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October 2023 Market Update

Tuesday, October 17, 2023   /   by Shauna Norris

October 2023 Market Update

Happy fall, y'all! It's my favorite time of year here in the Ozarks. The leaves are turning, and we have cooler temperatures. Plus, it's my birthday month.

Hi, I'm Shauna Norris, broker-owner of Venture Group Real Estate here in Neosho, Missouri, and Joplin, Missouri, serving all of Southwest Missouri. We lovingly call this region the Ozarks. We experience all four seasons here, and it's only fitting to do a market check-in right around this time of year.

It's October 10th, 2023, and currently, we have 61 active listings and 357 pending listings, or listings that are under contract. This puts us at 37%. As I've shared in other videos, when we have a pending-to-total listing ratio of around 25%, it indicates a balanced market. Anything above 25% is typically in favor of sellers, while anything below is in favor of buyers.

We are steadily approaching a truly balanced market, with several sectors already achieving balance, particularly in the $500,000 and up price points and most vacant land. However, we're still experiencing an inventory shortage. Historically, we had nearly 1,000 listings, sometimes even exceeding 1,000 active listings. Currently, we have 611.

So, what does this mean for you? Should you be buying or selling? The answer is yes. If you have a lifestyle change or a pressing need, now is the time to consider buying or selling. It's nearly impossible to perfectly time the market to sell at the absolute highest or buy at the lowest, especially when it comes to your personal home.

Let's discuss your specific needs as a consumer and homeowner. Together, we can create a solid plan to help you achieve your goals in this market.

I can't emphasize enough how important it is to work with a professional in today's market. We're structuring our offers and listings in ways that are different from just a year or two ago, adapting to the changing market conditions. Your agent, your professional, your advocate should have a deep understanding of both the hyper-local market and the national real estate landscape.

Fortunately, here in the Ozarks and the central part of the country, we have insights into what's happening on the East Coast and the West Coast, which are larger markets. We can leverage this information, combined with our local knowledge, to help you achieve your buying or selling goals.

As always, I'd love to have a one-on-one conversation with you. Whether it's a seller's call, a buyer's call, or just a simple discovery call, there's absolutely no pressure.

Once again, I'm Shauna Norris, broker-owner of Venture Group Real Estate in Neosho, Missouri, and Joplin, Missouri. If you've found anything I've said even remotely helpful, I'd appreciate it if you subscribe to our youtube channel. Thank you!


Venture Group Real Estate
Shauna Norris
112 E Spring St.
Neosho, MO 64850
Joplin Office: 1530 S Main St Joplin, MO 64801

Information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable, but is not guaranteed.
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