The Columbia Board of Realtors Boone County home sales statistics for May show a turn in the housing market.
Home sales in Boone County increased 35 percent when compared to May of last year and 15 percent compared to April of this year. Board treasurer Becky Sterling says record low interest rates play a role, butshe thinks the biggest factor in the spike is buyers getting past their fears.
“I think things were so scary last year that people just said doesn’t matter we’re buying… you know it’s time we’re gonna buy. I mean there’s not a better time to buy. If you’re in good shape with credit and you got any money at all down and you have stable incomes – I don’t see how it could get any better than what it is right now,” Sterling said.
Sterling says first time buyers who stepped back from the market after lending tightened up last year are the biggest contributors to the May purchasing surge. She also says banks are recovering making it easier to get a loan. The Columbia Board of Realtors statistics show 892 home sales in Boone County this year compared to 684 at this time last year.
The Jefferson City Area Board of Realtors reports a 22 percent increase in home sales for May of this year compared to May of last year. The statistics show the average sale price for a home in Jefferson City last month was $140,153 compared to $124,421 in May of 2011. Board president-elect Bunnie Cotton says she has no complaints.
“You know interest rates are at an all time low…I mean all time low, a 30 year fixed rate is three and a half percent right now…It’s great I mean you know when you’re up 22 percent and you’ve sold as many as we’ve sold up here to date I mean …life is good right now,” Cotton said.
Cotton says she has seen second time buyers looking to upgrade their homes as the biggest contributors to the May purchasing surge in Jefferson City. The average number of days a house is on the market in Jefferson City has decreased in the past year by 54 days.