I get asked frequently concerning the condition of the local real estate market.  While there are a myriad of ways in which to study each marketplace, the set of data that have been most helpful to me are the ones referenced here.  This information is based on figures collected from the organization to which I am affiliated, the Bloomington Board of REALTORS©, and is a reflection of residential properties sold through the services of our board for the month of October, 2007.

The total volume of all residential properties (not including condominiums) was $17,415,104.  With 112 homes selling, that translates to an average price of $155,492.  The median price of homes sold in this period was $135,900. 

Two other critical numbers are the Average Days on Market (DOM) and average seller’s concession. 

The DOM details on average how long it took for homes to sell, and that time was a little over 114 days for the month.  3½ months is a bit longer than we’d like to see, but in light of the uncertain financial times, this number could be a lot worse.

The amount seller’s were willing to come down from their asking price in October was 3.37%.  The national average for first offers on a property usually hovers around 9% under list price, with final negotiated price around 95%.

Total Volume Sold:                                                                         $17,415,104.

Average Price of Sold Homes:                                                       $155,492.

Median Price of Sold Homes:                                                         $135,900.

Average Days on Market:                                                                114.18

Average Percentage of Concession from List Price:                   -3.37%