I know that my business in Springfield really picked up in February. The 2 condos that sold were my buyers. I have 5 properties in Springfield pending now, this is all very encouraging news and looking at the stats, it appears that the market here is leveling out.
Total Units Sold: 3
Detached: 1
Condo/Lofts: 2
Days on Market: 184
Detached: 404
Condo/Loft: 74
Average Sales Price: $88,000
Detached: $44,000
Condo/Loft: $110,000
Median Sales Price: $95,000
Detached: n/a
Condo Loft: $110,000
Average Sale Price/List Price: 93%
Detached: 68%%
Condo/Loft: 97%
Sales remained the same from January to February - 3. This is also the same number of sales in February 2008 too. 33% of the sales in February 2009 were REO. This is a decline from January.
In February, there were 63 homes for sale. This is a 22% decline over the previous month, encouraging. This represents an inventory of 18 months for detached homes and condos based on the current rate of sales over the last 6 months. These absorption rates continue to be encouraging when compared to many other parts of the country, some of which have over 2 years of inventory.
In February 24 new homes and conods came on the market. During this time, 7 went into pending, compared to 11 going pending in January. (Remember, just because a home goes pending does not mean it will close).
This overview of the Springfield real estate market is based on information provided by the MLS for homes that went under contract in the last couple of months and closed in February. More details can be provided if needed with regard to current activity as well as within the specific Historic District of Springfield.
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