Tuesday, January 27, 2009

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.

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