SPRINGFIELD (December 10, 2013) Unit home sales for single-family homes decreased while the median home sale price also decreased in the Capital Area during November 2013, according to the Capital Area Association of REALTORS (CAAR).
For the month of November 2013 there were a total of 270 homes sold in November 2013 as compared to 278 homes sold in November 2012, reflecting a decrease of 2.9 percent. Year-to-date homes sales through November of 2013 totaled 3,464, reflecting a 6.2 percent increase over the 3,263 sales during the same time in 2012.
“Our members were quite pleased with the number of home sales registered in November. Although down from November of 2012 sales during the month were historically high,” said REALTOR® Steve Myers, president of the Capital Area Association of REALTORS®.
According to CAAR, the median home sale price (for all single-family homes and condominiums) was $100,000, reflecting a decrease of 6.0 percent from the November 2012 price of $106,000. The year-to-date median sale price through November of 2013 was $111,500, reflecting a decrease of 2.2 percent from the $114,000 price during same period in 2012. The median is a typical market price where half the homes sold for more, half sold for less.
“We continue to see a modest downward effect on the median home sale price caused by the brisk foreclosure sales that have prevalent throughout 2013,” said Myers.
The 46 foreclosure sales in November of 2013 represent 17.0 percent of all sales and is up slightly from the 44 foreclosure sales during the prior November. Year-to-date through November 2013 there have been 553 foreclosure sales, an increase of 34.9 percent over the 410 sales during the same period in the prior year. “In talking with area REALTORS who specialize in foreclosure sales it would appear that this trend of strong foreclosure sales will continue for the foreseeable future,” said Myers.
The average cumulative days on market for all home sales was 101 in November, up from the 86 days in October of this year and 88 days in November of 2012.
Total housing inventory at the end of November rose to 1,641 listings, down from the 1,687 listings at the end of November 2012. The 1,641 listings available at the end of November 2013 represent a 5.3 month supply at the current sales pace, down from 5.9 months in October.
Sale pendings for November reflect 288 properties where there is a contract in place and waiting to close, up 6.6 percent over the 270 sale pendings during this time last year. “Generally, December is a slower time of year but I have spoken with several REALTORS who have experienced an up-tick in business lately which would seem to support these numbers,” said Myers.
The Federal Home Loan Mortgage Corp. reported that the national average commitment rate for 30-year, conventional, fixed-rate mortgages was 4.26 percent in November 2013, up from the 3.35 average rate during November of 2012.
The Capital Area Association of REALTORS® is the Voice for Real Estate in the Capital Area representing more than 700 members involved in all aspects of the real estate industry. The Capital Areas Resource for Real Estate Information can be found at www.SeeHouses.com.
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