Missouri's real estate market experienced mixed results last month which follow national trends, according to a report released by Missouri Realtors.
Both the average and median prices were up 5.1 percent and 1.6 percent, respectively. The time it took to sell a home dropped by 11 days. November overall sales volume was flat, with total sales volume of nearly $710 million dollars. This represents of 0.3 percent decrease from November of 2012 and a 17.9 percent increase over November of 2011.
With still solid home sales, healthy price appreciation and a reduction in time on market, the current state of the Missouri real estate shows favorable conditions to both sellers and buyers.
The number of homes sold in November 2013 declined 5 percent, compared with November 2012 totals. In 2013, 4,634 homes were sold, compared with 4,878 sold a year ago.
But the pace at which homes sold was faster in November 2013. The average days on the market decreased 8.1 percent from 135 days in November of 2012 to 124 days in 2013.
The value of the homes also rose in 2013, with the average and median home prices increasing in November. The average price rose 5.1 percent to $153,179 in November 2013, compared with $145,753 a year ago. The median price of $119,900 was up 1.6 percent from $118,000 in 2012.
Comparing November 2013 numbers to October's numbers:
• November showed a decrease in homes sold of 12.6 percent.
• The average selling price of $153,179 for November decreased 2.3 percent from October.
• The median price of $119,000 for November decreased 6.7 percent compared with October.