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

Hello, The Us Treasury very recently set forth new more streamlined guidelines for the Short Sale process. With Foreclosure and short sales on the rise this is VERY good news. The video below will give further explanation. For even more information, please visit us at OFallonShortSales.comHappy Holidays and stay Warm!

 

 

 

 

November 2009 Real Estate Market Update for O'Fallon IL.

 

Locally, things continue to look up.  This November saw 35 homes close. This is an increase of more than 130% from November 2008.

Of the 35 that closed:

30 were pre-owned homes with an average market time of 118 days and average sales price of $154,055.

5 were new construction with an average market time of 148 days and an average sales price of $242,453

 

 

After a huge spike in October (due to the expected expiration of the tax credit) the market continues to be very active. As you may know, the tax credit has been expanded and extended.  We expect this will  continue to fuel our local Real Estate market.  Currently there are 46 homes under contract in O'Fallon IL.

The graph below illustrates a month by month look at home closings in O'Fallon.

 

 

 

 

While we remain optimistic about the future, when looking back we are still far below years past but appear to be stabilizing.

 

 

 

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The chart below shows the percentage of homes under contract by month over the last 12 months.

 

Supply continues to exceed demand:

 

Another promising point is that average sales price may be stabilizing:

 

 

So all things considered, not a bad month at all.  The effect of the extension of the tax credit remains to be seen at this point, but with 46 homes under contract it should be safe to assume that it should continue to have a positive impact over the next several months.  For a detailed explanation of the expansion and extension click here.