February 5, 2010

In January 2010 the local real estate market recorded a 1% increase in homes sold this year over last year. Buyer activity, especially among first time home buyers deciding to take advantage of the $8,000 tax credit and low interest rates, continued to be very active. The first time home buyer incentive has been extended through April 30, 2010 for a contract date with a June 30, 2010 close date. In addition there is now a $6,500 tax credit for repeat buyers who purchase a new principal residence within the same time frame and have lived in their principal residence for five of the last eight years. January 2010 closed sales of 146 homes exceeded January 2009 sales of 145 homes by 1% and was down 38% from December 2009 sales of 235 homes. In January 2010 the number of homes on the market was 2032 homes – which was equivalent to December 2009. February 2010 home sales are expected to be up from January 2010 home sales based on the number of homes that are reported to have accepted contracts. The average unit selling price for January 2010 of $126,110 was up 4% from 2009’s average of $121,782 and up 20% from January 2009’s average price of $105,027. While the average unit sale price is an indicator of home values, there are other factors which must be considered such as the mix of sales between higher priced homes and lower priced homes. Another item of note is that the list to sale price remained in the 94% to 96% range in January 2010 which indicates some discounting of list price in January. The factor that has the greatest impact on the market is the number of homes that are for sale. In January 2010 there were 2032 homes on the market. January 2009 had 2212 homes in inventory and the average for 2009 was 2204 homes. In January 2010 the absorption rate was at 13.9 months compared to previous highs in January 2009 of 15.1 months and in December 2008 of 12.6 months. There are several important factors that buyers and sellers need to be aware of when considering future real estate transactions. Consumer confidence continues to be low but is improving. The government continues to  take aggressive steps to stabilize the economy, unemployment rates are starting to level off, the stock market continues to recover, mortgage interest rates continue to be low but are expected start a gradual increase, and home inventories are down-especially well cared for, updated, move-in ready homes.

The real estate market is truly a product of supply and demand. The changes in supply and demand create what is referred to as a Buyer’s or a Seller’s market. The absorption rate is often used as a measure of what is currently being experienced in the real estate market. Absorption rates below 6 are generally considered a Seller’s market and above 6.5 a Buyer’s market. The absorption rate calculates how long it would take the market to absorb or sell all the homes currently for sale at the current sales rate. Prior to 2008 the absorption rate for the four county area was 6 or below. The average for 2007 was 7.8 months and the average for 2008 was 9.2 months. REMEMBER ALL REAL ESTATE IS LOCAL IN NATURE.

Let us now go a step deeper and look at what is going on in each of the four counties as each county has its own story to tell.

Evansville and Vanderburgh County

In Vanderburgh County 84 homes were sold in January 2010 which is down 11% from January 2009 sales of 94 homes and down 40% from December 2009 sales of 140 homes. The average sales price for January 2010 was $112,963 which was up 1% from 2009’s average of $112,170. Sell price to list price ratio was 91.4%. Again the big factor is the number of homes on the market. January 2010 had 1319 homes for sale compared to 1392 for January 2009 and 1383 for December 2009. January 2010’s absorption rate was at 15.7 months compared to 14.8 months in January 2009 and 11.6 months in December 2008.
Newburgh and Warrick County

January 2010 home sales of 36 homes were up 9% from January 2009 home sales of 33 homes and down 41% from December 2009 home sales of 61 homes. The average sales price for January 2010 was $199,500 compared to 2009’s average of $161,887. The sell to list ratio was 95.3%. January 2010 home inventory is at 382 homes compared to January 2009’s inventory of 479 homes and December 2009’s inventory of 373 homes. The January 2010 absorption rate was 10.6 months compared to January 2009’s absorption rate of 14.6 months and December 2008’s absorption rate of 13.0 months.
Princeton and Gibson County

Gibson County home sales for January 2010 of 14 homes were up 27% from January 2009 sales of 11 homes and down 44% from December 2009 sales of 25 homes. The average unit sales price for January 2010 was $67,255 compared to 2009’s average of $91,715. The list to sell ratio was 95.6%. January 2010 home inventory is at 193 homes which is down from January 2009’s home inventory of 206 homes and up from December 2009 home inventory of 186 homes. January 2010’s absorption rate was 10.6 months compared to January 2009’s absorption rate of 18.3 months and December 2008’s absorption rate of 16.2 months.
Mount Vernon and Posey County

Posey County home sales for January 2010 of 12 homes were up 71% from January 2009 homes sales of 7 homes and up 20% from December 2009 home sales of 10 homes. The January 2010 average unit sales price was $66,637 compared to 2009’s average of $107,933. Posey County’s home inventory for January 2010 of 138 homes is up from January 2009 home inventory of 135 homes but down from December 2009’s home inventory of 143 homes. The absorption rate in Posey County for January 2010 is at 11.5 months compared to February 2009’s absorption rate of 23.3 months and December 2008’s absorption rate of 24.0 months.
What does all of this mean to buyers and sellers? Buyers remain in an excellent position to purchase. However, Buyers need to be aware of what homes are in inventory, especially well maintained, and competitively priced homes. The current trend points toward a continued tightening of saleable homes. The first time home buyer incentive of $8,000 tax credit has created demand for housing. The first time home buyer incentive has been extended through April 30, 2010 for a contract date with a June 30, 2010 close date. In addition there is now a $6,500 tax credit for repeat buyers who purchase a new principal residence and have lived in the previous residence for five of the last eight years. Interest rates are at the lowest they have been in many years. Mortgage programs have seen some tightening of requirements but are plentiful for buyers with acceptable credit scores. Mortgage rates are tied to 10 year treasury bills and not the overnight Fed rate which gets all the media attention. Sellers need to make sure that their homes are in top condition and well priced to attract a buyer. Those homes that are not in top condition and are not well priced are helping those sellers whose homes are in good condition and are appropriately priced to get their homes sold. Remember buyers purchase homes based on location, price and condition. Sellers have control of the condition of their home and with so many homes on the market; condition becomes a major deciding factor with buyers when making an offer to purchase.
(Detailed statistical reports were generated from data supplied by the Evansville Area Assoc. of Realtors which is available upon request. Send your request to info@evvareahomes.com.)

