Market Report Oct 8th 2009

By
Real Estate Broker/Owner with REALTY EXECUTIVES of Lebanon

This report pertains to residential homes on less than 10 acres sold from Aug 7th to Oct 8th as reported by the Lebanon Board of Realtors MLS.

 

In the last 2 months there were 51 homes sold for a total of almost 6 million. The average price of these homes was almost 117 thousand and the median price was 94, these homes had an average time on the market of 182 days. There are currently 15 homes listed as under contract in the Lebanon MLS and those homes have an average price of 136 thousand.

 

Year to date there have been 176 homes sold, down from last years 212 during the same time frame the average price is just under 110 thousand dollars same as last years 115K, the YTD volume of almost 19.2 million is down from last years 24.5 million. Our average time on the market this year has been 188 days, that's drastically up from last years 139 day average.

 

As of this morning there were 326 homes in Laclede County with less than 10 acres, listed with the Lebanon MLS. The average asking price is around $139,000 with median asking price of just about $117,000; these homes have an average time on the market of 157 days.

Well the big story in local real estate is this: There are clear signs that our market has taken a turn. In the last few months there have been over 60 sales in our MLS and that is the first significant increase, month to month we have seen since 2006. In fact it's a 20% increase over last year. Year to date we are still way behind 2008, but the last half of the year may be significantly better. It is possible that this sharp increase is being caused by an increase in first time home buyers trying to take advantage of the tax credit, or it could be the historically low interest rates, either way it goes a long way towards reducing inventory and stabilizing prices. The 8000 tax credit for first time buyers ends on November 30, and you must close on your real estate sale on or before that date to qualify so buyers who have not yet picked out a home and secured it, are not likely to have enough time to buy before the deadline. With the holidays right around the corner I do suspect that for those who don't sell this fall it will likely slow back down till spring like it does most years for our area.

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