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Quarter 1 2014 Boone County Housing Market Statistics

Spring is officially here! After battling the cold, it’s so great to finally see grass growing and flowers blooming!

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Attached is your Q1 2014 Boone County Housing Market Statistics. Q1 was definitely slower when compared with last year. In our opinion, this was largely due to the weather. Days on market is slightly higher this year than last, but not by much- still very reasonable. The number of homes going under contract is rising very well. Inventory is slightly higher than last year, but that is healthy. The multiple offer negotiations last year left many buyers very frustrated! Supply and demand seem to have found a good balance.

New construction sales are significantly down from last year. Pure speculation, but I think this is two-fold. The weather obviously prevented many foundations from being able to be poured in a timely fashion, so some of the builders are just running behind with their spec homes. Also, there just aren’t many places to build right now. The last few lots in the established new neighborhoods have been snatched up, and there are only a couple brand new subdivisions. The builders of those are really keeping a strong hold on their lots, and not selling to other builders.

 Just as we thought, the market did heat up locally mid-February, but we now expect the peak to be April/ May/ June, and the sales will be spread over a longer period but they will be very steady! We still expect things to taper off late July.

If you are thinking about selling your home this year, call or email us immediately. This is the time to have your home on the market!

If you are thinking about buying this year, there is currently lots of new inventory coming on the market. Don’t miss your dream home! Call or email us to schedule your consultation, so we can keep an eye on the market for the home that fits all of your wants and needs.