(INDIANAPOLIS, IN) – There were 60 less homes sold statewide in July than during the same month of last year. This is according to the Indiana Real Estate Markets Report today released by the state's REALTORS®.

However, the median price of the 7,803 homes sold last month ($132,000) is 1.5 percent higher than the median price of homes sold in July 2013. The average price of those same homes ($159,032) is also 1.5 percent higher. And, the number of pending home sales in July is 4.8 percent higher, possibly pointing to a stronger-than-expected late summer and early fall.

"After double-digit increases in closed sales for all of last year, it would be easy to get discouraged by recent year-over-year comparisons," said Kevin Eastridge, 2014 President of the Indiana Association of REALTORS® and Owner/Managing Broker of the Evansville-based F.C. Tucker Emge REALTORS®. "When you look farther back, you see that housing activity statewide is actually on par with 2007, proving that local markets truly have stabilized."

Year-to-date comparisons from the report show -

• The number of closed home sales decreased 5.4 percent to 42,466
• The median sale price of those homes ($125,000) is 2.5 percent higher
• The average sale price ($150,842) is 3.9 percent higher
• The percent of original list price received increased 1.5 percent to 93.3 percent
• The number of pending home sales decreased 2.7 percent to 44,561
• The number of new listings decreased 3.8 percent to 73,036

"Potential sellers should be motivated by the pricing figures in today's report and should also understand conditions could soon change with newly constructed homes presenting a competitive hurdle and economists predicting interest rates will rise in 2015," continued Eastridge. "At the end of the day, housing is always dependent on job creation, wage growth, and credit availability. Provided the economy and the lending environment continue on their current paths, IAR members expect for this report to be about the same for the next few months."

IAR represents approximately 15,000 REALTORS® who are involved in virtually all aspects related to the sale, purchase, exchange or lease of real property in Indiana. The term REALTOR® is a registered mark that identifies a real estate professional who is a member of America's largest trade association, the National Association of REALTORS®, and subscribes to its strict Code of Ethics.

Market Watch July 2014

The halfway point of the year is a good time to see where we are this year compared to last year.  Before we look at this year compared to last I think it is important to remember how strong last year was.  Both unit sales and dollar volume increased over 21% last year.  This was by far the biggest year over year increase we have ever had.  It is not surprising that our results this year have been much more mundane.  Unit sales this year have declined by 6.3% while average prices have increased just over 2%.

     While I would never say I’m happy with a reduction in sales, the truth is I’m not really that disappointed.  Increases like we saw in 2013 are clearly unsustainable.  A moderate decline in unit sales this year demonstrates that the market has fully recovered from the housing recession.  I believe that by the end of this year we will be closer to 2013 levels than we are now.  There are two specific reasons I feel this way.  One is that the last two months of 2013 were very weak compared to the first ten months. The second is that the first two months of 2014 were significantly slower than the March through June period.  

     The two biggest factors affecting the housing market going forward are job growth and inventory levels.  Job growth has clearly been sluggish for the past few years but has begun to show some improvement in recent months.  Inventory levels are still significantly below historical levels.  The best way to increase inventory is to build more new homes.  I do believe that construction levels will continue to increase but not as fast as fast as the market demands.

     Over the second half of the year I do not expect to see the dramatic monthly swings we saw earlier this year.  I expect inventory levels to remain a challenge and I believe that if job growth improves, so will real estate sales.

     If you are in the market to buy a home you must be prepared to make an offer on a home as soon as it is listed and you had a chance to see the home. Homes that are updated and priced right sell within days. If you are in the market to sell your home you are in a good position. We have very low inventories. In either case, if you are buying or selling, call me on my cell phone 812-499-9234 or email at RolandoTrentini@FCTE.com

Market Watch January 2014

Before we talk about 2014, I think this is an excellent time to compare the real estate market in 2013 to the previous year.  My ulterior motive is that from virtually any perspective 2013 was a great year!

Unit sales in our market increased just over 10% from 2012 to 2013, while the median price increased 2.2% over the same time frame.  While these increases did not improve quite as much as our statewide increases of 13.6% in units and 4.2% in median sales price this was still an excellent year.  If you remember Market Watch from a couple of months ago, I pointed out then that the decline in unit sales and median prices was not as great as the state as a whole so I did not expect the increase to be as strong either.  2013 was the best year we have ever had in sales volume.  This was the first time that F. C.  Tucker Emge Realtors closed over $400 million in sales volume.

In addition to the increase in both homes sold and in prices, there was even more good news.  Both days on market and the list price to sales price ratio also improved.   Homes are now selling, on average, about 100 days after they are listed, down from 122 days at the beginning of 2012.  The final list price to sale price ratio averaged just under 96% for all of 2013.  Both of these numbers are sustainable and are good indicators of a stable market.

One statistic that is outside the normal range is the number of homes currently for sale.  As of mid December there were 2,326 homes for sale in our MLS.  This is the lowest number of homes on the market since May of 2005.  The message here is that if you are considering selling your home, get it on the market now.  The spring selling season always starts sooner than most sellers think.  On average, buyers look for 10 weeks before buying a home.  Since it takes 30-45 days for a typical transaction to close, buyers who will actually move in April or May are looking for homes online today.  Don't miss the best time of year to get your home on the market, and keep in mind the most visited local website is FCTuckerEmge.com.

If you haven't already registered to receive email notifications of new listings in you geographic area or price range give me a call and I can help you register.  You can even help friends or family find what they are looking for. Give me a call if you have any questions about our market or specific questions about the value of your home. You can reach me on my cell phone 812-499-9234 or email Rolando@RolandoTrentini.com

If there is one question that homeowners and prospective shoppers have in common as we enter the New Year, it’s about the direction of local real estate values in 2014. Small wonder: the financial market meltdown of the last decade had such a profound impact on all forms of real estate that it still has many people looking nervously over their shoulders. How likely is another tumble in the coming 12 months? Will real estate values in Evansville continue to rise? Knowing the answer could make a big difference to anyone planning to buy or sell a home in the area this year.

Of course, absolute certainty on that score is not possible for anyone without a time machine in their basement. But, as we look back over last year, we might gain a little bit more confidence by hearing from the experts who got it right in 2013.

Foremost among them was Dr. Lawrence Yun, the chief economist of the National Association of Realtors^®. Last year, he was dead-on. 

Dr. Yun is calling for a continued rise in prices—pretty much in line with the past year’s gains. To compensate for expected mortgage interest rate gains—the likely effect of the Federal Reserve’s easing of policies that fueled 2013’s financial markets—he suspects that lending institutions will ease borrowing strictures. That’s something we can all applaud!

Overall, if local real estate values in 2014 follow the NAR’s national prognostications, we would expect real estate value increases either like the Wall Street Journal’s quoted prediction of 6%, or of Dr. Yun’s 5%. Either would not be surprising, given last year’s real estate values numbers. What the NAR experts and the Journal also agree upon is a flattening of residential housing sales volume in line with 2013 levels.

