February...not the most exciting month for Real Estate in O'Fallon IL, but 17 homes did close. Interesting to note that 17 homes closed in February of 2009 so no downward movement here, GOOD news.
Currently there are 45 homes under contract and 225 for sale so it is still a fantastic time to purchase. The tax credit is still in place and rates continue to be very competitive.
Price range should be no real surprise and...they are not. Below $300,000 was 100% of the activity.
Looking at the same data from a year to date perspective provides more of the same with 97% of the homes closed in 2010 below $300,000.
As mentioned above 17 homes closed in February of 2009 in O'Fallon and the number held steady for 2010.
This is encouraging news but it is difficult to ascertain the true pulse of the market as the tax credit is certainly helping to stabilize home sales on some level. This was also the case last October/November with inflated numbers when the credit was originally set to expire.
Year to date numbers look good as well with +7 more homes closed in O'Fallon over this same time period last year.
The average sales price for February 2010 was $165,692 with an average market time of 132 days.