January 8, 2010

In December the local real estate market recorded a 7% increase in homes sold this year over last year. Homes sold in 2009 are down less than 2% from home sold in 2008. Buyer activity, especially among first time home buyers deciding to take advantage of the $8,000 tax credit and low interest rates, continued to be very active. The first time home buyer incentive has been extended through April 30, 2010 for a contract date with a June 30, 2010 close date. In addition there is now a $6,500 tax credit for repeat buyers who purchase a new principal residence within the same time frame and have lived in their principal residence for five of the last eight years. December 2009 closed sales of 235 homes fell short of December 2008 sales of 253 homes by 7% and was down 8% from November 2009 sales of 256 homes. In December 2009 the number of homes on the market was 2028 homes – which was down 155 homes from November 2009. January 2009 home sales are expected to be down from December 2009 home sales based on the number of homes that are reported to have accepted contracts. This can be attributed to the typical holiday season slow down. The average unit selling price for December 2009 of $128,176 was up 4% from 2008’s average of $122,786 and up 11% from December 2008’s average price of $114,963. While the average unit sale price is an indicator of home values, there are other factors which must be considered such as the mix of sales between higher priced homes and lower priced homes. Another item of note is that the list to sale price remained in the 94% to 96% range in December 2009 which indicates some discounting of list price in December. The factor that has the greatest impact on the market is the number of homes that are for sale. In December 2009 there were 2028 homes on the market. December 2008 had 2223 homes in inventory and the average for 2008 was 2491 homes. In December 2009 the absorption rate was at 8.2 months compared to previous highs in January 2009 of 15.1 months and in December 2008 of 12.6 months. There are several important factors that buyers and sellers need to be aware of when considering future real estate transactions. Consumer confidence continues to be low but is improving. The government continues to  take aggressive steps to stabilize the economy, unemployment rates are starting to level off, the stock market continues to recover, mortgage interest rates continue to be low but are expected start a gradual increase, and home inventories are down-especially well cared for, updated, move-in ready homes.

The real estate market is truly a product of supply and demand. The changes in supply and demand create what is referred to as a Buyer’s or a Seller’s market. The absorption rate is often used as a measure of what is currently being experienced in the real estate market. Absorption rates below 6 are generally considered a Seller’s market and above 6.5 a Buyer’s market. The absorption rate calculates how long it would take the market to absorb or sell all the homes currently for sale at the current sales rate. Prior to 2008 the absorption rate for the four county area was 6 or below. The average for 2007 was 7.8 months and the average for 2008 was 9.2 months. REMEMBER ALL REAL ESTATE IS LOCAL IN NATURE.

Let us now go a step deeper and look at what is going on in each of the four counties as each county has its own story to tell.

Evansville and Vanderburgh County

In Vanderburgh County 140 homes were sold in December 2009 which is down 17% from December 2008 sales of 168 homes and down 16% from November 2009 sales of 166 homes. The average sales price for December 2009 was $117,184 which was up from 2008’s average of $110,091. Sell price to list price ratio was 93.5%. Again the big factor is the number of homes on the market. December 2009 had 1326 homes for sale compared to 1400 for December 2008 and 1456 for November 2009. December 2009’s absorption rate was at 9.5 months compared to 14.7 months in January 2009 and 11.6 months in December 2008.
Newburgh and Warrick County

December 2009 home sales of 60 homes were up 13% from December 2008 home sales of 53 homes and up 3% from November 2009 home sales of 58 homes. The average sales price for December 2009 was $165,011 compared to 2008’s average of $172,481. The sell to list ratio was 95.1%. December 2009 home inventory is at 373 homes compared to December 2008’s inventory of 484 homes and November 2009’s inventory of 393 homes. The December 2009 absorption rate was 6.2 months compared to January 2009’s absorption rate of 14.6 months and December 2008’s absorption rate of 13.0 months.
Princeton and Gibson County

Gibson County home sales for December 2009 of 25 homes were up 67% from December 2008 sales of 15 homes and up 39% from November 2009 sales of 18 homes. The average unit sales price for December 2009 was $107,786 compared to 2008’s average of $95,500. The list to sell ratio was 94.1%. December 2009 home inventory is at 186 homes which is down from December 2008’s home inventory of 208 homes and equivalent to November 2009 home inventory of 187 homes. December 2009’s absorption rate was 7.4 months compared to January 2009’s absorption rate of 18.3 months and December 2008’s absorption rate of 16.2 months.
Mount Vernon and Posey County

Posey County home sales for December 2009 of 10 homes were down 41% from December 2008 homes sales of 17 homes and down 13% from November 2009 home sales of 14 homes. The December 2009 average unit sales price was $112,020 compared to 2008’s average of $112,715. Posey County’s home inventory for December 2009 of 143 homes is up from December 2008 home inventory of 131 homes but down from November 2009’s home inventory of 147 homes. The absorption rate in Posey County for December 2009 is at 14.3 months compared to February 2009’s absorption rate of 23.3 months and December 2008’s absorption rate of 24.0 months.
What does all of this mean to buyers and sellers? Buyers remain in an excellent position to purchase. However, Buyers need to be aware of what homes are in inventory, especially well maintained, and competitively priced homes. The current trend points toward a continued tightening of saleable homes. The first time home buyer incentive of $8,000 tax credit has created demand for housing. The first time home buyer incentive has been extended through April 30, 2010 for a contract date with a June 30, 2010 close date. In addition there is now a $6,500 tax credit for repeat buyers who purchase a new principal residence and have lived in the previous residence for five of the last eight years. Interest rates are at the lowest they have been in many years. Mortgage programs have seen some tightening of requirements but are plentiful for buyers with acceptable credit scores. Mortgage rates are tied to 10 year treasury bills and not the overnight Fed rate which gets all the media attention. Sellers need to make sure that their homes are in top condition and well priced to attract a buyer. Those homes that are not in top condition and are not well priced are helping those sellers whose homes are in good condition and are appropriately priced to get their homes sold. Remember buyers purchase homes based on location, price and condition. Sellers have control of the condition of their home and with so many homes on the market; condition becomes a major deciding factor with buyers when making an offer to purchase.
(Detailed statistical reports were generated from data supplied by the Evansville Area Assoc. of Realtors which is available upon request. Send your request to info@evvareahomes.com.)

December 7, 2009

In November the local real estate market recorded a 31% increase in homes sold this year over last year. Buyer activity, especially among first time home buyers deciding to take advantage of the $8,000 tax credit and low interest rates, continued to be very active. The first time home buyer incentive has been extended through April 30, 2010 for a contract date with a June 30, 2010 close date. In addition there is now a $6,500 tax credit for repeat buyers who purchase a new principal residence within the same time frame and have lived in their principal residence for five of the last eight years. November 2009 closed sales of 247 homes exceeded November 2008 sales of 189 homes by 31% but was down 25% from October 2009 sales of 329 homes. In November 2009 the number of homes on the market was 2155 homes – which is comparable to previous months in 2009. December 2009 home sales are expected to be down from November 2009 home sales based on the number of homes that are reported to have accepted contracts. This can be attributed to buyers not purchasing homes because they could not get the loan closed by the old November 30, 2009 deadline as well as typical holiday slow down. The average unit selling price for November 2009 of $119,755 was down 2% from 2008’s average of $122,786 and down 4% from November 2008’s average price of $124,553. While the average unit sale price is an indicator of home values, there are other factors which must be considered such as the mix of sales between higher priced homes and lower priced homes. Another item of note is that the list to sale price remained in the 94% to 96% range in November 2009 which indicates some discounting of list price in November. The factor that has the greatest impact on the market is the number of homes that are for sale. In November 2009 there were 2155 homes on the market. November 2008 had 2390 homes in inventory and the average for 2008 was 2491 homes. In November 2009 the absorption rate was at 8.7 months compared to previous highs in January 2009 of 15.1 months and in November 2008 of 12.6 months. There are several important factors that buyers and sellers need to be aware of when considering future real estate transactions. Consumer confidence continues to be low but is improving. The government continues to  take aggressive steps to stabilize the economy, unemployment rates are starting to level off, the stock market continues to recover, mortgage interest rates continue to be low, and home inventories are down-especially well cared for, updated, move-in ready homes.

