Saturday, January 24, 2009

A New Year for Bloomington Real Estate

Welcome!

(the bad news...what a way to start off!) The new year is bringing news of a somewhat bleak housing market forcast for the country. The US Commerce Department has just released news that new construction of homes in the US is at an all-time low. It is at the lowest rate since they started recording the number of new homes being built in 1959.

(the good news...finally!) Interest rates are amazingly low. On Friday, 1/23/09, local banks in Bloomington were advertising rates for a 30 year fixed mortgage from 5% to 5.375%. Over the past couple of weeks, these banks have offered rates below 5%! Bankers are exceptionally busy with Bloomington residents refinancing their homes to take advantage of these rates. A local lender told me that if your credit score is 740 or better, you can take advantage of these great rates. If your score is below 740, you will pay an increased interest rate.

Now for the local housing market since the first of the year:

Total number of homes and condos that have sold since 1/1/09: 31
High selling price: $210,712 for a new construction attached home on the west side
Low selling price: $57,000 for a 2 bedroom condo at Eagle Point on the south side

Total number of pending listings since 1/1/09: 51
Highest priced: $485,000 for a 3555 square foot home on 1.74 acres on the south side
Lowest priced: $59,900 for a 2 bedroom condo at Eagle Point

New Construction listings:
Lowest priced: $132,170 for a 3 bedroom home near Ellettsville
Highest priced: $800,000 for a 6754 square foot home on 2.5 aces on the east side

The statistical information above is from the BBOR MLS and is only for properties with a Bloomington address. If you have suggestions of areas to include or other informatoin that you would find useful, please let me know and I'll be glad make the additions to the b-town report.

Thanks for visiting the b-town report. Check in regularly for market updates and news of the real estate industry in Bloomington and the US.

Borrowing from the Food Network's Paula Dean, happy housing from my home to yours...

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