Fritz Pfister

Could the local housing market be hitting bottom, leveling off, and posing to rebound? There are several indicators that seem to point in that direction.

Member brokers of the Capital Area Association of Realtors MLS report 283 closed home sales in October 2008, down only 4 from October 2007. Only 420 new listings were added to the inventory compared to 523 in October of 2007. Through November 3, new listings are down by 579.

Closed home sales up slightly in September, for only the second time in 2008, followed by near dead even sales in October, could be the start of a good trend. If closed sales hold steady, and the number of homes being listed continue to decline, then the imbalance between buyers and sellers will return to more normal levels.

The number of closed sales in October is surprising following sales pending in September falling by 63, or -17.5%. Yet closed sales are off only by 4? Hard to explain.

Let’s see if that trend continues because sales pending fell in October by 57 or -17.7%. I can’t explain how home listings going under contract can fall double digits and closed sales remain level.

With the election of Barack Obama, there could be an uptick in consumer confidence. The negative press on the economy by the main stream media which was biased heavily toward Obama, just may start running more balanced and positive stories regarding the economy. With consumer confidence at near record lows, a positive press would be welcomed.

Springfield Mayor Tim Davlin believes Springfield will benefit from Obama’s election. Although Davlin doesn’t know Obama’s stance on earmarks, he has commented that Texas, and Florida sure haven’t suffered the preceding eight years.

Mayor Davlin says he will place a plaque where Obama stood to announce his candidacy at the Old State Capitol building. Hopefully that will help attract tourists. Too bad Blagojevich is closing our historical sites or Springfield could really be poised for increased tourism dollars.

Regardless, it appears the Springfield Illinois housing market may be looking at a rebound, and a more level playing field between buyers and sellers.