Local real estate market surges 8 percent in 2002

|tab|

|ret||ret||tab|

The local real estate market experienced an increase in activity in 2002, and the outlook for 2003 is positive.|ret||ret||tab|

Residential unit sales in 2002 increased by 8 percent compared to 2001, according to Bob Fitzgerald, president of the Greater Springfield Board of Realtors. That percentage equals about 500 units, he said.|ret||ret||tab|

He added that the average sale price increased from $101,000 in 2001 to $114,300 in 2002.|ret||ret||tab|

Low interest rates and a low unemployment rate are two primary reasons the real estate market has been strong, Fitzgerald said. |ret||ret||tab|

"Our unemployment rate is pretty low in southwest Missouri and Springfield, and I think the economic conditions point to a good, strong market for 2003," he said.|ret||ret||tab|

I think the market is extremely attractive. I don't really see any signs of things slowing down. We've got lots of activity in the marketplace." |ret||ret||tab|

Fitzgerald said his company, Fitzgerald First Realty, sold 100 residential lots last year, including all 69 lots in the Carver Woods subdivision, which sold in less than five months, he said. |ret||ret||tab|

It is more of a seller's market than a buyer's market these days, Fitzgerald said, because there are fewer properties on the market than there are buyers. |ret||ret||tab|

"I think that speaks to the average sale price as well," he said. The demand tends to push prices up a bit, he said.|ret||ret||tab|

Fitzgerald noted that Springfield is growing in all directions. The growth extends into smaller outlying communities including Willard, Ozark, Nixa and Republic, he said. |ret||ret||tab|

"I think that's a real encouraging sign," he said. |ret||ret||tab|

|ret||ret||tab|

Carol Jones Realtors|ret||ret||tab|

Jim Bolin, Carol Jones Realtors general manager, said the company's closed sales have increased 42 percent over the past three years. Last year's production was up about 15 percent over 2001, Bolin said.|ret||ret||tab|

"The strength of a company is sometimes longevity, and it's our 20th anniversary. The remarkable growth over the last three years shows a renewed energy," he said. |ret||ret||tab|

In 2002, Carol Jones Realtors listed more than $660 million worth of property and closed approximately $500 million in sales, Bolin said. More than 50 agents joined the company last year, which brought the total number of agents to 365. Gary Oyler, former state auditor for the Missouri Real Estate Commission, was added to the staff last year as compliance manager.|ret||ret||tab|

|ret||ret||tab|

Murney Associates|ret||ret||tab|

Murney Associates closed more than $600 million in sales in 2002, according to Twila Hillme, broker-manager. In 2001, the company closed approximately $345 million in sales, she said. The boost in sales is partly due to Murney's merger with Keller Williams Realtors in mid-2002. However, without factoring in the merger, the original company still increased sales by $125 million compared to 2001, Hillme said.|ret||ret||tab|

She added that the first two months of 2003 were up 15 percent compared to the first two months of 2002.|ret||ret||tab|

"If things continue as they are, it will be a very good year," Hillme said.|ret||ret||tab|

Agents continue to join Murney Associates at an average of 10 new agents per month, she said. More help may soon be needed in the closing department, Hillme said.|ret||ret||tab|

Editor's note: Coldwell Banker Vanguard, Re/Max House of Brokers and ERA Jones-Rutherford did not return telephone calls requesting information about their companies.|ret||ret||tab|

[[In-content Ad]]