How much credence can we give to what the seers predict? Perhaps a little more than usual. “The NAR forecast could be viewed as restrained in light of the housing market’s gains in the past two years,” says the Journal; and “…other 2014 forecasts are fairly close to Mr. Yun’s predictions.”

Thinking of selling a home in Evansville this winter?  Call me for a complimentary consultation.  I’m always here to offer the best current marketing ideas! You can reach me on my cell phone 812-499-9234 or email Rolando@RolandoTrentini.com

Market Watch

     Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), recently gave his annual forecast for home sales for 2014.  Dr. Yun has been the chief economist for NAR for several years and was recognized last year by USA Today as one of the top 10 economists in the country.

     His estimate for sales of existing homes in 2014 is 5.12 million homes, virtually identical to 2013’s 5.13 million sales.  He expects new home sales to reach 508,000 in 2014 compared to 429,000 in 2013.  This forecast says total sales will be essentially identical to last year.  Although sales may remain flat he expects prices to rise 6% over last year.  Steady sales with healthy a price increase is actually pretty impressive when one considers how much sales and prices have improved over the past two years.

     Over the past two years cumulative unit’s sales have climbed 20% and prices have increased 18%.  Those kinds of increases are clearly not sustainable which make this year’s prediction very positive.  Although prices are up Dr. Yun points out “We’ve come off record high housing affordability conditions in the past year, and are now at a five year low, but conditions are still the fifth best in the past 40 years.”  Dr. Yun also said that limited inventory; exacerbated by low numbers of new home construction, as well as a tsunami of new federal banking regulations, would hold back home sales.

     As is always the case, national statistics are interesting but your home or the one you are thinking about buying are even more interesting.  Trends in our market have been similar but less pronounced that the national numbers.  What is accurate locally is that although sales and prices have increased, homes are still very affordable.  If you would like to know the market value of your home or you are ready to start looking for a new one give me a call.  Although real estate is somewhat seasonal, homes do sell during the holidays and in January.  There is less competition in the winter and buyers planning to buy in the spring usually start looking months before they buy.

Market Watch

     The national landscape for real estate has changed over the course of this year.  Clearly 2013 has been an excellent year for real estate sales nationwide.  Nationally year-to-date unit sales through September climbed 15%, while statewide units were up 14% and our local market increased 16%.  Although these numbers are excellent the market is experiencing some other changes.

     The mix of buyers has changed over the past few years. Investors represented about 34% of all buyers so far this year, while the percentage of first time buyers is fewer than 30%, a significant drop from historical levels, which have been closer to 40%.  This relatively high percentage of investor buyers suggests that professional investors still feel real estate is a good investment.  First time buyers have not declined because they don’t want to own their own home.  Contrary to some articles you may have seen, the desire to own a home continues to be a goal across age groups.  Survey after survey shows that if buyers have the ability to own a home they have a strong preference for owning vs. renting.  There are two very clear reasons that the number of first time buyers has declined.  One reason is the difficulty in obtaining mortgage loans.  Increased banking regulations have made borrowing money an onerous process. Lenders have money and want to lend, unfortunately they are required to comply with expensive regulations making the entire process more cumbersome for everyone.

     One additional positive in the housing market is the continued improvement in homeowner equity.  Short sales and foreclosures have unfortunately been a significant portion of the market the past few years.  With improved prices and more buyers the number of homes “underwater” has declined significantly.  Current estimates suggest that over 8 million homeowners who currently owe more than their home is worth will be in a positive equity situation over the next 15 months. 

     Strong demand from investors, a strong desire to own vs. rent, and an improved equity situation all suggest that housing will stay strong for the foreseeable future.

     Best wishes for the upcoming holiday season and please let me know if I can help with any of your or your friends housing needs. You can reach me on my cell phone 812-499-9234 or email Rolando@RolandoTrentini.com

MARKET  WATCH

 There are a lot of positive things to discuss about real estate in this month’s Market Watch, both locally and nationally.  Although from both perspectives the news is good, the news is not necessarily the same.

     According to Lawrence Yun, chief economist for The National Association of Realtors, sales prices nationally are 13.7% above last year’s levels.  Prices are still 7.3% below their all time high (July 2006).  Days on market data is more difficult to obtain accurately but best estimates are in the 60-70 day range.  There is currently a 5.1 month supply of homes on the market.  Several factors influence these statistics.  Cash buyers represent 31% of the market.  This segment is largely represented by investors, who obviously view real estate as an attractive long term investment.  Distressed properties represented 15% of all sales in July.  That percentage is down about 40% from its high but is still almost double the historical average.  This suggests that shadow inventory is disappearing, which is good, but it will still take a couple of years to get back to historically normal levels.  Finally, first time buyers currently represent about 29% of the market, substantially below the normal 40-45% of the market.

     Locally, our market is very similar to the rest of the nation in terms of month’s supply of inventory.  We currently have a little under 5.3 months supply and have been under six months supply since April.  Our days on market is higher than most of the country and is still just over 100 days.  The most interesting comparison however is sales price and how it has changed.  While year-to-date sales prices are only up 4.7% from last year’s average our market is now at the highest level of both average and median prices we have ever seen.  The median price in our market declined for 4 consecutive years and our low point was in 2009.  Since that time our median price has increased every year with this year representing the highest average and median prices we have ever experienced in this market.  While it may not feel that way our market simply did not decline as much as the nation as a whole and our market has, at least in terms of price, completely recovered from the recession.

     One interesting thought I had after looking at this data was that it all made sense to me except I would have thought our days on market would be lower than it is, given all of the other market conditions.  I asked another Realtor in our office what she thought and she said

“It’s simple.  Houses priced right in excellent condition sell quickly.  Houses that need work or are a little over priced just sit on the market”.  She is right.  If you want to know the right price for your home or if you need some tips on getting your house ready to sell give me a call today.  If you want to see some homes visit FCTuckerEmge.com or give me a call. You can reach me on my cell phone at 812-499-9234.

     Last month I said I would make this month’s Market Watch a comparison of the first six months of 2012 to the first six months of 2013.  I knew this would be fun because by every measure, the first six months of 2013 have been better than the first six months of 2012.

• Number of sold homes increased from 2095 units to 2390 units é 14.1%
• Average sales price increased from $125,838 to $131,171 é 4.2%
• Dollar volume of closed sales increased from $262.1 million to $310.8 million
  é 18.6%
• List price to sale price ratio increased from 95.40% to 96.36% é .96%
• Days on market decreased from 124 to 111 days ê 13 days

     Our area’s increase is in line with statewide changes.  Nationally we exceeded unit increases and trailed price changes.  Statewide unit sales increased 17.8% and the average price increased 4.3%.  Nationally unit sales increased 13% and prices jumped 15%.

