COLUMBIA — Sales of Boone County homes increased nearly 30 percent between 2011 and 2012, according to a report by Robert Wolverton, president of the R. Anthony Development Group. He characterized the residential real estate market in 2012 as "outstanding."
Wolverton said he has been issuing an annual real estate analysis for the past 13 years. At first, the numbers were for his own personal use and forecasting, but friends, colleagues and others involved in real estate asked him to share his information, and he began distributing it more widely.
According to his Boone County Year End 2012 Real Estate Market Analysis:
In the rental world, new student rental projects and the demand for single- family home rentals continued to increase. In his report, Wolverton said that clean, well-located and reasonably managed rental properties are full and rents are up.
Wolverton credits four factors that may have increased sales.
Unemployment was down to 4.8 percent in Boone County from 5.5 percent in 2011.
Wolverton said the growth probably won't continue at the same pace into 2013 because as much as 15 to 20 percent of the single-family detached home sales in Boone County in 2012 were caused by school redistricting and fear that interest rates would increase significantly after the election. Also, there were homebuyers in 2012 who would have waited until 2013 or 2014 to buy but did so in 2012 due to historically low interest rates.