Real Estate info- buying, selling and everything in between: November 2009

Happy Thanksgiving!  Wishing you a warm and peaceful holiday season.  Please take a moment to think of those that cannot be with us.

 

And how about some good news?

 

Month to date (11/01/2009-11/25-2009)  the Real Estate numbers look very good!

So far in November 2009, 25 homes have closed in O'Fallon. Basically a home a day, not bad at all.

21 of the homes were pre-owned and had an average market time of 108 days and an average sales price of $144,168.

The other 4 were new construction.  These had an average market time of 133 days and an average sales price of $239,750.

 

This is a dramatic rise over the last few years for the same time period. 

For example in 2008 only 11 homes had closed at this point in November... this represents a 128% increase!

 

Much of this is of course due to the tax credit.  With the recent expansion we can be cautiously optimistic about the future.  Full report to follow once the monthly totals are in.  Once again, Happy Thanksgiving!

 

 

 

Tax credit has been extended and expanded, no longer do you need to be a "first time homebuyer" to receive the credit. Been in your home for 5 years? Then you very well may qualify!

October was wet, really wet.  Muddy yards, wet basements, cloudy skies and one of the hottest months for Real Estate this year!

October saw 43 homes close in O'Fallon... this number is closer to June, July, August activity.  Actually you have to go back to 2005 to find an October with those kinds of numbers.  Much of this can be attributed to the first time home buyer tax credit.  Set to expire in late November this is most likely a surge of folks rushing to take advantage before the expiration.  Good news is that there is a VERY good chance it will be extended and expanded. 

 

 

 

As has been the case most of the year the $300,000 mark remains the high end of where things are selling.  For example of the 43 homes that closed in O'Fallon IL 40 were below $300,000.

As mentioned above this has been the best October for homes closed in recent history.

 

 

 

While this is all good news we are still down about 11% from 2008 and down about 27% from 2007.

 

 

 

Currently there are 53 homes under contract in O'Fallon IL, this is a good sign for November numbers.  The effect of extending the tax credit remains to be seen as we are entering the slower months. If past performance is any indicator then we can/should expect a brisk 4th quarter of 2009.  Details on the extension to follow!