     We are very proud of our performance at F.C. Tucker Emge Realtors through the first six months of the year.  As a potential seller you should be very happy to know that our days on market and our list price to sale price are significantly better than our competition.  Our days on market for the first six months of this year were 97 days (compared to the market of 111 days) and our list price to sale price ratio for the same period was 97.36%, a full percentage point higher than the competition.  This means that on the average transaction at F.C. Tucker Emge Realtors our clients sold their house 12.6% faster and our seller received over $1,600 more for their house than did clients of our competitors.

     Enjoy the rest of the summer and please call or email if I can help with your or any of your friends real estate needs. You can reach me on my cell phone 812-499-9234 or email Rolando@RolandoTrentini.com

Market Watch

     Although home sales have improved across all regions of the country, including our local market, I believe there are some subtle differences in both the results and the reasons.  First, from a national perspective, existing home sales increased again in April to an annualized rate of almost 5 million homes.  This is up 9.7% from the same time last year.  According to the National Association of Realtors (NAR) median sale prices for existing homes were up 11% in April compared to April of 2012.  Nationally foreclosures and short sales accounted for 18% of sales in April, down significantly from 28% last April.  Finally the days on market number nationally has declined significantly to only 46 days this April compared to 83 days last April.

     Locally we have seen improvements in all of the same areas but for the most part they have not been as dramatic.  For the first four months of this year unit sales, (both existing and new combined) have increased 9.1% over the first four months of last year.  I am confident that trend will continue for the next couple of months based on pending activity which has already occurred.  Our improvements in days on market and average prices have been much less spectacular.  Both have improved but not by statistically significant amounts.  We have however seen a .67% improvement in the list price to sale price ratio or just over $1,000 on a sale price of $150,000.

    There is a big difference in the reason for today’s sales figures and the real estate boom of 2005 and 2006.  In 2005 and 2006 the market was fueled by “easy money”, meaning lending standards were too lenient and a significant number of buyers were ultimately foreclosed upon.  Today’s market is based on a more tested economic reality, supply and demand.  Nationally in April there was a 5.2 month supply of homes on the market.  Locally April supply was similar at 5.65 months supply.   Three reasons for this decline in inventory are reduced foreclosures, a return to a more normal level of buying activity and new construction has not caught up to current demand.

     What does all this mean to you?  If you are a buyer, interest rates are at bargain prices and local home prices have not increased dramatically. Both interest rates and home prices will ultimately rise. If you are a seller, housing supply has decreased and new construction has not caught up so there is less competition.  If you would like to know what your house is worth give me a call and I can help you determine the market value of your home.  If you are thinking about buying you can see what’s on the market at FCTuckerEmge.com or just give me a call.  You can reach me on my cell phone at 812-499-9234 or email Rolando@RolandoTrentini.com

The Pending Home Sales Index,^* a forward-looking indicator based on contract signings, slipped 0.4 percent to 104.8 in February from a downwardly revised 105.2 in January, but is 8.4 percent higher than February 2012 when it was 96.6. Contract activity has been above year-ago levels for the past 22 months; the data reflect contracts but not closings.

Before January, the last time the index showed a higher reading was in April 2010 when it was 110.9, shortly before the deadline for the home buyer tax credit.

Lawrence Yun , NAR chief economist, said limited inventory is holding back the market in many areas. "Only new home construction can genuinely help relieve the inventory shortage, and housing starts need to rise at least 50 percent from current levels," he said. "Most local home builders are small businesses and simply don't have access to capital on Wall Street. Clearer regulatory rules, applied to construction loans for smaller community banks and credit unions, could bring many small-sized builders back into the market."

The PHSI in the Northeast declined 2.5 percent to 82.8 in February but is 6.8 percent above February 2012. In the Midwest the index rose 0.4 percent to 103.6 in February and is 13.2 percent higher than a year ago. Pending home sales in the South slipped 0.3 percent to an index of 118.8 in February but are 12.1 percent above February 2012. In the West the index increased 0.1 percent in February to 101.4 but is 0.8 percent below a year ago.

Yun projects existing-home sales to rise about 7 percent in 2013 to approximately 5 million sales, which is near the current level of activity. "The volume of home sales appears to be leveling off with the constrained inventory conditions, and the leveling of the index means little change is likely in the pace of sales over the next couple months," he said.

The national median existing-home price is forecast to rise nearly 7 percent this year, while mortgage interest rates should remain historically low, but trend up slowly and reach 4 percent in the fourth quarter.

The National Association of Realtors^®, "The Voice for Real Estate," is America's largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries. For additional commentary and consumer information, visit www.houselogic.com and http://retradio.com.

Read more here: http://www.realtor.org/news-releases/2013/03/pending-home-sales-slip-on-constrained-inventory

The Indiana Association of Realtors is reporting increases in November closed home sales. The organization says that number jumped 26.2 percent, compared to the same month in 2011. The average sale price throughout the state increased 5.1 percent.

The Indiana Real Estate Markets Report today released by the state’s REALTORS® shows that statewide, when comparing November 2012 to November 2011, the following occurred:

• The number of closed home sales increased 26.2 percent to 5,566,
• The median sale price of those homes increased 8.6 percent to $119,500,
• The average sale price increased 5.1 percent to $139,688,
• The percent of original list price received increased 0.9 percent to 90.2 percent,
• The number of pending home sales increased 17.2 percent to 4,640, and
• The number of new listings increased 4.9 percent to 7,055.

“Home sales continued to increase through the end of November suggesting that Hoosiers’ belief in homeownership remains strong as the year comes to a close,” said Karl Berron, Chief Executive Officer of the Indiana Association of REALTORS®. “But the biggest story of today’s report and perhaps the whole year is that homes have not only held their value, but also made price gains.”

The good news made last month is part of a trend that proves local residential real estate markets across the state continue to strengthen from the worst of the recession. November 2012 marks the following consecutive year-over-year gains in home prices and market activity:

• The number of closed home sales has increased year-over-year for 17 consecutive months,
• The median sale price of homes has increased for 12 consecutive months,
• The average sale price has increased for 11 consecutive months,
• Sellers received a greater share of their original list price for the ninth consecutive month, and
• The number of pending home sales has increased for 14 consecutive months.

Anyone looking to buy or invest should start with the sortable county tables of this report and then talk to a local REALTOR® who can give the most insight into what’s happening in a neighborhood, city or school district.

More about the Indiana Real Estate Markets Report

Established in May 2009, the Indiana Real Estate Markets Report was the first-ever county-by-county comparison of existing single-family home sales in Indiana. In March 2010, IAR added statistics on other types of existing detached single-family (DSF) home sales – condominiums, duplexes, townhomes, mobile homes, etc. – to the report.

The report became even more robust in August 2010. It now tells how the statewide housing market is performing according to eight different indicators, each with one-month and year-to-date comparisons, as well as a historical look. It also provides specific county information for 91 of Indiana’s 92 counties in a sortable table format, allowing for consistent comparison between local markets. IAR obtains the data directly from and releases this report in partnership with 26 of the state’s 27 Multiple Listing Services (MLSs), including the Broker Listing Cooperative® (BLC®) in both central and southwestern Indiana.