The real estate market is truly a product of supply and demand. The changes in supply and demand create what is referred to as a Buyer’s or a Seller’s market. The absorption rate is often used as a measure of what is currently being experienced in the real estate market. Absorption rates below 6 are generally considered a Seller’s market and above 6.5 a Buyer’s market. The absorption rate calculates how long it would take the market to absorb or sell all the homes currently for sale at the current sales rate. Prior to 2008 the absorption rate for the four county area was 6 or below. The average for 2007 was 7.8 months and the average for 2008 was 9.2 months. REMEMBER ALL REAL ESTATE IS LOCAL IN NATURE.

Let us now go a step deeper and look at what is going on in each of the four counties as each county has its own story to tell.

Evansville and Vanderburgh County

In Vanderburgh County 160 homes were sold in November 2009 which is up 23% from November 2008 sales of 130 homes but down 23% from October 2009 sales of 209 homes. The average sales price for November 2009 was $107,428 which was down from 2008’s average of $110,091. Sell price to list price ratio was 96.0%. Again the big factor is the number of homes on the market. November 2009 had 1442 homes for sale compared to 1513 for November 2008 and 1470 for October 2009. November 2009’s absorption rate was at 9.0 months compared to 14.7 months in January 2009 and 11.6 months in November 2008.
Newburgh and Warrick County

November 2009 home sales of 55 homes were up 41% from November 2008 home sales of 39 homes but down 27% from October 2009 home sales of 75 homes. The average sales price for November 2009 was $164,444 compared to 2008’s average of $172,481. The sell to list ratio was 96.0%. November 2009 home inventory is at 383 homes compared to November 2008’s inventory of 506 homes and October 2009’s inventory of 409 homes. The November 2009 absorption rate was 7.0 months compared to January 2009’s absorption rate of 14.6 months and November 2008’s absorption rate of 13.0 months.
Princeton and Gibson County

Gibson County home sales for November 2009 of 18 homes were up 29% from November 2008 sales of 14 homes but down 38% from October 2009 sales of 29 homes. The average unit sales price for November 2009 was $107,695 compared to 2008’s average of $95,500. The list to sell ratio was 97.3%. November 2009 home inventory is at 185 homes which is down from November 2008’s home inventory of 227 homes and equivalent to October 2009 home inventory of 184 homes. November 2009’s absorption rate was 10.3 months compared to January 2009’s absorption rate of 18.3 months and November 2008’s absorption rate of 16.2 months.
Mount Vernon and Posey County

Posey County home sales for November 2009 of 14 homes were up 133% from November 2008 homes sales of 6 homes but down 13% from October 2009 home sales of 16 homes. The November 2009 average unit sales price was $100,585 compared to 2008’s average of $112,715. Posey County’s home inventory for November 2009 of 145 homes is equivalent to November 2008 home inventory of 144 homes but down from October 2009’s home inventory of 154 homes. The absorption rate in Posey County for November 2009 is at 10.4 months compared to February 2009’s absorption rate of 23.3 months and November 2008’s absorption rate of 24.0 months.
What does all of this mean to buyers and sellers? Buyers remain in an excellent position to purchase. However, Buyers need to be aware of what homes are in inventory, especially well maintained, and competitively priced homes. The current trend points toward a continued tightening of saleable homes. The first time home buyer incentive of $8,000 tax credit has created demand for housing. The first time home buyer incentive has been extended through April 30, 2010 for a contract date with a June 30, 2010 close date. In addition there is now a $6,500 tax credit for repeat buyers who purchase a new principal residence and have lived in the previous residence for five of the last eight years. Interest rates are at the lowest they have been in many years. Mortgage programs have seen some tightening of requirements but are plentiful for buyers with acceptable credit scores. Mortgage rates are tied to 10 year treasury bills and not the overnight Fed rate which gets all the media attention. Sellers need to make sure that their homes are in top condition and well priced to attract a buyer. Those homes that are not in top condition and are not well priced are helping those sellers whose homes are in good condition and are appropriately priced to get their homes sold. Remember buyers purchase homes based on location, price and condition. Sellers have control of the condition of their home and with so many homes on the market; condition becomes a major deciding factor with buyers when making an offer to purchase.
(Detailed statistical reports were generated from data supplied by the Evansville Area Assoc. of Realtors which is available upon request. Send your request to info@evvareahomes.com.)

November 6, 2009

In October the local real estate market recorded a 10% increase in homes sold this year over last year. Buyer activity, especially among first time home buyers deciding to take advantage of the $8,000 tax credit and low interest rates, continued to be very active. The first time home buyer incentive has been extended through April 30, 2010 for a contract date with a June 30, 2010 close date. In addition there is now a $6,500 tax credit for repeat buyers who purchase a new principal residence within the same time frame and have lived in their principal residence for five of the last eight years. October 2009 closed sales of 321 homes exceeded October 2008 sales of 292 homes by 10% and was up 5% from September 2009 sales of 305 homes. In October 2009 the number of homes on the market was 2217 homes – which is comparable to previous months in 2009. November 2009 home sales are expected to be down from October 2009 home sales based on the number of homes that are reported to have accepted contracts. This can be attributed to buyers not purchasing homes because they could not get the loan closed by the old November 30, 2009 deadline. The average unit selling price for October 2009 of $125,888 was up 3% from 2008’s average of $122,786 and up 4% from October 2008’s average price of $121,377. While the average unit sale price is an indicator of home values, there are other factors which must be considered such as the mix of sales between higher priced homes and lower priced homes. Another item of note is that the list to sale price remained in the 94% to 96% range in October 2009 which indicates some discounting of list price in October. The factor that has the greatest impact on the market is the number of homes that are for sale. In October 2009 there were 2217 homes on the market. October 2008 had 2477 homes in inventory and the average for 2008 was 2491 homes. In October 2009 the absorption rate was at 6.9 months compared to previous highs in January 2009 of 15.1 months and in November 2008 of 12.4 months. There are several important factors that buyers and sellers need to be aware of when considering future real estate transactions. Consumer confidence continues to be low but is improving. The government continues to  take aggressive steps to stabilize the economy, unemployment rates are starting to level off, the stock market continues to recover, mortgage interest rates continue to be low, and home inventories are down-especially well cared for, updated, move-in ready homes.

