August 2019 Columbia Real Estate Market Update
As we have seen over the past several months, the interest rate drop from July 31 has not caused the upturn in sales that one would have thought it would. There is a lack of affordable housing and that lack, along with higher housing prices are affecting the number of home sales. First time home buyers are unable to buy at the higher price levels, even though the lower rates would be a help.
Here is a brief summary of the numbers from the August Columbia Market: and what they mean for anyone thinking of buying or selling.
New Listings - 1620 (up 8.3% from 8/18)
Rending Sales - 1346 (up 6.2% from 8/18)
Closed Sales - 1376 (down 1.4% from 8/18)
Days On Market - 50 (down 5.7% from 8/18)
Median Sales Price - $185,000 (up 11.8% from 8/18)
Percent of Asking Price Received 97.7% (up 0.3% from 8/18)
Months Supply of Inventory - 2.9 (up 3.6% from 8/18)
The number of new listings coming on to the Columbia market in August has increased from August of last year, and the number of days on the market is shortening. The number of pending sales has increased 6.2% and median prices are up almost 12% from this time last year. These statistics are all indicating that it is a great time to be a seller. This is obviously not great news for buyers. Additionally, the monthly supply of homes is only at 2.9, which is low, and sellers are receiving 97.8% of their asking price. If you are considering selling your home, do it now while interest rates are low and more buyers can afford to purchase. For more information on key indicators of a healthy housing market, click here.
Here at Jeff Cook Real Estate, we work hard to help you with integrity and honesty. We have many eager buyers wanting to purchase. It is an excellent time to give us a call to list your home. Call-855-HEY-JEFF today.
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