Columbia real estate market continues to grow
The Columbia real estate market continues to hold steady. Sales in early 2017 already are on track to match or exceed those of 2016, according to Columbia Board of Realtors (CBOR) President Jim Meyer.
Single-home sales fell slightly in 2016, with 2,198 homes sold compared to 2,205 in 2015, according to numbers from the Columbia Board of Realtors.
Although sales remained fairly steady in 2016, the Columbia and Boone County market saw a lower level of inventory throughout the year compared to 2015, Meyer said.
He has seen more sellers on the market so far this year.
“Last year was a little tight for buyers, but I think it’s going to be a little more balanced this year,” Meyer said.
The cost of homes continues to rise. In 2016, single-family home sales averaged $210,335—up from $205,328 in 2015 and $196,571 in 2014.
One factor that might affect future numbers, especially those surrounding new construction, is the revised Unified Development Code under review by City Council.
“I think a number of factors in that code will drive up the cost of development in Columbia,” he said.
Among existing homes in the central part of the city, price appreciation has been noticeable, Meyer said. “There is a lot of upscale renovation to the ’40s and ’50s bungalows, so those prices are going up,” he said.
For more information and projections on the local real estate economy, visit the CBOR website at cbormls.com.
Cost of Living
According to the Council for Community Research, the cost of living in Columbia has increased but remains below the national average. Living costs in Columbia were 1.5 percent lower than the nationwide average for the first quarter of 2016. Housing in Columbia was far less than the national average, with $86.50 buying the equivalent of $100 in the composite “average” city; grocery items and transportation also were below average.
To get full listing of local neighborhoods visit neighborhoods.columbiatribune.com/
Single Family Homes
|Single Family Home Sales in Boone County||2,017||2,203||2,198|
|Existing Single Family Homes Sales in Boone County||1,758||1,907||1,923|
|New Construction Single Family Homes in Boon County||259||296||275|
|Single Family Home Average Sold Price in Boone County||$196,571||$205,345||$210,335|
|Existing Single Family Homes Average Sold Price in Boone County||$183,801||$193,086||$198,543|
|New Construction Single Family Homes Average Sold Price in Boon County||$277,456||$287,791||$279,627|
|Single Family Homes Average Cumulative Days on Market||73||63||56|
|Single Family Home Average Days on Market||93||83||70|
Data from Columbia Board of Realtors.
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