Tom Schauwecker, Assessor for Boone County, told the Muleskinners on Friday that he was seeing an unusual trend in Colombia – a convergence of higher property prices and low housing supply.
“The real estate market we are in right now, the residential real estate market, is unprecedented,” he said at the weekly gathering of District Democrats.
The median price of an existing home in Boone County rose 17% from March 2020 to March 2021, Schauwecker said. This is in line with national trends showing an increase in house prices.
According to the National Association of Realtors, average existing home prices for all apartment types rose 23.6% year over year in May.
The low interest rates are also driving the market, said Schauwecker. According to the Missouri Board of Realtors, the national median rate in May was 2.96%, 0.27% less than May 2020.
The fluctuating supply and demand situation in student dormitories is also affecting the real estate situation in Colombia, said Schauwecker. The rapidly growing student housing market is now recovering from the decline in student numbers after the protests in 2015.
“Apartment buildings within walking distance of downtown are full, but suburban dormitories have suffered a blow,” he said. “We can see that suburban dormitories are returning to a more traditional type of housing.”
Despite the unprecedented situation, Schauwecker showed confidence in his team and was proud of the data availability that residents had during his tenure.
“The transparency, the ability to see what your home and your neighbors are being rated for, that’s what Boone County’s people expect,” he said.
After 30 years as an assessor, Schauwecker resigns in autumn. He did not seek re-election, and Kenny Mohr, the elected assessor, will take over this role from September.