IAR represents approximately 15,000 REALTORS® who are involved in virtually all aspects related to the sale, purchase, exchange or lease of real property in Indiana. The term REALTOR® is a registered mark that identifies a real estate professional who is a member of America’s largest trade association, the National Association of REALTORS®, and subscribes to its strict Code of Ethics.

Source: Indiana Association of Realtors http://www.insideindianabusiness.com/newsitem.asp?ID=57258

Home prices and market activity held strong during June according to themonthly Indiana Real Estate MarketsReport today released by the state’s REALTORS®.

Highlightsfrom the report include:

• The median sale price of homes statewide is in its seventh consecutivemonth of year-over-year increases and back to a level not seen since 2007.
•  The average sale price of homes statewide is in its sixth consecutivemonth of year-over-year increases and also back to a level not seen since 2007.
•  The number of closed home sales is in its 12th consecutivemonth of year-over-year increases with 2012 on track to surpass years in whicha federal home buyer tax credit was available.

“Forthe third month in a row, the statewide housing market has made very goodnews,” said Karl Berron, Chief Executive Officer of the Indiana Association ofREALTORS®. “Home prices and market activity were strong during June which is a resultof pent-up demand and continued low interest rates. It’s also because homesacross Indiana have historically held value, so real estate here has long beenviewed as a wise investment.

“Thedemand will only be sustained if Hoosiers are working and confident in theirlong-term employment,” continued Berron. “So we are listening for economicdevelopment plans and watching jobs numbers closely.”

Gettingback to the traditional year-over-year comparisons of the Indiana Real Estate Markets Report, statewide, when comparing June2012 to June 2011:

•  The number of closed home sales increased 11 percent to 6,750;
•  The median sale price of those homes increased 3.4 percent to $124,000;
•  The average sale price increased 2.7 percent to $147,559;
•  The number of pending home sales increased 9.7 percent to 6,026;
•  The number of new listings decreased 2.1 percent to 10,598; and
•  The percent of original list price received increased 1.2 percent to 91.8percent.

Anyonelooking to buy or invest should start with the sortable county tables of this reportand then talk to a local REALTOR® who can give the most insight into what’shappening in a neighborhood, city or school district.

Source: http://www2.realtoractioncenter.com/site/MessageViewer?em_id=138603.0&autologin=true

Following the sector’s worst year for new-home activity on record last year, several recent reports are suggesting a pick-up in new construction.

"Builders have been seeing some marginal improvement in sales activity over the past few months, particularly in select markets where consumer confidence is higher due to improved economic conditions," Bob Nielsen, chairman of the National Association of Home Builders, said in a statement. "While this trend is encouraging, overall sales activity is still well below normal due to the effects of overly tight credit conditions for builders and buyers, the continued flow of distressed properties on the market, and inaccurate appraisal values on new homes."

Despite the October gain in sales, new-home sales for the month were at an annual rate of 307,000--still less than half the 700,000 in sales that most economists consider healthy for the housing market.

A Regional Look

A break down of sales by region in October:

• Midwest: Rose 22.2 percent
• West: Rose 14.9 percent
• Northeast: Stayed flat
• South: Declined 9.5 percent

Inventory Drops Drastically

Nationwide, the inventory of new homes for sale stayed at an all-time record low of 162,000 units in October.

"Particularly encouraging is the fact that builders continue to hold down their inventories to match the current sales rate, with the number of new homes for sale now down to a sustainable, 6.3-month supply," NAHB Chief Economist David Crowe said in a statement.

By Melissa Dittmann Tracey, REALTOR® Magazine Daily News

http://realtormag.realtor.org/daily-news/2011/11/29/new-home-sales-post-biggest-gains-in-months

Home sales in the Evansville area were up nearly 15 percent in the third quarter of 2011, compared to the same period last year, with Gibson County the only county in a four-county Southwestern Indiana metro area showing a slight decline.

At the same time, Gibson County led the way with a sharp increase in median home prices, an apparent result of near-back-to-normal operations at Toyota Motor Manufacturing Indiana near Princeton.

Median prices also rose in Vanderburgh and Warrick counties. The median increase in the four-county area was more than 10 percent better than in the July-September period last year, with a decline reported only in Posey County.

Still, the developments last quarter are part of a year where home sales in Vanderburgh and the three surrounding Hoosier counties together are lagging behind those in the first nine months of 2010. But average home prices for the year to date are up. Sales so far this year are 4.8 percent behind last year, but the average sale price is up 4.6 percent and the median sales price is up 3.1 percent.

The new quarterly statistics are "part of a period of stabilization we've seen over the past two years" in local residential sales, said Bob S. Reid, president of Appraisal Consultants Inc. of Evansville, which compiled the data. "Property values are holding, and sales are steady also," he said. The period from 2007 through most of 2009 saw a substantial decline.

Read more here: Evansville Courier-News

Source: http://www.americantowns.com/in/evansville/news/home-sales-point-to-continued-039-stabilization-039-period-7209434

Total existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, rose 7.7 percent to a seasonally adjusted annual rate of 5.03 million in August from an upwardly revised 4.67 million in July, and are 18.6 percent higher than the 4.24 million unit level in August 2010.

Lawrence Yun, NAR chief economist, said there are some positive market fundamentals. “Some of the improvement in August may result from sales that were delayed in preceding months, but favorable affordability conditions and rising rents are underlying motivations,” he said. “Investors were more active in absorbing foreclosed properties. In additional to bargain hunting, some investors are in the market to hedge against higher inflation.”

Investors accounted for 22 percent of purchase activity in August, up from 18 percent in July and 21 percent in August 2010. First-time buyers purchased 32 percent of homes in August, unchanged from July; they were 31 percent in August 2010.

All-cash sales accounted for 29 percent of transactions in August, unchanged from July; they were 28 percent in August 2010; investors account for the bulk of cash purchases.

“We had some disruptions from Hurricane Irene in the closing weekend of August, when many sales normally are finalized, along the Eastern seaboard and in New England,” Yun said. “As a result, the Northeast saw the smallest sales gain in August, and some general impact is expected in September with widespread flooding from Tropical Storm Lee. Aberrations in housing data are possible over the next couple months as markets recover from disrupted closings and storm damage.”

Yun said an extremely important issue currently is the renewal and availability of the National Flood Insurance Program, scheduled to expire at the end of this month. “About one out of 10 homes in this country need flood insurance to get a mortgage, and we would see significant negative market impacts without it,” he said.

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 4.27 percent in August, down from 4.55 percent in July; the rate was 4.43 percent in August 2010. Last week, Freddie Mac reported the 30-year fixed rate fell to a record low 4.09 percent.

NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I., said the market is remarkably affordable for people with secure jobs, good credit and long-term plans. “All year, the relationship between home prices, mortgage interest rates and family income has been hovering at historic highs, meaning the best housing affordability conditions in a generation,” he said.

“The biggest factors keeping home sales from a healthy recovery are mortgages being denied to creditworthy buyers, and appraised valuations below the negotiated price. Buyers may be able to find more favorable credit terms with community and small regional banks, and Realtors® can often give buyers advice to help them overcome some of the financing obstacles,” Phipps said.

