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!
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