Houses sold in Boone County down 15% in March 2023 compared to same time last year

COLUMBIA, Mo. (KMIZ)

A monthly sales statistic released this week by the Columbia Board of Realtors shows the amount of houses sold in Boone County in March of this year was down 15% compared to March 2022.

In March 2022, 359 homes were sold compared to 143 in March 2023 sold. ReeceNichols broker associate Chris Martin said this decrease stems from Columbia, and all of Boone County lacking the proper amount of houses. It causes a supply-and-demand issue, as the amount of people looking to buy has not subsided.

"It's not because the buyers aren't there," Martin said. "It's because we don't have the houses to sell them."

Martin also said that newly constructed houses in the area are important, and could help relieve some of the issues associated with a lack in housing, but emphasized the importance that the trend is continued.

A Monday press release from the Board of Realtors indicates Boone County could be experiencing a "split market," based on price.  Homes listed under $400,000 saw a 5% increase in both the median and average price in March, while homes listed above $400,000 saw the median price dip 6% and the average price down 10%.

Homes costing fewer than $400,000 accounted for 78% of the total sales in March. Those listed over $400,000 totaled 22% of sales for March, the press release stated.   

Realtor Alice Leeper said that the housing market has seen an increase in Millennials looking to buy houses in recent years, but those buyers are surprised by high rates that sit at approximately 6%. However, Leeper said the market is stable, and people should not be afraid to purchase a house.

"The first place to start...find out from your lender where you're comfortable and what you can afford and then work with your realtor to find out what fits that mold but it's a good time to buy," Leeper said.

The average time a house spent on the market was also up 68% in the first quarter, with the average sitting at 42 days.