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.
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!
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!
Greetings!
Halloween is rapidly approaching so once again it is time for the OFallonRealEstate.com Jack-O-Lantern photo contest. Rules are pretty easy.
Email us a photo(s) of your Jack-O-Lantern and you will be entered into a drawing for an IPOD Shuffle!
The photo must be one that you have taken and own...simple right?
Photos must be received by 5:00pm November 2nd and winners will announced November 3rd. Good luck!
A few entries from years past:
HAPPY HALLOWEEN!
longtime residents (and Realtors)of the O'Fallon area, we are in a unique position to provide the most comprehensive information available on Real Estate, neighborhoods, builders, and our schools.
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