SPRINGFIELD (December 21, 2011). Unit home sales and the median home sale price for single-family homes in the Capital Area both rose during November 2011, according to the Capital Area Association of REALTORS (CAAR).

For the month of November 2011, the median home sale price (for all single-family homes and condominiums) was $106,300, an increase of 2.6 percent from the November 2010 price of $103,500. Year-to-date through November 2011 the median home sale price was $110,000, unchanged from the $110,000 median sale price during the same time-period in 2010.

There were a total of 238 homes sold in November 2011 as compared to 230 homes sold in November 2010, reflecting a 3.5 percent increase. Year-to-date home sales through November of 2011 totaled 2,949, reflecting a 7.2 percent decrease from the 3,178 sales in November of 2010.

“I am thrilled to know that, in the Capital Area, during the month of November 238 individuals or families seized on a golden opportunity to invest in the American dream of homeownership”, said REALTOR Todd Musso, GRI, SFR president of the Capital Area Association of REALTORS. “Although affordability conditions remain strong for qualified and motivated buyers this golden opportunity will not last forever,” said Musso.

“While overly strict credit conditions and consumer confidence continue to weigh the market down I see some encouraging trends out there. For the month of November home sales were up, the median price was up and the amount of time it took for a home to sell decreased. Additionally, the number of homes for sale further declined resulting in a more balanced market. Finally, 283 pending contracts were reported to the MLS which should translate into a strong finish for the year,” said Musso.

The number of homes listed for sale in the Capital area at the end of November
2011 was 1,555, reflecting a 2.8 percent decline from the 1,600 listings at the end of November 2010. As of December 20th the number of listings stood at 1,520. Today, we have a 5.7 month supply of inventory based on the average monthly sales rate which is down nearly one half of a percentage point from the November 2011 inventory level. By definition this represents a balanced market.

According to the National Association of REALTORS very favorable affordability conditions will dominate next year which will probably be the second best year on record for affordability dating back to 1970. “Our hope is that credit restrictions will ease and allow credit worthy buyers to take advantage of current opportunities,” said Musso.

The Federal Home Loan Mortgage Corp. reported that the national average commitment rate for 30-year, conventional, fixed-rate mortgages was 3.99 percent in November 2011, nearly unchanged from 4.30 percent during the same period in 2010.

The Capital Area Association of REALTORS® is the Voice for Real Estate in the Capital Area representing more than 700 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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