Contract failures – cancellations caused largely by declined mortgage applications or failures in loan underwriting from appraised values coming in below the negotiated price – were reported by 18 percent of NAR members in August, up from 16 percent July and 9 percent in August 2010.

The national median existing-home price for all housing types was $168,300 in August, which is 5.1 percent below August 2010. Distressed homes – foreclosures and short sales typically sold at deep discounts – accounted for 31 percent of sales in August, compared with 29 percent in July and 34 percent in August 2010.

Total housing inventory at the end of August fell 3.0 percent to 3.58 million existing homes available for sale, which represents an 8.5-month supply at the current sales pace, down from a 9.5-month supply in July.

Single-family home sales rose 8.5 percent to a seasonally adjusted annual rate of 4.47 million in August from 4.12 million in July, and are 20.2 percent above the 3.72 million pace in August 2010.

The median existing single-family home price was $168,400 in August, which is 5.4 percent below a year ago.

Existing condominium and co-op sales increased 1.8 percent a seasonally adjusted annual rate of 560,000 in August from 550,000 in July, and are 8.3 percent higher than the 517,000-unit level one year ago. The median existing condo price was $167,500 in August, down 3.3 percent from August 2010.

Regionally, existing-home sales in the Northeast increased 2.7 percent to an annual pace of 770,000 in August and are 10.0 percent above a year ago. The median price in the Northeast was $244,100, which is 5.1 percent below August 2010.

Existing-home sales in the Midwest rose 3.8 percent in August to a level of 1.09 million and are 26.7 percent above August 2010. The median price in the Midwest was $141,700, down 3.5 percent from a year ago.

In the South, existing-home sales increased 5.4 percent to an annual pace of 1.94 million in August and are 16.9 percent higher than a year ago. The median price in the South was $151,000, which is 0.8 percent below August 2010.

Existing-home sales in the West jumped 18.3 percent to an annual pace of 1.23 million in August and are 20.6 percent higher than August 2010. The median price in the West was $189,400, down 13.0 percent from a year ago.

Source: NAR http://://realtormag.realtor.org/daily-news/2011/09/21/august-existing-home-sales-leap-despite-headwinds

Housing data for June shows pending sales increased 16.4 percent statewide. The report from the Metropolitan Indianapolis Board of Realtors and the Indiana Association of Realtors also indicates the median sales price rose 1.4 percent. IAR Chief Executive Officer Karl Berron says "pending sales are a good measure of confidence."

INDIANAPOLIS – In the first half of 2011, decreased housing activity and stable prices defined the central Indiana market. Housing data released today for June 2011 provided a brighter picture for the future, including increased prices and an abundant number of pending sales. This is according to data in a jointly released report from the Metropolitan Indianapolis Board of REALTORS® (MIBOR) and the Indiana Association of REALTORS® (IAR).

In central Indiana, the average sales price of homes increased by 1.1 percent to $150,797 during the first six months of 2011 when compared to January-June 2010. Average sales price also rose in the three month comparison by 2.2 percent to $156,999 and by 2.9 percent in the one month comparison to $164,190. Median sales price during January through June 2011 experienced a drop of 1 percent to $120,788. April through June 2011 median sales prices held steady, while June-only numbers increased 4 percent to $129,999.

The number of closed sales in central Indiana decreased by 12.7 percent in the first half of 2011. Closed sales for June show a smaller, 6.3 percent decrease.

The surprise number comes in the form of pending sales, while down for the year, up 19 percent for the month of June. Pending sales reflect signed purchase agreements that have yet to close. The robust number bodes well for more closed sales in the coming months.

Statewide, when comparing June 2011 to June 2010:

The median sales price increased 1.4 percent to $119,900

Pending sales increased 16.4 percent

“During the last six months, the recovery of the housing market has been slow and steady – not dramatic or flashy,” said Dave Goff, 2011 MIBOR president. “This month, however, has painted an encouraging picture for the remainder of the year. Interest rates are down nationally and local pending sales have climbed drastically, providing a positive outlook.”

IAR CEO Karl Berron agreed. “Pending sales are a good measure of confidence. A full recovery lies with jobs, available financing for qualified buyers and less foreclosure inventory. It’s all part of the mix.”

Additional key central Indiana findings for January through June 2011:

New listings decreased by 15.2 percent during the six month comparison.

Months of supply increased to 9.8 months during the first half of 2011.

Total active listings fell by 1.6 percent

The attached data will tell consumers how the central Indiana housing market is performing according to eight different indicators. Each indicator will have one-, three-, six- and 12-month comparisons, as well as a historical look. Consumers will also have access to specific county information for the 13 counties included in MIBOR’s Broker Listing Cooperative® (BLC®): Boone, Brown, Decatur, Hamilton, Hancock, Hendricks, Johnson, Madison, Marion, Montgomery, Morgan, Putnam and Shelby counties.

IAR’s report, found online under the Reports tab of www.IndianaIsHome.com, will show consumers the state of Indiana’s housing market according to the same indicators with one-month and year-to-date comparisons, as well as a historical look. Consumers will also have access to specific county information for 91 of Indiana’s 92 counties in a sortable table format.

This information has been provided by MIBOR. MIBOR is the professional association representing central Indiana's REALTORS®. MIBOR serves the needs of more than 6,500 members in Boone, Brown, Hamilton, Hancock, Hendricks, Johnson, Marion, Montgomery, Morgan and Shelby counties. MIBOR also supplies the BLC® listing service to REALTORS® in Decatur, Madison and Putnam counties.

IAR represents approximately 16,000 REALTORS® who are involved in virtually all aspects related to the sale, purchase, exchange or lease of real property in Indiana. The term REALTOR® is a registered mark that identifies a real estate professional who is a member of the world’s largest trade association, the National Association of REALTORS®, and subscribes to its strict Code of Ethics.

Source: MIBOR &  InsideINdianaBusiness.com Report http://www.insideindianabusiness.com/newsitem.asp?ID=48881

Local realtors say they are seeing an increase in demand when it comes to buying homes. With an increase of money people are getting for their homes, they say that combination could make for a strong housing market in 2011.

The Evansville Area Association of Realtors reports a 4.7 percent increase in both the average sale price and median sale price of homes sold in Vanderburgh, Warrick, Posey and Gibson counties, from 2009 to 2010.

"The fact that these have gone up means that people are buying more expensive homes which is good and prices have stabilized in the area," says Chris Dickson, President of the EAAR.

Other realtors are also happy with the news.

"For sellers right now it's a good time to list your home because you can get a little more for you home than in the past," says Walt Caswell, a realtor with ERA.

On top of that, more buyers are now looking and willing to spend.

"Historically, the mortgages, the interest rates are really low, so a lot of people are capitalizing on that and it's just a really good time to buy a home," says Caswell.

"They seem reasonable to me. I'm not an expert but they do seem reasonable," says potential buyer Lori Scott.

