Weekly Market Update...Week ending January 30th, 2009

Here are the numbers for this week in Bloomington/Monroe County as per the Bloomington Board of Realtors MLS:

10 new listings, two are land/lots and 8 are residential listings priced from $98,900 for a 4 bedroom bi-level in Ellettsville to a $699,000 two story home with 5354 square feet on the far north side of Bloomington. The median list price this week is $230,954.

Two properties closed this week, both single family homes: a two story home with 1844 square feet on the west side selling for $189,900 and a two story home with 2608 square feet in Ellettsville for $269,900. Both homes sold for just over $100 per square foot which is just above the average for 2008.

Britney Spears daddy slashes price on estate...

Sometimes you just have to pass news along...

Although Britney Spears has regained her pop-star status, it's not helping the sale of her home. Her Italian Renaissance inspired pad boasts artisan quality finishes and old world craftsmanship encompassing a wet bar and maids quarters. After multiple re-listings, her daddy has reduced the price from $7.9M to $7.2M.
(Courtesy of www.trulia.com)

Kitchen and Bath Remodling Information

If you are thinking of remodeling with a focus on increasing value, experts still say that kitchens and baths are the most important places to focus for re-saleability. Here are 5 kitchen and bath features that buyers want most:

36% said a separate shower enclosure in the master bath
31% said an eat in kitchen
24% said high-end appliances
23% said granite counter tops
21% said a kitchen island
(source: NAR 2007 Profile of Buyers' Home Feature Preferences)

Here are 5 retrofits buyers are appreciating according to REALTOR Magazine:

1) tile back splash in bright colors or bronze like metallic
2) under counter lighting for better ambiance
3) painted upper cabinets in a complementary color to the lower cabinets
4) added glass door to kitchen cabinets
5) updated cabinet hardware (a trip to Ace and a drill and you can have a fresh new look)

Whether you choose to spend $100 on new hardware or go for new countertops, these upgrades will increase the marketability of your home...and you can enjoy the upgrades as well.

Heavy Snow...Lower Interest Rates...Surely there's no connection

What a great day to make a mortgage application! (if the bank is open in this weather) Three banks have sent out their day's rates for a conventional 30 year fixed rate. Premier Home Mortgage, Regions Bank and Fifth Third Bank all are posting a rate of 4.875%!

Whether you are thinking of refinancing or buying, these rates might help you make your decision.

THE NUMBERS ARE IN...HOW DID THE BLOOMINGTON REAL ESTATE MARKET FARE IN '08

The numbers are in!

According to the National Association of Realtors, home sales last month showed a 6.5% increase over November. But totals for the year were not as positive. The number of home sales in the US in '08 was down 13% from '07. The median sales price for homes was down 15% from '07.

Bloomington/Monroe county fared better than the rest of the country. Though the number of sales in Monroe county in '08 was down 17%, prices remained basically the same from '07, unlike the 15% down turn nationally.

Here are the numbers:

2008 Number of home & condo sales: 1427
2008 Average sales price: $172,556
2008 Average price per square foot: $92.00

2007 Number of home & condo sales: 1722
2007 Average sales price: $172,620
2007 Average price per square foot: $93.00

2006 Number of home & condo sales: 1791
2006 Average sales price: $169,024
2006 Average price per square foot: $91.00

2005 Number of home & condo sales: 1855
2005 Average sales price: $162,006
2005 Average price per square foot: $87.00

Even though Bloomington's prices held steady in '08, the list price to sales price ratio climbed to 92% (meaning buyers were able to negotiate the price down to 92% of the asking price) This is in comparison to a sales price of 96% of the asking price in '07. So apparently owners and/or Realtors tried to push for appreciation on value, but the market and the buyers did not agree.

As always, best wishes from my home to yours.

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...