Monday, March 14, 2011

Cape Girardeau real estate market shows improvements

CAPE GIRARDEAU, MO (KRCU) - The first two months of 2011 showed improvement for Cape Girardeua’s real estate market as compared to the same time frame in 2010.

Tom Meyer of Exit Reality says that property is selling for about 90 percent of its listed price. Over the past year, this ratio has stood between 80 and 85 percent. This could either be the result of sellers confronting reality and setting lower listing prices … or that buyers are approaching buyers’ demand.

Meyer says that media reports have overexaggerated the role of foreclosures. Or at least that’s the case for Southeast Missouri.

“We do have foreclosures. That came about because of some lending practices. That’s true. But it’s not overwhelming us. We are a very diverse, conservative community,” Meyer says.

Meyer says that properties listed under 75 thousand dollars are very active. First-time home buyers are keeping the 80 to 130 thousand dollar market strong. However, Meyer calls homes listed between 125 and 225 thousand dollars a ‘dead price range.’ Houses listed above 225 thousand dollars continue to be strong.

The average price for houses sold thus far in 2011 is about 140 thousand dollars. The average price of houses on the Cape Girardeau market is 175 thousand dollars.

These figures represent Cape Girardeau County, as well as northern Scott, southern Perry, and Bollinger Counties.

Jacob McCleland, KRCU


Post a Comment