Scott is on the hunt for a new house, and says despite the increase in price, she is still ready to move.

"I would like to move and just find something bigger but there would be the problem of could we sell our house right now and then the money that we need to get out of it in order to afford something a little bigger." 

Steve Minor and his wife just listed their home.

"Just got it listed this week and then, so there's an open house today. Hopefully there's a lot more movement," says Minor.

"It looks like 2011 is going to move in that direction. It's a good pace moving into 2011 so we're looking forward to it," says Caswell.

This also seems to be the trend nationally. Sales of existing homes jumped 12 percent in December.

Source: http://www.news25.us/Global/story.asp?S=13893668

2010 on par with 2009;
Median sale price of homes increases for the 13th month out of the last 15

Today’s release of the “Indiana Real Estate Markets Report” by the Indiana Association of REALTORS® (IAR) provides the usual month-over-month comparison and because of timing, also provides a comparison of calendar years that supports the association’s past recommendation for reviewing housing data in the long-term.

Statewide, when comparing 2010 to 2009:
The number of closed home sales decreased 6.6% to 57,765; and
The median sale price of homes increased 1.8% to $112,000.
The Report at a glance:
 
Statewide Housing Market Overview
(Monthly Indicators)
Sortable County Tables:
One-month & Year-to-date Views
Trailing three- & 12-month Views
Reportisode:
"The Long View"

“The federal homebuyer tax credit was only in play for a third of last year.  And yet, the numbers show the market on par with 2009, which might take some who listen to non-local news by surprise,” said Karl Berron, Chief Executive Officer.
“Admittedly, activity is not as high as we want it to be,” he continued.  “The good news is that prices are up, which is important to not just homeowners and families, but also to communities and the state.  In fact, the median sale price of homes has increased 13 out of the last 15 months."

For over a year now Market Watch has focused on statistical information.  I will continue to provide that sort of information on a regular basis.  This month, however, I will step back and take a “big picture” look at the housing market, long term trends, and general advice I would give to prospective homebuyers or sellers.
     Anyone who reads or listens to the media knows that everybody likes to talk about housing and most of them think they are “experts”.  Sensational headlines appear almost weekly and, in my opinion, are not as important as the size of the print.  In other words, one week’s statistical anomaly does not necessarily mean the housing market has changed significantly.  Homeownership is not a get rich quick scheme.  Homeownership works because there are several significant long term benefits.  I believe housing statistics are much more meaningful when viewed on a longer term basis.
     Residential housing has been one of the pillars of the American economy for decades, accounting for about 17% of our economy.  Clearly the housing market is not as strong as it was 3-4 years ago.  It is also true that there are more homes on the market today than has historically been the case. Part of the problem was caused by investors treating residential real estate as a short term investment.  In addition, there are some existing lending and related securities issues that have hurt the housing market.                                  
     All of those things being said, there are several overriding positive aspects of the housing industry that have not changed.  First, housing has long been a hedge against inflation and has historically grown fairly steadily in value.  Second, taking out a mortgage to buy a home essentially serves as a “savings account”.  Paying down a loan is, in many ways, the same as saving money.  Third, housing has significant tax advantages based on the deductibility of both mortgage interest and real estate taxes.  Finally, there are several reasons that housing’s current problems will lessen.  Over the past several years household formation has decreased while population has increased.  This trend is impossible to sustain.  Currently, America’s population increases by one million annually.  Even with this consistent growth there are 2.5 million fewer homeowners that there were in 2004.  When our economy improves, our unemployment rate declines, and foreclosures lessen there will be a significant resurgence in home buying.  When compared to renters, homeowners make more money, are better educated, are healthier, pay more taxes, and donate more to charities.
     The American dream of homeownership has not decreased.  The current rate of homeownership in the U.S. is 66.9%.  Even in today’s market 77% of American’s believe now is a good time to buy a home.  Homeownership has historically, and will continue to be a sound long term investment.  Buyers who sit on the sideline today will have missed a golden opportunity.

Please feel free to call or email me at 812-499-9234 if you have any questions.

Local realtors say they're selling more homes this year than last.

The Evansville Area Association of Realtors is reporting a 12.4% increase in the number of single family homes sold in Vanderburgh, Warrick, Posey and Gibson counties.That's this year compared to last.
Also on the up side, the average price of the homes sold has increased by nearly 7% so far this year.

Market Watch For July 2010

We now have results from June closings and as I suggested, closed transactions declined from April and May.  Although June closings were almost 21% below May levels they were still slightly higher than the average for the preceding twelve months.  I do not expect July closings to be significantly different from June.  2010 will be something of a mirror image of 2009 for closed transactions.  The second half of 2009 was significantly stronger than the first half of 2009.  I believe that the first six months of 2010 will be stronger than the second six months of 2010.  The reason for this disparity in both years is the timing of tax credits.  The initial homebuyer tax credit expired in November of 2009.  The tax credits were subsequently extended and they expired in April of 2010.  I do not expect any renewal of these tax credits.

The best news going forward is that interest rates are at some of the lowest levels in history.  Since home prices are lower than they were a few years ago, and rates are great, you can buy more house with a lower monthly payment than at any time in recent history.

 We have also made shopping for homes easier than ever.  We just introduced Tuckermobile.com. This allows you to shop for homes quickly from your smart phone.  Now you can find everything from anywhere, any time.  Simply go to Tuckermobile.com and you can search by Street name, MLS number, zip code or any of several other options.  You can also save properties you select.  If you have signed up for MyFCTuckerEmge.com any saved properties you select on Tuckermobile.com will automatically appear on your saved searches.  All of this is free.  All of this is automatic.  None of it requires a download and it gives you 24/7 access to the entire MLS system from your smart phone.

 I can’t do anything about the temperature outside but I can help you shop from where ever you are comfortable.  Give me a call if I can help with any of your real estate needs and as always I really appreciate referrals if you know of someone else that is thinking about buying or selling.

Wishing you a great summer and we look forward talking to you soon.

• Existing-home sales in the Northeast fell 18.3 percent to an annual level of 890,000 in May from a surge in April, but are 12.7 percent higher than a year ago. The median price in the Northeast was $240,200, down 2.2 percent from May 2009.
• In the Midwest, existing-home sales were unchanged in May at a pace of 1.33 million and are 22.0 percent above May 2009. The median price in the Midwest was $150,700, up 2.2 percent from a year ago.
• In the South, sales increased 0.5 percent to an annual level of 2.15 million in May and are 22.9 percent above a year ago. The median price in the South was $159,000, up 1.0 percent from May 2009.
• Existing-home sales in the West rose 4.9 percent to an annual rate of 1.29 million in May and are 15.2 percent higher than May 2009. The median price in the West was $221,300, up 7.4 percent from a year ago.

Observers of Tri-State home sales have something to smile about.

A report from the Evansville Area Association of Realtors reveals home sales in Vanderburgh, Warrick, Posey and Gibson counties continue to climb, well after federal tax incentives for buyers expired at the end of April.

