SPRINGFIELD (November 23, 2009). The median single-family home sale price and unit sales both increased in the Capital Area during October 2009, according to the Capital Area Association of REALTORS® (CAAR) Multiple Information Service.

Home sales in the Capital Area during the month of October amounted to 341 units, reflecting an increase of 17.6 percent over October of 2008. Year-to-date home sales through October of 2009 revealed 3,111 unit sales, up 0.8 percent from year-to-date through October of 2008.

For the month of October 2009, the median home sale price (for all single-family homes and condominiums) was $105,000, reflecting an increase of 1.9 percent from the $103,000 October 2008 median price. The median sale price for year-to-date through October 2009 was $109,000, reflecting an increase of 3.8 percent over the same period in 2008. The median is a typical market price where half the homes sold for more, half sold for less.

According to CAAR president, Linda Nelson, GRI, GREEN, e-PRO, “affordable home prices, low interest rates, an ample supply of homes, pent-up demand and the $8,000 first-time homebuyer tax credit all worked together to create a perfect climate for home sales in October.”

The inventory of homes for sale at the end of October was 1,568, reflecting a 22.8 percent decrease from the 2,031 homes for sale during the same time last year. Current inventory levels stand at 1,564 homes, which is at the lowest level since April of 2005. The current inventory level reflects a 5.3 month supply at the average monthly sales pace for the past twelve months. “For homeowners looking to trade-up or empty-nesters looking to trade-down the current market conditions and current inventory levels present an opportunity. Although we are headed into a typically slow period now would be a good time for these people to consult with a REALTOR about their options,” said Nelson.

The number of sales pending at the end of October was 354, reflecting a 28.7 percent increase over the 275 sales pending at the same time in 2008. The average cumulative days on market in October of 2009 was 101 days reflecting a decrease of 10 days from the same month in 2008 and an increase of 19 days from September of 2009. The average cumulative days on market for year-to-date through October of 2009 was 109 days, reflecting an increase of 2 days from the same period in 2008.

“During the month of October the $60,000-90,000 and $120,000 to $160,000 range were the fastest moving price ranges. In terms of the sheer number of units sold there were more homes sold in the $100,000 to $140,00 price range than any other, said Nelson.

“Typically, we would be entering into the seasonally slow period for home sales. However, with the recent extension and expansion of the homebuyer tax credit we anticipate more activity than normal during the winter months as first-time, trade-up and trade-down buyers wanting to take advantage of these ideal conditions search for that perfect home.” said Nelson.

The Federal Home Loan Mortgage Corp. reported that the national average commitment rate for 30-year, conventional, fixed-rate mortgages was 4.95 percent in October 2009, down from the 6.20 average rate during October of 2008.

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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