Some of you might have seen the San Angelo Association of Realtors promoting their new marketing campaign. This is the "Real Estate is Local, & Local is Good!" slogan that has been flashing on your TV and in the front yard of your neighbors. You might be wondering, is this true or are the Realtors trying to pull the wool over your eyes. With the state of the national economy, how can San Angelo be doing so well? For starters, our local banks decided not to participate with the Sub-Prime lending fiasco. Although we have foreclosures, there are not many more now than 3 years ago. Want to see for yourself, check out this link...San Angelo Foreclosures for the April Sale.
I have compiled some stats from Navica MLS from 1/1/2009 thru 3/11/2009 for Residential Sales in San Angelo ONLY.
160 Homes Sold
Low Price - $25,005
High Price - $479,900
Average Price - $125,422
Median Price - $109,000
Average Days on Market - 100
These homes sold at an average of 96.89% of Asking Price.
If you ask me, these numbers do not look too bad but lets take a look at last year during the same period.
202 Homes Sold
Low Price - $14,900
High Price - $560,000
Average Price - $123,398
Median Price - $108,800
Average Days on Market - 87
These homes sold at an average of 96.45% of Asking Price.
As you can see, these numbers are almost identical. I guess the Board of Realtors is correct, Local is Good!
On a side note, we closed a deal recently where our buyers had an interest rate below 6% and will be receiving an $8,000 tax credit on their 2008 tax return now, which represents about 5% of the sales price on the home being rebated by the government. The buyers are elated. Sorry, but nobody can convince me that these buyers should have remained renters, sitting on the sidelines trying to “time” the market while they wring their hands and worry about the economy. No, they are very smart and they’ve done the right thing, which is find a great deal and buy it.
If you would like more info on the First Time Home Buyer Tax Refund or a Market Report for your specific neighborhood, please contact me. Just google me....