Chris Dickson, president-elect of the association, said the number of single-family homes in the four-county area were up 18.7 percent the first 21 days of this May, compared to the first 21 days of May 2009.

The increase was slightly higher than the 17.6 percent increase in sales for all of last month, compared to April 2009, he said.

“Clearly the tax credits had their intended effect. They ‘primed the pump’ and got the housing market going,” said Dickson, a real estate agent with ERA 1st Advantage Realty.

“We expect the increased activity to continue, because buyers who did not find the perfect home in April are still looking.”

For statistic lovers, a total of 241 homes were sold in the four counties in the first 21 days of this May, compared with 203 homes sold during the same period in 2009.

Dickson said the median sale price continues to also increase, up 11.2 percent so far this May, compared to May of last year.

He said the current median sale price was $123,500 vs. $111,000 a year ago.

“The overall volume and contribution to the economy has increased by 33.4 percent. Over $34.3 million worth of homes were sold in the first 21 days of this May, compared to $25.7 million during the first 21 days of last May.”

Dickson said that although the tax credits are no longer available for everyone, they are still available for people in the U.S. military.

“Also, there is plenty of FHA and conventional mortgage money available,” he said.

“Interest rates are still at historic lows. Interest rates for a 30-year fixed rate are available for around 5 percent.”

Source: http://www.courierpress.com/news/2010/may/26/tri-state-home-sales-continue-be-strong/

The Indiana Association of REALTORS® (IAR) today released its "Indiana Real Estate Markets Report" for the month of April as a continuation of its "Indiana is Home" project.

The Report, found online at www.IndianaIsHome.com, was the first-ever county-by-county comparison of existing single-family home sales in Indiana. In March, statistics on other types of existing, single-family home sales - condominiums, duplexes, townhomes, mobile homes, etc. - was added to the report.

IAR obtains the data directly from 26 of the state's 27 Multiple Listing Services (MLSs), including the Broker Listing Cooperative® (BLC®) in central Indiana. To date, the Report represents 98% of the housing market statewide and 91 of 92 Indiana counties.

Statewide, April sales of all types of existing, single-family homes increased 28.4% from the same month last year; median prices saw an increase of 13.7%.

This is the seventh consecutive month that there has been an increase in median prices over the previous year.

"April showed continuation of an expected spring surge due to the federal tax credit," said Karl Berron, Chief Executive Officer. "While the increase in sales is positive, the best news is that inventory is trending down and there seems to be a broad stabilization in home prices, demonstrating that the tax credit did its job to preserve housing wealth."

As I said last month, pended transactions (signed contracts for sales not yet closed) for March were great.  Pended transactions for April were simply off the chart.  I believe that pended transactions for March and April combined were the best two month period in local MLS history.  As a result, inventory was just over 7 month’s supply.  I think the important questions, as a result of the past two months performance, are what does this mean and where are we going?

I think we know several things and we can draw some conclusions.  First, closed transactions during May and June will be excellent.  This will continue to keep inventory levels relatively low especially compared to unusually high levels we saw at the beginning of the year.  I also believe that the homebuyer tax credits that expired at the end of April were clearly a factor in these remarkable sales numbers.  The key question is: how big a factor were the tax credits?  If average pended transactions for May-July are only down 25% from April’s spectacular numbers the housing market is in excellent condition.  If pended transactions are down closer to 50% then we still have to wait for a fuller recovery.  I believe that the number will be between 30-40%.  That indicates that things have definitely improved and we are moving in the right direction, but we still have room for improvement.

Two other bright spots are an improvement in closed transactions over $200,000 and an improvement in sales price to list price percentage.  For homes over $200,000 sales are up 31.3% in the first four months of this year compared to the same four months last year.  Sales price to list price in April was 95.83%, the highest percentage in almost two years.  This is another sign of our improving market.

 School will be out soon and I’m looking forward to a great summer.  It’s easy to look for homes anytime, regardless of the weather, at http://TheTrentiniTeam.com

     What a difference a year, and maybe a little sunshine can make.  Real estate sales in March were significantly better; by practically any measure, than they were just a year ago.  January and February of 2010 from a local real estate perspective were virtually identical to the same two months in 2009, but everything changed for the better in March.  Last month, in our area, we closed 391 home sales, compared to 307 a year ago, a 27.4% increase.  The average sale price this March, on those closed sales was $123,980 compared to $114,002 last March, an 8.8% increase.  Finally the supply of homes on the market, measured by month’s supply, declined to 7.45 months compared to 9.7 month’s supply last March.  The 7.45 month supply was the second lowest monthly total in the past two years.  Only June of 2009 with 7.37 month’s supply was better.

     National surveys suggested that March was going to be a good month in many parts of the country.  The Pending Home Sales Index (PHSI) is a forward looking indicator based on contracts signed, but not yet closed, increased in February.  The PHSI in February of 2010 was 17.3% above the corresponding month in 2009.  Since contracts typically take 1-2 months to close increased March closings were inevitable. 

     So what does this mean going forward?  I am confident that closed sales in April will be significantly higher than last April.  (OK I cheated on this one because I know that pending transactions were higher this March than last March)  I am also confident that closed transactions will stay strong in May.  The unknown is the degree to which the expiration of The Home Buyer’s Tax Credit will affect sales this summer.  The credit expires if contracts are not signed by April 30.  I believe that sales this summer will be similar to last summer’s putting our market on a more steady and sustainable level.  I know we all want to avoid the significant price and sales declines of 2008 and 2009, and I believe we will; Great news for both buyers and sellers.     

Realtors cite federal tax credit, very low interest rate.

The $6,500 federal tax credit for home-owners buying their next home is being credited for part of the upward movement in house prices in Vanderburgh and surrounding counties.

According to a report by the Evansville Area Association of Realtors, the sale price of single-family homes in Vanderburgh, Warrick, Posey and Gibson counties in January and February increased by 13.5 percent over the same period last year.

Chris Dickson, the association's president-elect, said he believes the tax credit brought out buyers for homes in the range of $150,000 to $250,000.

"There are more buyers in the market looking to take advantage of the federal tax incentives," said Dickson.

"The fact that average sale prices in 2010 are starting out strong, compared to 2009, also shows that the housing market in this area continues to rebound."

Dickson also attributed the increase in part to mortgage rates that remain at historic lows.

Bob Reid, president of the Realtors association, agreed.

He predicted March and April also will be strong as the April 30 deadline nears for the expiration of the $6,500 tax credit and for the $8,000 federal tax credit for first-time home buyers.

"There's been no discussion about extending the credits," Reid said.

According to Reid, a person must sign a contract agreement to buy a house by April 30 and must close on the house purchase by June 30 to be eligible for the tax credits.

In January and February this year, the average house sale price in the four counties was $126,282, up from $111,603 in the same two months in 2009, according to the association report.

In Vanderburgh County, the average sale price for the two months rose 7.7 percent to $104,380.

The price was $96,849 for the same period in 2009.

