Real Estate info- buying, selling and everything in between

And more importantly...where should I price my home to SELL?

For those sitting on the fence about market value and what homes are actually selling for... read on!

O'Fallon IL so far in 2009:

90% of the homes closed for less than $300,000.  These homes averaged about 141 days on the market or about 4.5 months. 

The days on market for those homes over $300,000 soars to 208 days or about 7 months.

The Real Estate Market for June 2009 showed much the same as above.

85% of homes closed in O'Fallon IL in June 2009 closed under $300,000 with a market time of just under 4 months.  Jump over $300,000 and market time increases to over 6 months.

So... pricing as always is very critical.  In some cases a homeowner may be better off pricing more competitively for a faster sale (fewer house payments, taxes and insurance) than going a bit higher to "see" what may or may not happen.  Price = Time.  This will become even more important as summer draws to a close.  Fall and winter historically bring fewer home sales and elevated market times.

Hope everyone had a safe (dry) and enjoyable 4th of July weekend!

Well...the first half of 2009 has been interesting to say the least for Real Estate in O'Fallon IL.  The silver lining here is that closed homes are right where they were at this time last year.  No better, but it appears the trend downwards may have slowed down for now. In June, 44 homes closed with an average sales price of $221,298 and an average market time of 129 days. 

Of the 44 closings:

40 were Re-Sale homes with an average sales price of $206,794 and 127 days on market.

4 were New Construction with an average sales price of $366,342 and 142 days on market.

More good news: There are currently 58 homes under contract!

Now for the historical data:

New Construction in the O'Fallon IL Real Estate Market:

New Construction seems to be holding steady in O'Fallon IL.  While sales are down new homes still seem to hold about the same percentage of the market. In 2006 new construction accounted for 28% of home sales.

2007: 25%

2008: 26%

and so far in 2009 we are at 13% so it looks to be on track to maintain.  While there may be fewer new homes available there are still many excellent choices. Click here to search now!