SPRINGFIELD (May 24, 2010). Both the sale of single-family unit homes and the median sale price increased in the Capital Area during April 2010, according to the Capital Area Association of REALTORS® (CAAR).

According to CAAR, during April of 2010 there were 393 home sales (including single-family homes and condominiums), reflecting a 36.9 percent increase over the 287 homes sold in April of 2009. Year-to-date through April of 2010 there were 1,086 homes sold, reflecting an increase of 16.0 percent over the 936 home sales during the same period during the prior year.

The median home sale price for April of 2010 was $106,000, reflecting an increase of 0.9 percent from the $105,000 April 2009 price. Year-to-date through April of 2010 the median sale price of a home was $105,000, unchanged from the median home sale price during the same period in 2009. The median is a typical market price where half the homes sold for more, half sold for less.

“April’s median price represents the eleventh month out of the past fifteen where the median home sale price has increased. These steady, modest and continuous gains in the median price are what set our market apart from many areas of the country and instill confidence among local real estate consumers,” said Linda Nelson, GRI, GREEN, e-PRO, SFR, president of the Capital Area Association of REALTORS.

The number of homes available for sale continued its growth trend during the month of April 2010 with 615 new listings, reflecting an increase of 28.9 percent over the 424 new listings taken during April of 2009. In spite of the increase in new inventory during April of 2010 the 1,368 homes available at the end of April actually reflected a decrease of 13.0 percent from the same period in 2009. New listings continued to increase in May and as of May 21st there were 1,635 homes for sale in the Capital Area, reflecting a 5.1 month supply of inventory.

The average cumulative time on market in April of 2010 was 111 days, unchanged from 111 days on market during April of 2009. The average cumulative time on market for year-to-date through April of 2010 was 107 days, reflecting a substantial decrease from the 120 days during the same time period in 2009.

“While much of the flurry of activity in the real estate market these past couple of months can be attributed to the homebuyer tax credits, with fresh inventory coming on the market, affordable prices and mortgage rates remaining at record lows the post-tax credit opportunities are out there,” said Nelson.

The Federal Home Loan Mortgage Corp. reported that the national average commitment rate for 30-year, conventional, fixed-rate mortgages was 5.1 percent in April 2010, nearly unchanged from the 4.8 average rate during April of 2009.

The Capital Area Association of REALTORS® is the Voice for Real Estate in the Capital Area representing more than 800 members involved in all aspects of the real estate industry. The Capital Area’s Resource for Real Estate Information can be found at www.SeeHouses.com.

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