JOPLIN, Mo. – Prices are up and time on the market is down, there’s no question it’s a hot market for home sales across the country.
In many cases, it means it’s a quick process for those who are buying or selling.
That’s either to make that offer to buy or wait for them to make the offer.
“When I put an offer in on this house there were eight offers.” Says Stan Heater, Joplin Homeowner.
So Heater knew it was a hot market even before his last house sold in less than 24 hours.
“I was right at the beginning of the crazy sellers market right now.” Says Heater.
The president of the Ozark Gateway Association of Realtors says 2020 was a crazy market, but 2021 is even hotter.
“2019 average days on market 120 ish 2020 In December, that’s 60, and then come in March or April this year we were about 33 days on market, it’s dropped so fast.” Says Allen Hall, OGAR Board Pres.
Hall says just about any three-bedroom, two-bath home from 100 to 300 thousand dollars will get multiple offers to buy.
“I’ve seen homes go for anywhere from 10,000 to $50,000 over what the price or the asking price. Now, it’s, it’s just so unpredictable.” Says Hall.
He says there are several factors pushing the trend. That includes climbing construction prices.
“Two by fours are three times the amount they were two years ago if not four times now.” Says Hall.
More and more millennials still living with parents now looking for their own space. It all creates a market with higher prices and a quick turnaround.
“Right now, we may get 30 houses on the market, 34 right now. And we may sell 27 in a day.” Says Hall.
2021 metro area sales trends show the average sales price is up from $122,000 last year to $152,000 this year. That’s a difference of $30,000 or nearly 25%.