Fritz Pfister

My, my, my, what do we have here? A return to normal? How many times have I shared with you not to underestimate the resiliency of the local housing market?

Following a dismal 21% decline in home sales in June, July has rebounded and was off by only 6%, and there are two business days remaining for local brokers to report July sales to the MLS.

OK, the 367 closed home sales in July is the bright spot for local housing. Yes the number of home sales has returned to normal following four record years, on pace for 3400 to 3500 home sales this year. Slightly more than before the boom.

Did you notice the headlines in the SJR business section Wednesday? “Nationwide housing glut delays bottom in market.” Regrettably the local market mirrors the nation on that score. The 1955 homes listed for sale with local Realtors today is a record for this date.

Year to date closed home sales are down by about 14% amounting to 344 fewer home sales. Member brokers added 3818 new listings to the 1604 to start the year for a whopping 5422 home listings that have been available through August 1. Of those 2135, or 39% have sold and closed.

Through July an average of 304 home sales per month have closed. That means the 1955 for sale today represents a 6.4 month inventory. In other words at the current rate of sales it would take until mid February 2009 to sell all the homes listed today.

Speaking of resilient, in the face of a glut of homes for sale, the local median sale price is up! The 1.2% increase to $105,000 from $103,700 from last year at this time may not seem like much, however it is on the positive side of the ledger.

OK, the price trend is downward. June posted a meager 4/10ths% gain while July fell by 1.89%. Don’t expect any significant change in home prices until the inventory of homes for sale returns to normal.

All in all, the Springfield housing market continues to be affordable, proves to be resilient, and offers home buyers a plethora of choices. It appears 2008 solidly favors home buyers.

Just as home sellers had the advantage during the boom, prospective home buyers should be aware this market won’t last forever either. Home buyers, opportunity knocks. Will you answer?

Make it a great week from Fritz and Kristie Pfister of RE/MAX Professionals. Thank you to the 77 families we were blessed to have succeeded for in the sale or purchase of a home through July of 2008. We are grateful and humbled to announce we have exceeded 1100 closed residential transactions since forming our team in 2000. Hundreds more than any other team. Thank you!

If you need to sell a home in this most competitive market in our history, it would be an honor to serve your family. It may be a tough market to sell, however we’re tough too! Our selling systems are proven the most effective in the market, our listings average less time on the market, sell at a greater percentage of the asking price, and have a higher closed to listed ratio than the market average. Call 652-7653 if you want to sell your home.