Bloomington Residential Sales for the month of June

The numbers are in for June residential real estate sales for Bloomington. Consistently we are seeing fewer sales than in 2008 but an increase in the average sales price. For the month of June, the margin was smaller for the number of sales from the previous year. Here are some of the numbers:

• 2008 total residential sales for Bloomington: 163
• 2009 total residential sales for Bloomington: 158
• 2008 average sales price: $178,519
• 2009 average sales price: $180,224
• 2008 average days on the market: 108
• 2009 average days on the market: 137

To compare the month of June to last year's market, prices are up 1% and it is taking one extra month to sell the average house. More numbers to come in the next few days.

A Sample of Today's Interest Rates for Bloomington Indiana

Interest rates are still hovering in the mid to low 5% range. Here's a sample of today's interest rates from local lenders. And as always on the b-town Report rates are for 30 year fixed rate conventional mortgages and rates are subject to change:

• Fifth Third Bank (www.53.com): 5.125%
• Monroe Bank (www.monroebank.com): 5.25% with .25 of a point
• Regions (www.regions.com): 5.5%
• United Commerce Bank (www.unitedcommercebank.com): 5.25%

National Home Value Rankings by Median Sale Price for June 2009

In an article in the New York Times last week, they said that the value on homes in the markets that they followed showed that was still falling. Of course it depends on the markets that you follow.

www.eppraisal.com followed 186 markets and they found that more than half the markets that they followed showed an increase in home value. Follow this link to see the complete information on these markets:

http://www.eppraisal.com/nationalmsa.aspx

The chart in the link above shows the city's name, median sales price and the percentage of change in value. While many cities in Ohio saw a dramatic increase, Rachael Ray's hometown of Glens Falls NY saw a decrease as did Matthew Cole's home town of Raleigh NC.

Happy 4th of July!

In celebration of the 4th, the b-town Report is sharing this link to a You Tube video well worth watching:


http://www.youtube.com/watch?v=Aco0NZh_NgY

4th of July Fireworks in Bloomington

Celebrate the 4th of July in Bloomington with a fireworks show. Come to the IU Memorial Stadium located at 1001 E 17th St at dusk for the annual Bloomington Amvets Post 2000 fireworks display. For additional information call 812-825-2200.

May Home Sales Rise on the National Level

In an article from NAR, homes sales rose on the national market for the month of May. Bloomington continued its recent trend of slightly fewer home sales but increased sales prices. Here are some statistics for Bloomington comparing May 2008 with May 2009:

• Total number of sales for May 2009: 144
• Total number of sales for May 2008: 160
• Average sales price for May 2009: $179,314
• Average sales price for May 2008: $164,174

This shows a 10% decrease in the number of sales but a strong 9.22% increase in average sales price making Bloomington's real estate market very healthy.

Here's the article from NAR:

Sales of existing homes showed another gain in May, benefiting from favorable affordability conditions and a first-time buyer tax credit, according to the National Association of Realtors®. May’s increase was the first back-to-back monthly gain since September 2005.

Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 2.4 percent to a seasonally adjusted annual rate1 of 4.77 million units in May from a downwardly revised level of 4.66 million units in April, but remained 3.6 percent below the 4.95 million-unit pace in May 2008.

Existing-home sales for June will be released July 23. The next Pending Home Sales Index & Forecast is scheduled for July 1; release times are 10 a.m. EDT.

Current Pending Transactions for Bloomington's Housing Market

Bloomington currently has 180 pending transactions based on the Bloomington Board of Realtors MLS for single family homes. Here are some quick statistics:

• Highest list price is $629,900
• Lowest list price is $19,000
• Average list price is $186,097
• Average days on the market is 103
• Average finished square feet is 1,957

Yesterday's posting noted that the average sales price for Bloomington single family homes so far this year was $193,336 so it will be interesting to see where the actual sales prices of these 180 pending transactions end up. Will it bring our average sales price down? Or are we seeing more multiple offers which will make sales prices higher than the list price.