What goes up...must come down. As numbers tumbled nationwide the (sharpest drop in history at 27%) after the tax credit original expiration of June 30, 2010 something odd was going on in O'Fallon IL. While it is true that numbers did go down slightly from June to July - they went back up (+15%) in August...actually it was the best August since 2006.
So while there are areas that continue to slide, O'Fallon IL seems to be holding on and in fact increasing despite the economic climate and depressed housing market. On a broader, but still local view, things have increased for the entire county over last month (despite what the local paper would have you believe). In July there were 480 closings in St. Clair County, and in August that number climbed to 500. Not staggering numbers however, that is roughly 2.8 million in housing inventory off the market.
On to the Market Update!
O'Fallon IL Real Estate Market Update for August 2010:
In August 2010 47 homes closed in O'Fallon IL. As mentioned above this is the best August in 4 years.
Average sales price for these homes was $213,607 and average market time was 151 days.
August was in fact the second best month so far in 2010 only beaten out by June (with the much talked about tax credit in place) by 2 homes.
Year to date numbers also look very promising as we are 29 homes ahead over this same time last year.
Price range is the one consistent again this month with 83% of all closed homes falling below the $300,000 mark.
With 49 homes currently under contract things look promising at least for the immediate future. Stay Tuned...
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