The real estate market is truly a product of supply and demand. The changes in supply and demand create what is referred to as a Buyer’s or a Seller’s market. The absorption rate is often used as a measure of what is currently being experienced in the real estate market. Absorption rates below 6 are generally considered a Seller’s market and above 6.5 a Buyer’s market. The absorption rate calculates how long it would take the market to absorb or sell all the homes currently for sale at the current sales rate. Prior to 2008 the absorption rate for the four county area was 6 or below. The average for 2007 was 7.8 months and the average for 2008 was 9.2 months. REMEMBER ALL REAL ESTATE IS LOCAL IN NATURE.

Let us now go a step deeper and look at what is going on in each of the four counties as each county has its own story to tell.
 
Evansville and Vanderburgh County

In Vanderburgh County 205 homes were sold in October 2009 which is up 13% from October 2008 sales of 181 homes and up 19% from September 2009 sales of 172 homes. The average sales price for October 2009 was $113,086 which was up from 2008’s average of $110,091. Sell price to list price ratio was 96.1%. Again the big factor is the number of homes on the market. October 2009 had 1470 homes for sale compared to 1575 for October 2008 and 1474 for September 2009. October 2009’s absorption rate was at 7.2 months compared to 14.7 months in January 2009 and 11.4 months in November 2008.
Newburgh and Warrick County

October 2009 home sales of 73 homes were down 4% from October 2008 home sales of 76 homes and down 8% from September 2009 home sales of 79 homes. The average sales price for October 2009 was $176,621 compared to 2008’s average of $172,481. The sell to list ratio was 96.2%. October 2009 home inventory is at 409 homes compared to October 2008’s inventory of 529 homes and September 2009’s inventory of 426 homes. The October 2009 absorption rate was 5.6 months compared to January 2009’s absorption rate of 14.6 months and November 2008’s absorption rate of 12.8 months.
Princeton and Gibson County

Gibson County home sales for October 2009 of 28 homes were down 3% from October 2008 sales of 29 homes and down 20% from September 2009 sales of 35 homes. The average unit sales price for October 2009 was $86,421 compared to 2008’s average of $95,500. The list to sell ratio was 96.3%. October 2009 home inventory is at 184 homes which is down from October 2008’s home inventory of 232 homes and up from September 2009 home inventory of 170 homes. October 2009’s absorption rate was 6.6 months compared to January 2009’s absorption rate of 18.3 months and November 2008’s absorption rate of 15.9 months.
Mount Vernon and Posey County

Posey County home sales for October 2009 of 15 homes were up 150% from October 2008 homes sales of 6 homes and down 21% from September 2009 home sales of 19 homes. The October 2009 average unit sales price was $127,620 compared to 2008’s average of $112,715. Posey County’s home inventory for October 2009 of 154 homes is up from October 2008 home inventory of 141 homes but down from September 2009’s home inventory of 155 homes. The absorption rate in Posey County for October 2009 is at 10.3 months compared to February 2009’s absorption rate of 23.3 months and November 2008’s absorption rate of 24.5 months.
What does all of this mean to buyers and sellers? Buyers remain in an excellent position to purchase. However, Buyers need to be aware of what homes are in inventory, especially well maintained, and competitively priced homes. The current trend points toward a continued tightening of saleable homes. The first time home buyer incentive of $8,000 tax credit has created demand for housing. The first time home buyer incentive has been extended through April 30, 2010 fro contract date with a June 30, 2010 close date. In addition there is now a $6,500 tax credit for repeat buyers who purchase a new principal residence and have lived in the previous residence for five of the last eight years. Interest rates are at the lowest they have been in many years. Mortgage programs have seen some tightening of requirements but are plentiful for buyers with acceptable credit scores. Mortgage rates are tied to 10 year treasury bills and not the overnight Fed rate which gets all the media attention. Sellers need to make sure that their homes are in top condition and well priced to attract a buyer. Those homes that are not in top condition and are not well priced are helping those sellers whose homes are in good condition and are appropriately priced to get their homes sold. Remember buyers purchase homes based on location, price and condition. Sellers have control of the condition of their home and with so many homes on the market; condition becomes a major deciding factor with buyers when making an offer to purchase.
(Detailed statistical reports were generated from data supplied by the Evansville Area Assoc. of Realtors which is available upon request. Send your request to info@evvareahomes.com.)

October 8, 2009

In September the local real estate market kept pace with September 2008’s home sales pace. Buyer activity, especially among first time home buyers deciding to take advantage of the $8,000 tax credit and low interest rates, continued to be very active. However, that is quickly coming to an end with the cut-off, close date of November 30, 2009. September 2009 closed sales of 296 homes were equivalent to September 2008 sales of 297 homes but down 7% from August 2009 sales of 316 homes. In September 2009 the number of homes on the market was 2195 homes – which is comparable to previous months in 2009. October 2009 home sales are expected to be equivalent to September 2009 home sales based on the number of homes that are reported to have accepted contracts. The average unit selling price for September 2009 of $115,108 was down 6% from 2008’s average of $122,786 and down 4% from September 2008’s average price of $120,537. While the average unit sale price is an indicator of home values, there are other factors which must be considered such as the mix of sales between higher priced homes and lower priced homes. Another item of note is that the list to sale price remained in the 94% to 96% range in September 2009 which indicates some discounting of list price in September. The factor that has the greatest impact on the market is the number of homes that are for sale. In September 2009 there were 2195 homes on the market. September 2008 had 2571 homes in inventory and the average for 2008 was 2491 homes. In September 2009 the absorption rate was at 7.4 months compared to previous highs in January 2009 of 15.1 months and in November 2008 of 12.4 months. There are several important factors that buyers and sellers need to be aware of when considering future real estate transactions. Consumer confidence continues to be low but is improving. The government continues to  take aggressive steps to stabilize the economy, unemployment rates are starting to level off, the stock market continues to recover, mortgage interest rates continue to be low, and home inventories are down-especially well cared for, updated, move-in ready homes.

The real estate market is truly a product of supply and demand. The changes in supply and demand create what is referred to as a Buyer’s or a Seller’s market. The absorption rate is often used as a measure of what is currently being experienced in the real estate market. Absorption rates below 6 are generally considered a Seller’s market and above 6.5 a Buyer’s market. The absorption rate calculates how long it would take the market to absorb or sell all the homes currently for sale at the current sales rate. Prior to 2008 the absorption rate for the four county area was 6 or below. The average for 2007 was 7.8 months and the average for 2008 was 9.2 months. REMEMBER ALL REAL ESTATE IS LOCAL IN NATURE.

