SPRINGFIELD (February 12, 2013) The median single-family home sale price and unit home sales both increased in the Capital Area during January 2013, according to the Capital Area Association of REALTORS® (CAAR) Multiple Information Service.
For the month of January 2013, the median home sale price (for all single-family homes and condominiums) was $113,000, an increase of 1.8 percent from the $111,000 January 2012 price. The median is a typical market price where half the homes sold for more, half sold for less. The number of homes sold in the Capital Area were up 6.5 percent in January of 2013 with 196 homes sold, compared to 184 homes sold in January of 2012.
“The number of homes sold in January reflected the best January in six years with successive increases coming in each of the past five January’s. Furthermore, home sales have increased in comparison to the same month in the prior year 15 out of the previous 16 months. We continue to be encouraged as we look to the Spring market,” said REALTOR Don Cave, president of the Capital Area Association of REALTORS.
“The Capital Area continues to exhibit the type of moderate, slow and consistent price gains that we have come to expect from Midwestern communities and we are pleased by the direction of home sale prices locally,” said Cave. The January 2013 median home sale price of $113,000 reflects the highest price on record for the month of January. “If we factor out foreclosure sales the median price actually rose from $121,000 to $128,500, reflecting an increase of 6.2 percent. Although prices are increasing these gains aren’t so great that one needs to worry about a housing bubble developing,” said Cave.
The 1,287 listings at the end of January 2013 were down from the 1,341 listings at the end of January 2012. “This reflects the lowest number of homes for sale during January in over five years and suggests that now might be a good time to list your home,” said Cave. The 1,461 listings on the market as of February 11th reflect an inventory of 5.0 months at the current sales rate.
“Many consumers who have been sitting on the sidelines, whether it be to save up for a downpayment, to repair their credit history or simply because of a lack of confidence in the housing market, have become convinced of the ideal time and are now acting on the dream of homeownership,” said Cave.
Sale pendings in January 2013 amounted to 339, reflecting a 14.9 percent increase over the 295 sale pendings during the same time in 2012. “This upward trend in sale pending numbers suggest that sales will continue on an updward trend in the foreseable future,” said Cave.
The Federal Home Loan Mortgage Corp. reported that the national average commitment rate for 30-year, conventional, fixed-rate mortgages was 3.41 percent in January 2013, a full half of one percent below the 3.92 average rate during January of 2012.
The Capital Area Association of REALTORS® is the Voice for Real Estate in the Capital Area representing nearly 700 members involved in all aspects of the real estate industry. The Capital Area’s Resource for Real Estate Information can be found at www.SeeHouses.com.
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