December 2011 Market Stats Reports
Here are the stat reports from 10K for Boone County, Dec. 2011. supplied by the Belvidere board of Realtors
Belvidere
There's no way to be certain what 2012 will bring. However, a few things do seem clear enough to make some assessments. First, 2011 was not the recovery year it was expected to be. It was yet another "transition year" for most. Second, multi-decade low mortgage rates and suppressed home prices coalesced to form an attractive purchase environment. And buyers did just what their name implies. This has driven down inventory levels in many locales, which – thirdly – nudged the market balance toward equilibrium. Here's how the final month of 2011 concluded the year.
New Listings in the Belvidere region decreased 17.8 percent to 37. Listings Under Contract were up 64.3 percent to 23. Inventory levels shrank 10.4 percent to 302 units, extending the signature trend of 2011.
Home prices finished the year on an up note. The Median Sales Price increased 4.5 percent to $81,000. Market Times increased 32.5 percent to 187 days. Absorption rates improved as Months Supply of Inventory was down 27.5 percent to 12.0 months.
Ultimately, the upcoming spring market should be a major tell about the future direction of housing. Sellers are seeing multiple-offer situations; buyers are seeing sub-4.0 percent loans; supply-demand trends are more balanced. When it gets down to it, that's a stable foundation and a far cry from 2009. While the fundamentals are better, the foreclosure situation and political unknowns remain wildcards. For now, enjoy the fresh canvas.
