How did the real estate market in Edwardsville, Illinois fare in 2010? Here are the totals:
From January through December 2010, 317 new and existing homes valued at $70.6 million were sold in Edwardsville. (This compares to 334 homes sold in Edwardsville in calendar year 2009, a minor drop of 5.1 percent.)
Existing re-sale homes that sold during 2010 were on the market an average of 150 continuous days prior to selling (compared to 143 days in 2009). New construction homes were on the market longer before selling -- an average of 251 days in 2010 which is much improved from 2009 when the average new construction home was on the market 312 days before selling. Additional homes expired or were withdrawn from the market without selling. Homes that are priced too high for market conditions or those with condition problems are among those most likely to expire without selling.
If you look at Edwardsville's new construction homes only, the average selling price was $454,737 in 2010 compared to a listing price of $497,816. That's a list-to-sell price ratio on new homes of 91.3 percent. Homebuilders were clearly building larger and more luxurious properties in 2010 compared to 2009 when the average new construction home was listed for $394,708 and sold for $380,275.
For existing homes, the average selling price was $207,992 in 2010 and the average listing price was $218,726, resulting in a list-to-sell price ratio of 95 percent. Please note that the list-to-sell ratios only consider the final listing price, which may have been the result of one or more price drops during the course of the marketing period. (In 2009, the average listing price for existing homes was $192,691 and average selling price was $184,020. If you've been waiting for the "bottom" of the market in terms of price in Edwardsville, you may have already missed it.)
If you have questions about selling your Edwardsville home or local real estate market conditions in general, contact me at Nancy@GoshenRealtyGroup.com or call 618-791-8007.