Imperial, MO (PRWEB) March 10, 2014
This winter provided some of the longest, toughest weather in years, which did have an effect on the housing market, but not as much as one might think. Throughout the nation, home builder confidence dropped in February, according to the National Association of Home Builders and Wells Fargo, but builder optimism is in neutral territory, regionally. At the same rate, new home sales were up in January, showing that no amount of snow and sub-zero temperatures is going to stop confident home buyers who are eager to break into the housing market.
According to data released by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau, sales of newly built single-family homes rose 9.6 percent in January nationwide, which is the strongest showing since July 2008. However, the inventory of new homes for sale was at a 4.7-month supply and a healthy market is typically characterized by an inventory of 6 months to 6.5 months.
Taking a look at local data, Altos Research, a California-based real estate analytics company, reports that the median single-family home value in Imperial was marked at $184,746 as of February 28. This value has remained fairly level for the past few months, and reveals a slowdown in the sale of homes in the area. But interested home buyers and sellers are still looking at a promising market.
“Inventory in Imperial and throughout Jefferson County is low for now, keeping competition fierce among prospective buyers,” said Frank Ciliberto of Prudential Alliance, REALTORS®. “But with new home sales rebounding across the nation and home builder confidence staying positive in the Midwest, home owners looking to buy or sell can have an optimistic outlook on the spring season ahead.”
Altos reported the inventory of homes in the Imperial area at 159 as of February 28, which has slowly declined since its peak in August at nearly 200. With weather as a major contributing factor to the conditions of the market, some economists are still bullish on real estate in 2014. If home builder confidence trends back upwards, inventory in Imperial and throughout the nation can replenish and pull the real estate market back on its feet.
Ciliberto is one of the most well-respected REALTORS® in Jefferson County and ranks in the top 1 percent of Prudential agents nationwide. He has maintained the No. 1 spot in home sales in Jefferson County for 10 years in a row, specializing in new construction.