Realtors: Columbia housing market remains stable despite drop in sales

COLUMBIA, Mo (KMIZ)

COVID-19's economic drag has also hit the local housing market.

Columbia saw a decline in houses sold and houses on the market in May.

According to a report from the Columbia Board of Realtors, home sales were down 21 percent from May 2019, partially because of a lack of inventory, with 18 percent fewer homes on the market.

That makes two straight months of low sales numbers, as April experienced a significant drop, as well.

Gabe Boesson has been looking to buy a house for weeks. When he finally found one available, there were so many applicants it drove the asking price up $4,000.

"That house had 15 showings scheduled for that Saturday…alone," he said.

Chris Martin is a local relator who has been showing houses during this economic decline. He said it really comes down to a supply and demand issue.

"You don't have a lot of houses on the market and you have a lot of buyers out there," he said.

Martin said the reason for the lack of inventory is due to COVID-19.

"When you have your home on the market you are going to have people going through it, people you've never met before," he said.

The Board of Realtors said that the lack of inventory is continuing to hinder the spring market, but also said not all the numbers are discouraging.

Although fewer houses were sold, 26 percent more houses were under contract.

The board said the housing market continues to remain stable, despite the stay-at-home orders in Boone County.

Check back for more on the state of the local housing market or watch ABC 17 News at 5 and 6.