Let us now go a step deeper and look at what is going on in each of the four counties as each county has its own story to tell.
 
Evansville and Vanderburgh County

In Vanderburgh County 168 homes were sold in September 2009 which is down 20% from September 2008 sales of 210 homes and down 16% from August 2009 sales of 201 homes. The average sales price for September 2009 was $100,242 which was down from 2008’s average of $110,091. Sell price to list price ratio was 96%. Again the big factor is the number of homes on the market. September 2009 had 1449 homes for sale compared to 1607 for September 2008 and 1460 for August 2009. September 2009’s absorption rate was at 8.6 months compared to 14.7 months in January 2009 and 11.4 months in November 2008.
Newburgh and Warrick County

September 2009 home sales of 77 homes were up 51% from September 2008 home sales of 51 homes and up 12% from August 2009 home sales of 69 homes. The average sales price for September 2009 was $154,100 compared to 2008’s average of $172,481. The sell to list ratio was 95.5%. September 2009 home inventory is at 420 homes compared to September 2008’s inventory of 555 homes and August 2009’s inventory of 421 homes. The September 2009 absorption rate was 5.5 months compared to January 2009’s absorption rate of 14.6 months and November 2008’s absorption rate of 12.8 months.
Princeton and Gibson County

Gibson County home sales for September 2009 of 32 homes were up 60% from September 2008 sales of 20 homes and up 7% from August 2009 sales of 30 homes. The average unit sales price for September 2009 was $101,145 compared to 2008’s average of $95,500. The list to sell ratio was 93.8%. September 2009 home inventory is at 169 homes which is down from September 2008’s home inventory of 240 homes and down from August 2009 home inventory of 186 homes. September 2009’s absorption rate was 5.3 months compared to January 2009’s absorption rate of 18.3 months and November 2008’s absorption rate of 15.9 months.
Mount Vernon and Posey County

Posey County home sales for September 2009 of 19 homes were up 19% from September 2008 homes sales of 16 homes and equal to August 2009 home sales of 19 homes. The September 2009 average unit sales price was $112,052 compared to 2008’s average of $112,715. Posey County’s home inventory for September 2009 of 157 homes is down from September 2008 home inventory of 169 homes and August 2009’s home inventory of 164 homes. The absorption rate in Posey County for September 2009 is at 8.3 months compared to February 2009’s absorption rate of 23.3 months and November 2008’s absorption rate of 24.5 months.
What does all of this mean to buyers and sellers? Buyers remain in an excellent position to purchase. However, Buyers need to be aware of what homes are in inventory, especially well maintained, and competitively priced homes. The current trend points toward a continued tightening of saleable homes. The first time home buyer incentive of $8,000 tax credit has created demand for housing. However, the incentive is quickly coming to an end. The sale must close by November 30, 2009 which means that the property needs to currently be under contract in order to meet the closing deadline of November 30, 2009. Interest rates are at the lowest they have been in many years. Mortgage programs have seen some tightening of requirements but are plentiful for buyers with acceptable credit scores. Mortgage rates are tied to 10 year treasury bills and not the overnight Fed rate which gets all the media attention. Sellers need to make sure that their homes are in top condition and well priced to attract a buyer. Those homes that are not in top condition and are not well priced are helping those sellers whose homes are in good condition and are appropriately priced to get their homes sold. Remember buyers purchase homes based on location, price and condition. Sellers have control of the condition of their home and with so many homes on the market; condition becomes a major deciding factor with buyers when making an offer to purchase.
(Detailed statistical reports were generated from data supplied by the Evansville Area Assoc. of Realtors which is available upon request. Send your request to info@evvareahomes.com.)

September 8, 2009

In August the local real estate market maintained July 2009’s home sales pace. Buyer activity, especially among first time home buyers deciding to take advantage of the $8,000 tax credit and low interest rates, continues to be very active. August 2009 closed sales of 307 homes were down 3% from August 2008 sales and equivalent to July 2009 sales. In August 2009 the number of homes on the market was 2180 homes – which is comparable to previous months in 2009. September 2009 home sales are expected to be up from August 2009 home sales based on the number of homes that are reported to have accepted contracts. The average unit selling price for August 2009 of $117,484 was down 4% from 2008’s average of $122,786 and down 10% from August 2008’s average price of $130,417. While the average unit sale price is an indicator of home values, there are other factors which must be considered such as the mix of sales between higher priced homes and lower priced homes. Another item of note is that the list to sale price remained in the 94% to 96% range in August 2009 which indicates some discounting of list price in August. The factor that has the greatest impact on the market is the number of homes that are for sale. In August 2009 there were 2180 homes on the market. August 2008 had 2605 homes in inventory and the average for 2008 was 2491 homes. In August 2009 the absorption rate was at 7.1 months compared to previous highs in January 2009 of 15.1 months and in November 2008 of 12.4 months. There are several important factors that buyers and sellers need to be aware of when considering future real estate transactions. Consumer confidence continues to be low but is improving. The government continues to  take aggressive steps to stabilize the economy, unemployment rates are starting to level off, the stock market continues to recover, mortgage interest rates continue to be low, and home inventories are down-especially well cared for, updated, move-in ready homes. With the pent up buyer demand and first time home buyer tax credit incentive of $8,000, we are experiencing a market turn around.

The real estate market is truly a product of supply and demand. The changes in supply and demand create what is referred to as a Buyer’s or a Seller’s market. The absorption rate is often used as a measure of what is currently being experienced in the real estate market. Absorption rates below 6 are generally considered a Seller’s market and above 6.5 a Buyer’s market. The absorption rate calculates how long it would take the market to absorb or sell all the homes currently for sale at the current sales rate. Prior to 2008 the absorption rate for the four county area was 6 or below. The average for 2007 was 7.8 months and the average for 2008 was 9.2 months. REMEMBER ALL REAL ESTATE IS LOCAL IN NATURE.

Let us now go a step deeper and look at what is going on in each of the four counties as each county has its own story to tell.
 
