Real Estate Market Update O'Fallon IL December 2009:
After a mild summer winter has arrived. As I write this it is 8 whole degrees.
December was a brisk month for Real Estate in O'Fallon. 27 homes closed so a lot of folks got a new home for the holidays.
Of the 27 that closed:
25 were pre-owned; these had an average sales price of $156,922 and an average market time of 177 days.
2 were new construction, with an average sales price of $237,907 and 166 days on the market.
Activity has been consistent from 2007-2009 for the month of December. This is encouraging given the current state of the Real Estate Market. For example In 2007 26 homes closed, 2008 30 homes closed and in 2009 26 homes closed.
While this is good news the average price for homes closed in December has dropped.
In 2006 the average sales price for December was $221,006 this December (2009) it is down to $162,921.
Price range still holds steady, the bulk of the homes closed fell below the $300,000 mark. This is a trend that has been consistent during 2009.
Stay tuned for the 2009 Year in Review!
Hi David,
With average time on the market nearing 6 months and prices lower than last year, the number of sales that closed seems to indicate a leveling off of those prices. Very good job on the market report, any consumer in your area or client should appreicate the information.