It's the question I'm asked most often: Nancy, How's the market doing?
So, let's take a look at figures for May 2009 in the top southwestern Illinois markets we work. This post covers Edwardsville, Illinois -- the 62025 zip code.
In May 2009, 40 new and existing homes were sold in Edwardsville. They ranged from a low of $59,900 to a high of $651,000 with the average selling price at $186,415.
The list-to-sell price ratio for all homes in Edwardsville was 97 percent, higher than the overall market where the ratio is at 94 percent.
Homes stayed on the market an average of 139 days. Separating the new construction from existing home sales, new homes remained on the market an average of 420 days, existing homes 108 days.
One year ago, in May 2008, 48 homes sold during the month in Edwardsville which gives us a 17 percent decline in sales year over year.
There are currently 226 new and existing homes for sale in Edwardsville, 19 months of inventory at the current average monthly sales pace. (This absorbtion rate will drop as closings during the peak sales months of June, July and August figure into the equation.)
This tells us that sellers must be patient and must have their properties in tip top condition to rise to the top of their competitive set. The research also reminds us that buyers still have a lot of choice.
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About the Author: Nancy Milton, GRI, is a Realtor with the Just Ducky Homes team at Coldwell Banker Brown Realtors in Edwardsville, Illinois. She and Kristina Pratt help their customers buy and sell homes and investment properties in St. Louis' Illinois suburbs of Madison and St. Clair counties with special emphasis on real estate in the communities of Edwardsville, Glen Carbon, Maryville, Collinsville and Troy. For more information, visit their web site at http://www.JustDuckyHomes.com or e-mail Nancy@JustDuckyHomes.com.
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