Evansville and Vanderburgh County

In Vanderburgh County 192 homes were sold in August 2009 which is down 4% from August 2008 sales of 201 homes and up 3% from July 2009 sales of 187 homes. The average sales price for August 2009 was $103,593 which was down 6% from 2008’s average of $110,091. Sell price to list price ratio was 96%. Again the big factor is the number of homes on the market. August 2009 had 1427 homes for sale compared to 1637 for August 2008 and 1447 for July 2009. August 2009’s absorption rate was at 7.4 months compared to 14.7 months in January 2009 and 11.4 months in November 2008.
Newburgh and Warrick County

August 2009 home sales of 67 homes were down 14% from August 2008 home sales of 78 homes and down 9% from July 2009 home sales of 74 homes. The average sales price for August 2009 was $171,923 compared to 2008’s average of $172,481. The sell to list ratio was 95%. August 2009 home inventory is at 410 homes compared to August 2008’s inventory of 557 homes and July 2009’s inventory of 443 homes. The August 2009 absorption rate was 6.1 months compared to January 2009’s absorption rate of 14.6 months and November 2008’s absorption rate of 12.8 months.
Princeton and Gibson County

Gibson County home sales for August 2009 of 29 homes were up 32% from August 2008 sales of 22 homes and equal to July 2009 sales of 29 homes. The average unit sales price for August 2009 was $98,376 compared to 2008’s average of $95,500. The list to sell ratio was 96%. August 2009 home inventory is at 184 homes which is down from August 2008’s home inventory of 250 homes and equivalent to July 2009 home inventory of 182 homes. August 2009’s absorption rate was 6.3 months compared to January 2009’s absorption rate of 18.3 months and November 2008’s absorption rate of 15.9 months.
Mount Vernon and Posey County

Posey County home sales for August 2009 of 19 homes were up 27% from August 2008 homes sales of 15 homes and equal to July 2009 home sales of 19 homes. The August 2009 average unit sales price was $95,050 compared to 2008’s average of $112,715. Posey County’s home inventory for August 2009 of 159 homes is equivalent to August 2008 home inventory and July 2009’s home inventory. The absorption rate in Posey County for August 2009 is at 8.4 months compared to February 2009’s absorption rate of 23.3 months and November 2008’s absorption rate of 24.5 months.
What does all of this mean to buyers and sellers? Buyers remain in an excellent position to purchase. However, Buyers need to be aware of what homes are in inventory, especially well maintained, and competitively priced homes. The current trend points toward a continued tightening of saleable homes. The first time home buyer incentive of $8,000 tax credit is creating demand for housing. Interest rates are at the lowest they have been in many years. Mortgage programs have seen some tightening of requirements but are plentiful for buyers with acceptable credit scores. Mortgage rates are tied to 10 year treasury bills and not the overnight Fed rate which gets all the media attention. Sellers need to make sure that their homes are in top condition and well priced to attract a buyer. Those homes that are not in top condition and are not well priced are helping those sellers whose homes are in good condition and are appropriately priced to get their homes sold. Remember buyers purchase homes based on location, price and condition. Sellers have control of the condition of their home and with so many homes on the market; condition becomes a major deciding factor with buyers when making an offer to purchase.
(Detailed statistical reports were generated from data supplied by the Evansville Area Assoc. of Realtors which is available upon request. Send your request to info@evvareahomes.com.)

Evansville Real Estate Market Takes A Breather in July

The local real estate market took a breather in July after 5 continuous months of increases in the numbers of homes sold. Buyer activity, especially among first time home buyers deciding to take advantage of the $8,000 tax credit and low interest rates, continues to be very active. July 2009 closed sales of 305 homes were down 6.7% from June 2009 and July 2008 sales. In July 2009 the number of homes on the market was 2202 homes – which is comparable to previous months in 2009. August 2009 home sales are expected to be up from July 2009 home sales based on the number of homes that are reported to have accepted contracts. The average unit selling price for July 2009 of $124,993 was up 2% from 2008’s average of $122,786, but down 5% from July 2008’s average price of $131,869. While the average unit sale price is an indicator of home values, there are other factors which must be considered such as the mix of sales between higher priced homes and lower priced homes. Another item of note is that the list to sale price remained in the 94% to 96% range in July 2009 which indicates some discounting of list price in July. The factor that has the greatest impact on the market is the number of homes that are for sale. In July 2009 there were 2202 homes on the market. July 2008 had 2580 homes in inventory and the average for 2008 was 2491 homes. In July 2009 the absorption rate was at 7.2 months compared to previous highs in January 2009 of 15.1 months and in November 2008 of 12.4 months. There are several important factors that buyers and sellers need to be aware of when considering future real estate transactions. On the negative side: consumer confidence continues to be low. On the positive side: the government is taking aggressive steps to stabilize the economy, unemployment rates are starting to level off, the stock market continues to recover, interest rates are low, and home inventories are down-especially well cared for, updated, move-in ready homes. With the pent up buyer demand and first time home buyer tax credit incentive of $8,000, we are experiencing a market turn around.

The real estate market is truly a product of supply and demand. The changes in supply and demand create what is referred to as a Buyer’s or a Seller’s market. The absorption rate is often used as a measure of what is currently being experienced in the real estate market. Absorption rates below 6 are generally considered a Seller’s market and above 6.5 a Buyer’s market. The absorption rate calculates how long it would take the market to absorb or sell all the homes currently for sale at the current sales rate. Prior to 2008 the absorption rate for the four county area was 6 or below. The average for 2007 was 7.8 months and the average for 2008 was 9.2 months. REMEMBER ALL REAL ESTATE IS LOCAL IN NATURE.

Let us now go a step deeper and look at what is going on in each of the four counties as each county has its own story to tell.

Evansville and Vanderburgh County

In Vanderburgh County 184 homes were sold in July 2009 which is down 12% from July 2008 and down 15% from June 2009. The average sales price for July 2009 was $116,549 which was up from 2008’s average of $110,091. Sell price to list price ratio was 96%. Again the big factor is the number of homes on the market. July 2009 had 1428 homes for sale compared to 1635 for July 2008 and 1410 for June 2009. July 2009’s absorption rate was at 7.2 months compared to 14.7 months in January 2009 and 11.4 months in November 2008.
Newburgh and Warrick County

July 2009 home sales of 73 homes were down 5% from July 2008 home sales of 77 homes but up 6% from June 2009 home sales. The average sales price for July 2009 was $157,302 compared to 2008’s average of $172,481. The sell to list ratio was 94%. July 2009 home inventory is at 434 homes compared to July 2008’s inventory of 548 homes and June 2009’s inventory of 463 homes. The July 2009 absorption rate was 6.0 months compared to January 2009’s absorption rate of 14.6 months and November 2008’s absorption rate of 12.8 months.
Princeton and Gibson County

Gibson County home sales for July 2009 of 29 homes were up 38% from July 2008 sales of 21 homes and up 7% form June 2009 sales of 27 homes. The average unit sales price for July 2009 was $114,559 compared to 2008’s average of $95,500. The list to sell ratio returned to the normal 93% to 95% range. July 2009 home inventory is at 179 homes which is down from July 2008’s home inventory of 238 homes and June 2009 home inventory of 178 homes. July 2009’s absorption rate was 6.2 months compared to January 2009’s absorption rate of 18.3 months and November 2008’s absorption rate of 15.9 months.
Mount Vernon and Posey County

