Springfield Real Estate News
Overall sales of homes in the greater Springfield metro area spiked by 30% in October as compared to October, 2008. There were 608 sales of homes in October, 2009 compared to only 468 in October, 2008. The last time more homes were sold in a month of October was in 2006 at the height of the real estate bubble. In this case however, the strength was not due to an overheated housing market. Instead it was all due to a large number of first-time home buyers trying to beat a November 30th deadline to qualify for an $8000 tax credit and by buyers lured by cheap prices on foreclosure homes. Sales of foreclosed homes were almost one out of every five sales.
Continuing on course with the past several months however, average selling prices dropped 7.9% compared to October of last year to $125,790. Median sales prices (half of home sold for more, half for less) also dropped 7.2% to $113000. The average sales price for foreclosures was only $87,101, a $38,000 discount to non-foreclosed homes. On the bright side, sales prices were up slightly over September, 2009. Average selling prices in September were only $123,446 and the median home selling price was $110,000.
As has been the case for several months, the surge in sales was led by entry-level homes and foreclosures while higher priced homes languished. Sales on homes priced under $100,000 surged by 50% to 241 units from 160 units October, 2008. 295 homes priced from $100,000 to $200,000 sold compared to 243 last October, a 22.6% increase.
On the upper end of the market, sales of homes priced from $200,000 to $300,000 climbed 15.9%. That percentage increase is misleading however as it represents an increase of only 7 units. There were 51 homes sold in this price range compared to 44 last October. 706 homes in this price range are currently on the market, about a 14 month supply.
Sales of homes priced over $300,000 fell 14.2% to 18 units sold compared to 21 units sold in October of last year.
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