiating power as a buyer.

Last month, the average sales price is 97% and this month it's down to 93%.

This tells us that the market is normalizing and adjusting. That's why it's imperative to work with a trusted real estate professional to help guide you through this process. Curious about what your home is worth in today's market? Take advantage of our FREE Market Evaluation.

This is the biggest purchase or sale of your life, and don't take it lightly.

One of our values is EDUCATION, that's why we dive deep into these stats on a daily basis to help you in making informed decisions for you and your family.

As always, our team remains #1 in our area and #1 in the state of Missouri.