First quarter Real Estate Market Conditions Update for O'Fallon IL 2009.

50 homes closed in the first quarter of 2009 in O'Fallon IL. Of these 41 were pre-owned or re-sale homes and 9 of them were new construction.

Re-sale (41) homes averaged a $159,468 sales price and were on the market an average of 122 days. New Construction (9) homes had an average sales price of $239,412 and were on the market an average of 153 days.

A look back over the last 4 years paints the picture:

The good news:

There is a fantastic inventory (266) of homes in all price ranges.  Interest rates are at historic lows, and home prices are very competitive.  Home loan applications are up and the prime months are right around the corner.