Pete Spencer

This report pertains to residential homes on less than 10 acres sold in Laclede County between January 1 2009 and December 31 2009 as reported by the Lebanon Board of Realtors MLS.

The totals number of homes sold on less than 10 acres in 2009 was 240, those homes sold for a total of just over 26 million. That was down 4% from 2008's 250 homes that sold for a little over 27.7 million. 2009 sales were 44% below the all time high of 424 sold homes back in 2005.

The average price for homes sold on less than 10 acres was around $108,700 with a median price of $95,000. This average was down 2% from 08's 110,800 and the median price had a 4% drop from 99,000 in 08.

The average number of days on the market for sold homes in 09 was 190 days. A large increase from 2008's 137 days.

As of January 8th 2009 there were 288 homes on the market with less than 10 acres and listed with the Lebanon MLS, that is a 14% decrease over January of last year. The average asking price is almost $144,000 and a median asking price of just about $116,000; these homes have an average time on the market of 175 days.

Well 2009 was another down year for Laclede County and foreclosure sales made up 20% of all sales compared to 14% in 2008, this has caused property values to decline slightly. Realty Executives has found that even in these trying times for our market we managed to grow as a company by increasing our sales volume by nearly 40%. Our small company had the highest volume of sales out of all of the members of the Lebanon MLS and moved over 16 million dollars worth of real estate in 2009. We know that our place as the number 1 company in Lebanon is due to our loyal customer referrals along with our unrelenting commitment to excellence. We want to thank all of our clients and let everyone know that we appreciate their business and look forward to serving Laclede County's buyers and sellers for many years to come.

This report pertains to residential homes on less than 10 acres sold from Aug 7th to Oct 8th as reported by the Lebanon Board of Realtors MLS.

In the last 2 months there were 51 homes sold for a total of almost 6 million. The average price of these homes was almost 117 thousand and the median price was 94, these homes had an average time on the market of 182 days. There are currently 15 homes listed as under contract in the Lebanon MLS and those homes have an average price of 136 thousand.

Year to date there have been 176 homes sold, down from last years 212 during the same time frame the average price is just under 110 thousand dollars same as last years 115K, the YTD volume of almost 19.2 million is down from last years 24.5 million. Our average time on the market this year has been 188 days, that's drastically up from last years 139 day average.

As of this morning there were 326 homes in Laclede County with less than 10 acres, listed with the Lebanon MLS. The average asking price is around $139,000 with median asking price of just about $117,000; these homes have an average time on the market of 157 days.

Well the big story in local real estate is this: There are clear signs that our market has taken a turn. In the last few months there have been over 60 sales in our MLS and that is the first significant increase, month to month we have seen since 2006. In fact it's a 20% increase over last year. Year to date we are still way behind 2008, but the last half of the year may be significantly better. It is possible that this sharp increase is being caused by an increase in first time home buyers trying to take advantage of the tax credit, or it could be the historically low interest rates, either way it goes a long way towards reducing inventory and stabilizing prices. The 8000 tax credit for first time buyers ends on November 30, and you must close on your real estate sale on or before that date to qualify so buyers who have not yet picked out a home and secured it, are not likely to have enough time to buy before the deadline. With the holidays right around the corner I do suspect that for those who don't sell this fall it will likely slow back down till spring like it does most years for our area.

This report pertains to residential homes on less than 10 acres sold from Oct 9th to Nov 5th as reported by the Lebanon Board of Realtors MLS.

In the last month there were 18 homes sold for a total of almost 2.5 million. The average price of these homes was almost 137 thousand and the median price was 118, these homes had an average time on the market of 134 days. There are currently 13 homes listed as under contract in the Lebanon MLS and those homes have an average price of 143 thousand.

Year to date there have been 195 homes sold, down from last years 227 during the same time frame the average price is around 111.5 thousand dollars just under last years 113.7K, the YTD volume of almost 21.7 million is down from last years 25.8 million. Our average time on the market this year has been 182 days, that's drastically up from last years 137 day average.