Posey County home sales for July 2009 of 19 homes were down 5% from July 2008 homes sales of 20 homes but up 27% from June 2009 home sales of 15 homes. The July 2009 average unit sales price was $98,558 compared to 2008’s average of $112,715. Posey County’s home inventory for July 2009 of 161 homes is equivalent to July 2008 home inventory of 159 homes and June 2009’s home inventory of 153 homes. The absorption rate in Posey County for July 2009 is at 8.5 months compared to February 2009’s absorption rate of 23.3 months and November 2008’s absorption rate of 24.5 months.
What does all of this mean to buyers and sellers? Buyers remain in an excellent position to purchase. However, Buyers need to be aware of what homes are in inventory, especially well maintained, and competitively priced homes. The current trend points toward a continued tightening of saleable homes. The first time home buyer incentive of $8,000 tax credit is creating demand for housing. Interest rates are at the lowest they have been in many years. Mortgage programs have seen some tightening of requirements but are plentiful for buyers with acceptable credit scores. Mortgage rates are tied to 10 year treasury bills and not the overnight Fed rate which gets all the media attention. Sellers need to make sure that their homes are in top condition and well priced to attract a buyer. Those homes that are not in top condition and are not well priced are helping those sellers whose homes are in good condition and are appropriately priced to get their homes sold. Remember buyers purchase homes based on location, price and condition. Sellers have control of the condition of their home and with so many homes on the market; condition becomes a major deciding factor with buyers when making an offer to purchase.
(Detailed statistical reports were generated from data supplied by the Evansville Area Assoc. of Realtors which is available upon request. Send your request to info@evvareahomes.com.)

Evansville Real Estate Market Continues to Improve

The local real estate market continues to show signs of improvement with 6 continuous months of increase in the numbers of homes sold with May and June 2009 at higher sales volume than May and June of 2008. Buyer activity, especially among first time home buyers deciding to take advantage of the $8,000 tax credit and low interest rates, has spurred on sales. June 2009 closed sales of 325 homes were up 2.8% from June 2008 sales and were up 9% from May 2009. In June 2009 the number of homes on the market plateaued at 2157 homes – the lowest level since May 2006. July 2009 home sales are expected to be up from June 2009 home sales based on the number of homes that are reported to have accepted contracts. The average unit selling price for June 2009 of $121,328 was down 1% from 2008’s average of $122,786, and is down 11% from June 2008’s average price of $136,326. While the average unit sale price is an indicator of home values, there are other factors which must be considered such as the mix of sales between higher priced homes and lower priced homes. Another item of note is that the list to sale price remained in the 94% range in June 2009 which indicates some discounting of list price in June. The factor that has the greatest impact on the market is the number of homes that are for sale. In June 2009 there were 2157 homes on the market. June 2008 had 2602 homes in inventory and the average for 2008 was 2491 homes. In June the absorption rate decreased to 6.6 months after previous highs in January 2009 of 15.1 months and in November 2008 of 12.4 months. May 2007 was the last time absorption rate was in the 6.5 months range. There are several important factors that buyers and sellers need to be aware of when considering future real estate transactions. On the negative side: consumer confidence continues to be low and unemployment continues to climb. On the positive side: the government is taking aggressive steps to stabilize the economy, interest rates are low, and home inventories are down-especially well cared for, updated, move-in ready homes. With the pent up buyer demand and first time home buyer tax credit incentive of $8,000, indications are that we are experiencing a market turn around.

The real estate market is truly a product of supply and demand. The changes in supply and demand create what is referred to as a Buyer’s or a Seller’s market. The absorption rate is often used as a measure of what is currently being experienced in the real estate market. Absorption rates below 6 are generally considered a Seller’s market and above 6.5 a Buyer’s market. The absorption rate calculates how long it would take the market to absorb or sell all the homes currently for sale at the current sales rate. Prior to 2008 the absorption rate for the four county area was 6 or below. The average for 2007 was 7.8 months and the average for 2008 was 9.2 months. REMEMBER ALL REAL ESTATE IS LOCAL IN NATURE.

Let us now go a step deeper and look at what is going on in each of the four counties as each county has its own story to tell.

Evansville and Vanderburgh County

In Vanderburgh County 215 homes were sold in June 2009 which is up 11% from June 2008 and up 10% from May 2009. The average sales price for June 2009 was $117,901 which was up from 2008’s average of $110,091. Sell price to list price ratio was 96%. Again the big factor is the number of homes on the market. June 2009 had 1380 homes for sale compared to 1673 for June 2008 and 1365 for May 2009. June 2009’s absorption rate decreased to 6.4 months from 14.7 months in January 2009 and from 11.4 months in November 2008.
Newburgh and Warrick County

June 2009 home sales of 68 homes were down 16% from June 2008 home sales of 81 homes but up 6% from May 2009 home sales. The average sales price for June 2009 was $163,923 compared to 2008’s average of $172,481. The sell to list ratio was 95%. June 2009 home inventory is at 453 homes compared to June 2008’s inventory of 532 homes and May 2009’s inventory of 455 homes. The June 2009 absorption rate was 6.7 months compared to January 2009’s absorption rate of 14.6 months and November 2008’s absorption rate of 12.8 months.
Princeton and Gibson County

Gibson County home sales for June 2009 of 28 homes were up 33% from June 2008 sales of 21 homes and May 2009 sales of 21 homes. The average unit sales price for June 2009 was $59,863 compared to 2008’s average of $95,500. The list to sell ratio fell to 91% from the normal 93% to 95% range. June 2009 home inventory is at 173 homes which is down from June 2008’s home inventory of 246 homes and May 2009 home inventory of 186 homes. June 2009’s absorption rate was 6.2 months compared to January 2009’s absorption rate of 18.3 months and November 2008’s absorption rate of 15.9 months.
Mount Vernon and Posey County

Posey County home sales for June 2009 of 14 homes were down 30% from June 2008 homes sales of 20 homes and down 1.2% from May 2009 home sales of 16 homes. The June 2009 average unit sales price was $89,993 compared to 2008’s average of $112,715. Posey County’s home inventory for June 2009 of 151 homes is equal to June 2008 home inventory of 151 homes and up slightly from May 2009’s home inventory of 148 homes. The absorption rate in Posey County for June 2009 is at 10.8 months compared to February 2009’s absorption rate of 23.3 months and November 2008’s absorption rate of 24.5 months.
What does all of this mean to buyers and sellers? Buyers remain in an excellent position to purchase. However, Buyers need to be aware of what homes are in inventory, especially well maintained, and competitively priced homes. The current trend points toward a continued tightening of saleable homes. The first time home buyer incentive of $8,000 tax credit is creating demand for housing. Interest rates are at the lowest they have been in many years. Mortgage programs have seen some tightening of requirements but are plentiful for buyers with acceptable credit scores. Mortgage rates are tied to 10 year treasury bills and not the overnight Fed rate which gets all the media attention. Sellers need to make sure that their homes are in top condition and well priced to attract a buyer. Those homes that are not in top condition and are not well priced are helping those sellers whose homes are in good condition and are appropriately priced to get their homes sold. Remember buyers purchase homes based on location, price and condition. Sellers have control of the condition of their home and with so many homes on the market; condition becomes a major deciding factor with buyers when making an offer to purchase.
(Detailed statistical reports were generated from data supplied by the Evansville Area Assoc. of Realtors which is available upon request. Send your request to info@evvareahomes.com.)