Dickson said Warrick County had the biggest increase, rising by 15.59 percent to $186,818, compared with $161,148 in 2009.

The number of homes sold in the four-county area remained about the same: 341 sold the past two months compared with 343 for the same period last year.

The number of days it took to sell a house on average was 100 in January and February, compared with 110 in 2009.

Because of the increase in the average sale price, the overall volume rose 12.8 percent with more than $43.1 million in homes sold in January and February, compared with $38.2 million last January and February.

"Unfortunately," Dickson said, "many sellers are under the mistaken impression that the market is poor, so they are hesitant to put their homes on the market."

As a result, the number of homes available to buyers dropped to its lowest level in over two years, according to Dickson.

"We need more homes on the market to supply the buyer demand. ... Homes that are in good condition and priced well are selling."

Source: http://www.courierpress.com/news/2010/mar/17/area-home-prices-on-the-rise/

• Sell low and buy low. Because all property values are down, the loss on the property a home owner sells is really only a paper loss because the next property he buys also will be a bargain. If he buys smartly, when prices come back up in a few years, he’ll be in better shape.
• Down-payment help is widely available. While nothing-down loans have disappeared, it is easy to find down-payment assistance for lower-income and first-time home buyers. Programs vary all over the country, but one good way to find them is to search online for “down-payment assistance programs” and the name of your region.
• Your uncle has money to share. Besides the $8,000 first-time home buyer tax credit and the $6,500 move-up credit, there are an array of energy tax credits that can make home improvements pay off in cash.
• Good help is available. Really talented real estate practitioners, contractors, and designers are available and eager for business.

The city of Evansville enters 2010 looking to continue to manage the recession. Mayor Jonathan Weinzapfel says the area's unemployment rate has consistently remained under the state average, currently by a full two points. He says companies like Mead Johnson and Berry Plastics have been adding jobs and that several construction projects are underway, led by the new $125 million downtown arena.

Weinzapfel says the city also made the decision to bring management of local water and sewer utilities back to local government, which is expected to save an estimated $14 million over the next five years.

Source: Inside INdiana Business http://www.insideindianabusiness.com/newsitem.asp?ID=39894

The Indiana Association of Realtors (IAR) says statewide home sales increased 36.5 percent in November, compared to the same month a year earlier. It is the second consecutive monthly increase. IAR also reports median prices last month increased 10.5 percent.

The Indiana Association of REALTORS (IAR) today released its “Indiana Real Estate Markets Report” for the month of November as a continuation of its “Indiana is Home” project.

The Report, found online at www.IndianaIsHome.com, is the first-ever county-by-county comparison of existing single-family home sales in Indiana. IAR obtains the data directly from the state’s 23 largest Multiple Listing Services (MLSs) and the Broker Listing Cooperative (BLC) in central Indiana. To date, the Report represents 98% of the housing market statewide.

Statewide, November sales increased 36.5% from the same month last year; median prices saw an increase of 10.5%. This is the second consecutive month that there has been an increase in sales over the previous year.

“The numbers that we have seen from November, as well as October, are welcomed news as we approach the end of the year,” said Karl Berron, Chief Executive Officer. “It remains the fact that homes continue to be affordable to Hoosier families. And while the recent jump in numbers can be linked to the impact of the $8,000 first-time homebuyer tax credit, it’s important to recognize that Indiana’s housing markets are continuing to make a turnaround after a very tough year.

“The increase in sales combined with other housing statistics, including increases in new construction, are important steps forward for our state’s and country’s economic recovery,” Berron added.

More about “Indiana Is Home”

It is a multi-media project hosted by media professional Pat Carlini and aimed at keeping Hoosier homeowners, would-be homeowners, policymakers and the media well-informed on the ever-changing local real estate markets.

This month, Carlini narrates a video explaining the extension and expansion of the $8,000 first-time homebuyer tax credit.

Indianapolis-based Boost Media and Entertainment shot and produced all videos found at www.IndianaIsHome.com.

IAR represents more than 16,000 REALTORS® who are involved in virtually all aspects related to the sale, purchase, exchange or lease of real property in Indiana. The term REALTOR® is a registered mark that identifies a real estate professional who is a member of the world’s largest trade association, the National Association of REALTORS®, and subscribes to its strict Code of Ethics.

Source: Indiana Association of Realtors & Inside INdiana Business

http://www.insideindianabusiness.com/newsitem.asp?ID=39316

"The first half of 2009 was very quiet in residential sales, but the last half was much stronger, and that indicates upward movement into 2010.

"We're ending the year strong and looking forward to continued growth."

Dickson, a sales associate for ERA First Advantage Realty Inc., said he believed we've "been through the bottom and now we will be moving on. ... It is a good time for both buyers and sellers. There is a lot of buyer interest now."

Bob Reid of Evansville-based Appraisal Consultants said people wanting to buy homes is historically strong and constant.

"When we have external forces that we have had, that slows sales activity; the demand continues to grow even stronger."

Reid said in an overall look at the market, the number of sales and sale prices are running true to numbers seen in 2008.

Source: http://www.courierpress.com/news/2009/dec/22/realtorssee-active-market-locally-overall-in/

Most economists and Ben Bernanke believe that the recession is over.  In addition, the “pending sales index” has increased for seven consecutive months, the first time that has occurred since the index was started in 2001.  Although both of these pieces of information sound great, and they are good, we should look beyond headlines to see what is really happening in the Evansville area.  We have seen a Toyota expansion, we are losing some Whirlpool jobs and we are adding some Berry Plastics jobs.  Currently national unemployment is almost 10% while the Evansville area is less at 8.6%.  Although the economy is improving no one we know is forecasting rapid economic growth.

Local housing sales continue at a very steady rate.  Over the past four months our local MLS has sold 1585 homes compared to 1600 over the same period last year.  Month to month sales have been virtually unchanged since May.  The supply of homes on the market in our area has also stayed very steady.  Although we can not say that sales are brisk, we can say that in some locations and price ranges the supply of homes is limited.  If you are curious about the housing market in a specific location or price range give us a call and we can help you with that information.

From our friends in the financial services industry we have the following to report: But for mildly weak 3-month and 30-year Treasury auctions last week, it was a strong week for the credit markets and even stronger for the real estate market. The reported quantity of mortgage applications for the week prior showed a 16.4% rise overall, with strong jumps for both the purchase money and the refinancing mortgages. The Freddie Mac weekly loan average rate fell to 4.87%. And the average of all mortgage rates (including jumbos, whose rates are declining while applications rise) ended the week at 5.27%.   

A little over a year ago my company, F. C. Tucker Emge Realtors launched a completely redesigned website designed specifically to help make the home buying process easy.  At the same time we started spending less money on print advertising and spent more resources enhancing and promoting our website.  This decision was one of the best decisions we ever made.  We are now selling more real estate than our next two competitors combined and more and more buyers are finding their new home at www.FCTuckerEmge.com  If you haven’t visited the site please do.  We think you will like what you see.