As of today there are 320 homes in Laclede County with less than 10 acres, listed with the Lebanon MLS. The average asking price is around $137,900 with median asking price of just about $113,000; these homes have an average time on the market of 171 days.

Well it has been speculated that the first time home buyers tax credit would be extended and it appears now that it will. Both the senate and congress have passed a bill extending that credit and it will likely be signed by the president and become law. This bill does more than extend the existing credit, it also adds a $6500 credit for existing home owners who purchase a new primary residence. The addition to the credit allows existing home owners who have lived 5 consecutive years out of the last 8, to qualify for the credit. That means if you have owned and lived in your existing home and you choose to purchase a home before the deadline you will qualify for the credit. Even if you sold a home 2 years ago and have been renting and you choose to buy now you can take advantage of this credit. The credit has been extended to may 1^st of 2010 but allows buyers an additional 2 months to close on a transaction. Another addition to this extension is geared towards our men and women who are military and have served oversees for 90 days or more between Dec 31 2008 and May 1^st 2010. These military members will have an additional year to qualify for these tax credits. Just to be clear, a tax credit is different than a tax deduction and applies to a qualifying family as a reduction of their overall tax liability and often result in a full payment of the credit from the government, but as in all financial matters it is best to consult your accountant to evaluate your individual circumstance.

This report pertains to residential homes on less than 10 acres sold from June 26th to Aug 6th as reported by the Lebanon Board of Realtors MLS. In the last 6 weeks there were 27 homes sold for a total of almost 2.9 million. The average price of these homes was almost 106 thousand and the median price was 110, these homes had an average time on the market of 259 days. There are currently 13 homes listed as under contract in the Lebanon MLS and those homes have an average price of 174 thousand. Year to date there have been 120 homes sold, down from last years 165 during the same time frame the average price is just under 105 thousand dollars same as last years 108K, the YTD volume of almost 12.5 million is down from last years 17.8 million. Our average time on the market this year has been 193 days, that’s drastically up from last years 142 day average. As of this morning there were 339 homes in Laclede County with less than 10 acres, listed with the Lebanon MLS. The average asking price is around $141,000 with median asking price of just about $118,000; these homes have an average time on the market of 159 days. More than half way through the year and there seem to be a lot of people who believe the $8000 1st time home buyer tax credit was a great idea to stimulate the housing market. I tend to believe that in our area very few people have taken advantage of it and time is running out. The fact is, if you are a first time home buyer or know one who plans on taking advantage of this program you better hurry up and do because time is running out fast. The tax credit is for any one who has not owned a principal residence for the three years preceding the purchase of home. The credit is good for 10% of the purchase price not to exceed $8000. This is a credit not a deduction, meaning it may have a direct impact on your tax liability and you may get the whole amount back in cash from the IRS. You should always consult your accountant regarding tax matters and you should always consult your realtor about real estate matters. That means if you plan to use this tax credit you better start looking now because if you are not closed on the transaction by the end of November you will not receive the credit. It may take a few months to find the right home and you should expect delays in the closing process, so you are better off if you have a home under contract by the beginning of October. If you have questions ask your local real estate expert.

This report pertains to residential homes on less than 10 acres sold from June 4th to June 25th as reported by the Lebanon Board of Realtors MLS.

In the last 3 weeks there were 15 homes sold for a total of almost 1.4 million. The average price of these homes was just over 91 thousand and the median price was 85, these homes had an average time on the market of 179 days. There are currently 12 homes listed as under contract in the Lebanon MLS and those homes have an average price of 136 thousand.

Year to date there have been 92 homes sold, down from last years 125 during the same time frame the average price is just over 105 thousand dollars same as last years 105K, the YTD volume of almost 9.6 million is down from last years 13.1 million. Our average time on the market this year has been 174 days, that's drastically up from last years 138 day average.

As of this morning there were 344 homes in Laclede County with less than 10 acres, listed with the Lebanon MLS. The average asking price is around $142,000 with median asking price of just about $120,000; these homes have an average time on the market of 181 days.