June 5, 2009

The local real estate market continues to show signs of improvement with increasing numbers of homes sold and increases in the average selling price. Buyer activity, especially among first time home buyers deciding to take advantage of the $8,000 tax credit and low interest rates, has spurred on sales. May 2009 closed sales of 290 homes were equal to May 2008 sales and were up 8% from April 2009. In May 2009 the number of homes on the market decreased for the ninth month in a row to 2103 homes – the lowest level since May 2006. June 2009 home sales are expected to be up from May 2009 home sales based on the number of homes that are reported to have accepted contracts. The average unit selling price for May 2009 of $135,833 was up over 10% from 2008’s average of $122,786, and is up 12% from May 2008’s average price of $121,634. While the average unit sale price is an indicator of home values, there are other factors which must be considered such as the mix of sales between higher priced homes and lower priced homes. Another item of note is that the list to sale price climbed back up to 96% in May 2009 compared to the normal list to sale price range of 94% to 96% which indicates some discounting of list price in May. The factor that has the greatest impact on the market is the number of homes that are for sale. In May 2009 there were 2103 homes on the market. May 2008 had 2537 homes in inventory and the average for 2008 was 2601 homes. In May 2009 the absorption rate decreased to 7.3 months after previous highs in January 2009 of 15.1 months and in November 2008 of 12.4 months. There are several important factors that buyers and sellers need to be aware of when considering future real estate transactions. On the negative side: consumer confidence continues to be low and unemployment continues to climb. On the positive side: the government is taking aggressive steps to stabilize the economy, interest rates are low, and home inventories are down-especially well cared for, updated, move-in ready homes. With the pent up buyer demand and first time home buyer tax credit incentive of $8,000, indications are that we are experiencing a market turn around.

The real estate market is truly a product of supply and demand. The changes in supply and demand create what is referred to as a Buyer’s or a Seller’s market. The absorption rate is often used as a measure of what is currently being experienced in the real estate market. Absorption rates below 6 are generally considered a Seller’s market and above 6.5 a Buyer’s market. The absorption rate calculates how long it would take the market to absorb or sell all the homes currently for sale at the current sales rate. Prior to 2008 the absorption rate for the four county area was 6 or below. The average for 2007 was 7.8 months and the average for 2008 was 9.2 months. REMEMBER ALL REAL ESTATE IS LOCAL IN NATURE.

Let us now go a step deeper and look at what is going on in each of the four counties as each county has its own story to tell.

Evansville and Vanderburgh County

In Vanderburgh County 193 homes were sold in May 2009 which is up 2.1% from May 2008 and up 11% from April 2009. The average sales price for May 2009 was $132,932 which was up from 2008’s average of $110,091. Sell price to list price ratio was 96%. Again the big factor is the number of homes on the market. May 2009 had 1330 homes for sale compared to 1661 for May 2008 and 1366 for April 2009. May 2009’s absorption rate decreased to 6.9 months from 14.7 months in January 2009 and from 11.4 months in November 2008.
Newburgh and Warrick County

May 2009 home sales of 62 homes were down 5% from May 2008 home sales of 65 homes but up 5% from April 2009 home sales. The average sales price for May 2009 was $160,818 compared to 2008’s average of $172,481. The sell to list ratio was 96%. May 2009 home inventory is at 447 homes compared to May 2008’s inventory of 539 homes and April 2009’s inventory of 435 homes. The May 2009 absorption rate was 7.2 months compared to January 2009’s absorption rate of 14.6 months and November 2008’s absorption rate of 12.8 months.
Princeton and Gibson County

Gibson County home sales for May 2009 of 21 homes were equivalent to May 2008 sales of 19 homes and April 2009 sales of 23 homes. The average unit sales price for May 2009 was $83,119 compared to 2008’s average of $95,500. The list to sell ratio remains in the 93% to 95% range. May 2009 home inventory is at 179 homes which is down from May 2008’s home inventory of 248 homes and April 2009 home inventory of 193 homes. May 2009’s absorption rate was 8.5 months compared to January 2009’s absorption rate of 18.3 months and November 2008’s absorption rate of 15.9 months.
Mount Vernon and Posey County

Posey County home sales for May 2009 of 14 homes were equivalent to May 2008 homes sales of 16 homes and April 2009 home sales of 12 homes. The May 2009 average unit sales price was $144,250 compared to 2008’s average of $112,715. Posey County’s home inventory for May 2009 of 147 homes is down from May 2008 home inventory of 153 homes and April 2009’s home inventory of 141 homes. The absorption rate in Posey County for May 2009 is at 10.5 months compared to February 2009’s absorption rate of 23.3 months and November 2008’s absorption rate of 24.5 months.
What does all of this mean to buyers and sellers? Buyers remain in an excellent position to purchase. However, Buyers need to be aware of what homes are in inventory, especially well maintained, and competitively priced homes. The current trend points toward a continued tightening of saleable homes. The first time home buyer incentive of $8,000 tax credit is creating demand for housing. Interest rates are at the lowest they have been in many years. Mortgage programs have seen some tightening of requirements but are plentiful for buyers with acceptable credit scores. Mortgage rates are tied to 10 year treasury bills and not the overnight Fed rate which gets all the media attention. Sellers need to make sure that their homes are in top condition and well priced to attract a buyer. Those homes that are not in top condition and are not well priced are helping those sellers whose homes are in good condition and are appropriately priced to get their homes sold. Remember buyers purchase homes based on location, price and condition. Sellers have control of the condition of their home and with so many homes on the market; condition becomes a major deciding factor with buyers when making an offer to purchase.
(Detailed statistical reports were generated from data supplied by the Evansville Area Assoc. of Realtors which is available upon request. Send your request to info@evvareahomes.com.)

515 Arthur Street, New Harmony, Indiana

515 Arthur Street, New Harmony, Indiana

Remarks: Bordering the Wabash River this Home has the aura of authenticity of an 1840 built Salt Box with all the modern coveniences. Perfect for showcasing your antiques.There is plenty of space for entertaining. An existing brick cottage, dating to the 1840’s is joined to the house with a breezeway. There is a keeping room that adjoins the kitchen with a fireplace & brick floors. Wood floor in the entryway and throughout .the house are native poplar. The library has book shelves made from wild cherry from the original owner’s family farm in Posey County. Most of the woodwork in the home was milled an crafted locally. Above the cottage is a penthouse suite with view of the Wabash River. There are 2 parcels totaling 5 .275Acres. The perfect home for Historic New Harmony