SPRINGFIELD (July 10, 2012) Unit home sales for single-family homes and the median home sale price both increased in the Capital Area during June 2012, according to the Capital Area Association of REALTORS (CAAR).
For the month of June 2012, the median home sale price (for all single-family homes and condominiums) was $124,800, an increase of 14.0 percent over the June 2011 price of $109,500. The year-to-date median sale price through June of 2012 was 115,000, reflecting an increase of 6.5 percent over the $108,000 price during the same period in 2011. The median is a typical market price where half the homes sold for more, half sold for less.
According to CAAR, there were a total of 372 homes sold in June 2012 as compared to 352 homes sold in June 2011, reflecting a 5.7 percent increase. Year-to-date homes sales through June of 2012 totaled 1,666, reflecting a 8.2 percent increase over the 1,540 sales year-to-date through June of 2011.
The good-but-not spectacular numbers are an indication that a strong summer sales season likely will translate into a better 2012 than 2011, said REALTOR Todd Musso, GRI, SFR president of the Capital Area Association of REALTORS. "The local market will see a 3 percent to 5 percent increase in sales volume for the year and a similar improvement in the median price when the dust settles by the end of the year," said Musso.
“After eight consecutive monthly increases in home sales, we are beginning to see signs that the market may be easing some,” said Musso. Pending sales, a key market indicator, is down for the first time since November of 2011. There were 394 pending sales at the end of June, down 7.6 percent compared to 424 during the same time a year ago. Pending sales are essentially those contracts that have been entered into between buyer and seller but have not yet closed. “Nonetheless, we're expecting sales to remain moderately strong for the rest of the year," Musso said.
According to CAAR, the typical home in June of 2012 was on the market 95 days before being sold as compared to 106 days the same time last year. The average time on market year-to-date through June of 2012 was 111 days, unchanged from the same time period last year.
The number of new residential listings taken in the Capital Area for the month of June 2012 was 491, down 3.3 percent from the 507 listings during June of 2011. There were 1,731 listings at the end of June 2012, nearly unchanged from the 1,735 listings at the end of June 2011 and reflective of the fewest May listing count in over five years. As of July 9th there were 1,727 listings on the market reflecting a 6.2 month supply of inventory based on the average monthly sales rate over the past twelve months.
The Federal Home Loan Mortgage Corp. reported that the national average commitment rate for 30-year, conventional, fixed-rate mortgages was 3.80 percent in May 2012, down significantly from the 4.64 average rate during May of 2011.
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 Area's Resource for Real Estate Information can be found at www.SeeHouses.com.