Monday, 03 December 2012 01:53

Real Estate Market in Springfield IL Improving

Market Improving as Foreclosure Sales Continue to Increase

SPRINGFIELD (November 19, 2012) Unit home sales for single-family homes increased while prices decreased in the Capital Area during October 2012, according to the Capital Area Association of REALTORS (CAAR).

For the month of October, the median home sale price (for all single-family homes and condominiums) was $102,500, a decrease of 1.4 percent from the October 2011 price of $104,000. The year-to-date median sale price through October of 2012 was 115,000, reflecting an increase of 4.5 percent over the $110,000 price during the same period in 2011. The median is a typical market price where half the homes sold for more, half sold for less.

According to CAAR, 283 homes changed hands in October 2012 as compared to 238 homes sold in October 2011, reflecting a 18.9 percent increase. Year-to-date homes sales through October of 2012 totaled 2,983, reflecting a 9.9 percent increase over the 2,715 sales year-to-date through October of 2011.

"After showing improvement for seven of the past nine months the median sale price dipped slightly in October. On a positive note October marks the twelfth straight month in a row in which home sales were up over the prior year," said REALTOR Don Cave, president of the Capital Area Association of REALTORS. "Other positive indicators include the fact that homes are selling faster, there is a sharp upturn in pending sales and we continue to see a balance in the supply," said Cave.

There were 370 pending sales at the end of October, a 38.6 percent increase over the 267 pending sales during the same time a year ago. Pending sales are essentially those contracts that have been entered into between buyer and seller but have not yet closed. "During the coming months this sharp increase in pending sales will translate into an increase in closed transactions," said Cave.

According to CAAR, homes closed in October sold faster than those closed in any other month this year. The typical home sold in October of 2012 was on the market 88 days before being sold as compared to 105 days the same time last year. The average time on market year-to-date through October of 2012 was 107 days, up marginally from 105 days during the same time period last year.

Cave points toward a record number of foreclosure sales in October as the reason for a decline in the median sale price. "There were 52 foreclosure sales in October, up from 43 in September and reflective of the highest number since CAAR began tracking them in 2010. In talking with local foreclosure specialists there are more in the pipeline. This underscores the necessity of Congress to extend the Mortgage Forgiveness Tax Relief. Without an extension, families engaged in loan modifications, short sales, or foreclosures will face a big tax bill. Neither consumers nor the housing market need that added burden. Homeowners shouldn't be forced to pay a tax on money they've already lost with cash they never received," said Cave.

The number of new residential listings taken in the Capital Area for the month of October 2012 was 412, reflecting an increase of 10.8 percent over the 372 new listings at this time last year. There were 1,535 listings at the end of October 2012, down 2.5 percent from the 1,574 listings at the end of October 2011. As of November 17th there were 1,710 listings on the market reflecting a 5.9 month supply of inventory based on the average monthly sales rate over the past twelve months.

The Federal Home Loan Mortgage Corp. reported that the national average commitment rate for 30-year, conventional, fixed-rate mortgages was 3.38 percent in October 2012, down nearly three quarters of a percent from the 4.07 average rate during October of 2011.

The Capital Area Association of REALTORS is the Voice for Real Estate in the Capital Area representing more than 700 members involved in all aspects of the real estate industry. The Capital Area's Resource for Real Estate Information can be found at www.SeeHouses.com

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