Monday, April 12, 2010
Local Home Sales Increase But Prices Not So Much
There were 258 closings in March, over 75 more than the previous month and well above March '09 and '08. The number, though, may include a boost from homebuyers trying to beat the expiration of a Cash For Clunkers-style tax credit that requires a house at least under contract by the end of this month.
The average home price in McHenry County bounced back a little in March to $189,000, up about $12,000 from February. That's still $50,000 less than even two years ago. "The short sales and foreclosures are still popping up," said Algonquin/LITH Realtor Gloria Jensen.
Even with prices and unit sales up the local housing market still isn't on fire. Average time from listing to closing remained at about six months in March.
Where's local housing going? "I don't know," said Jensen. "If you've got a job and you're in an apartment why wouldn't you want to buy?" she said. "Prices are down and interest rates are still pretty good."
In the pic: Realtor Gloria Jensen hoped a few balloons would catch buyers' eyes during Sunday's county-wide Open House Day.