Fritz Pfister

Member brokers of The Capital Area Association of Realtors MLS report that home sales fell by 8.4% compared to the first quarter of 2006. The 816 closed residential listings however are the second best on record for a first quarter, and 7% over the five year average for the number of home sales. Surprisingly the median sale price was up 2.4% to $94,950. The higher priced homes, $300,000 and up, is flooded with competition, with nearly a two year inventory of homes for sale.

March was an extremely active month as homes sold pending closing jumped ahead of 2006 heading into the second quarter. Just as winter weather slowed activity, above normal temperatures in March sparked increased activity.

The major obstacle for home sellers continues to be the record number of homes listed for sale. The 1617 home listings available for sale has matched last years numbers. Although sold pending are on a record pace, the number of new listings is outpacing closed listings by 2 to 1. The number of listings leaving the market without selling by either withdrawing or expiring in the first quarter were greater than the number closed.

Home sellers on the market, or entering the market had better be prepared for serious competition. A thorough search of comparable homes for sale, learning the price of the competition, will allow sellers to price competitively. Sellers that are priced above the competition will have trouble getting sold.

The key to getting sold in this central Illinois market will be competitive pricing, preparing the home to show its best, and having a legitimate marketing program. This is prime time. The second quarter in this market has had the largest number of home sales over all other quarters for the past six years. At the current rate of sales, and the rate at which new listings are being added to the market, only 1 in 3 home sellers will close in this prime time second quarter.

If you are preparing to enter the market to sell, interview several agents and companies before listing. Go to www.SpringfieldHome.com for a list of questions to ask agents during the interview process. See the market activity report sharing how many homes are for sale, have closed, and are under contract; by price. The home sellers choice of agent and company will dictate whether they sell, at what price, and the amount of time it will take to sell.