Wednesday, 19 September 2012 16:46

Springfield IL Home Prices and Home Sales Rise

real estate market august 2012Real Estate News for Springfield IL - August 2012

The Capital Area Association of REALTORS (CAAR) reports Unit home sales for single-family homes increased last month (August 2012) while prices also increased in the Capital Area. In addition to this, the median home sale price (for condos and single-family homes) was $121,000, up 8% from the August 2011 price of $112,000. The year-to-date median sale price (The median is a common market price where 1/2 the homes sold for less, half sold for more) through August of 2012 was 115,500. This reflects an increase of 5% over the $110,000 price during the same period in 2011.

There were a total of 353 homes sold in August 2012 according to CAAR, as compared to 347 homes sold in August 2011. This reflects a 1.7% increase. Year-to-date home sales through August of 2012 totaled 2,381. This statistic reflects a 9.2% increase over the 2,180 sales year-to-date through August of 2011.

Last month marked the tenth straight month that home sales were up compared to the respective month in the prior year, comments REALTOR Todd Musso. "I have REALTORS telling me they are very busy right now. Anytime that a REALTOR finds him or herself that busy in September that bodes well for our market."

At the end of August 2012, there was a 1.1% increase over the 440 pending sales (a sale in which the contracts are entered into between a seller and buyer, but haven't been closed yet) during the same time last year (August 2011).

Musso believes that while the market for existing single family homes improves, the direction for new construction is less certain. New construction sales were only up an additional 3 sales compared to the same time last year. New construction permits were actually down, 51 as compared to 72 during last July. This is not a reason for worry, as the new construction market is generally the last to rebound as other numbers move in the positive direction. This should be a good sign for the overall housing market.

Homes closed in August took a bit longer to sell, According to CAAR. On Average, a home sold in August of 2012 was on the market for 99 days before being sold, compared to 87 days the same time in 2011. The average time on market year-to-date through August of 2012 was 109 days, up from 105 days during the same time in 2011.

New residential listings taken in the Capital Area for the month of August 2012 was 494, down from the 500 listings during the same time in 2011. There were 1,729 listings at the end of August 2012, down 5% from the 1,820 listings at the end of August 2011. This is the lowest August listing count in over 5 years. Based on the number of listings on the market, and the average monthly sales rate, there is a 6.2 month supply of inventory on the market as of September 14th.

The national average commitment rate for a 30-year, fixed-rate, conventional mortgage was 3.6% in August 2012, down one percent from the average rate during August 2011, reports The Federal Home Loan Mortgage Corp.

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