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.
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