Evansville Real Estate for Sale

Evansville Real Estate For Sale

One bedroom, one bath home with 782 square feet of living space – 727 East Parkland Avenue, Evansville, Indiana

Evansville Home Sales Market Report – March 8, 2008

March 8, 2008

 

The Evansville area real estate market which includes Vanderburgh, Warrick, Gibson and Posey counties is demonstrating some early signs of turning around. February 2008 closed sales of 248 homes is down 24% from February 2007. However, February 2008 home sales are up 18% over last month and home inventory is down slightly. March 2008 home sales are expected to be comparable to February 2008 home sales based on the number of homes that are reported to have accepted contracts. The average unit selling price for February 2008 of $122,032 is off some from 2007’s average of $127,133. While the average unit sale price is an indicator of home values, there are other factors which must be considered such as the mix between higher and lower priced homes. A change in the sales quantity from higher to lower priced homes will lower the average without changing the actual values of sold homes. Another item of note is that the list to sale price slipped remained around 95% which indicates continued discounting of list price. The factor that has the greatest impact on the market is the number of homes on the market. In February 2008 there were 2387 homes on the market. February 2007 had 2234 homes in inventory and the average for 2007 was 2536 homes. The increase in homes sold and the stabilization of the number of homes for sale has lowered the absorption rate in January 2008 of 11.6 months to February 2008 absorption rate of 9.6 months. Buyers need to be aware that with the increase in demand, multiple offer situations are again occurring. This is especially true for well cared for, competitively priced 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 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 2007 the absorption rate for the four county area was 6 or below. The average for 2007 was 7.8 months. Early indications point to the absorption rate peaking and starting to decline in the local real estate market. ALL REAL ESTATE IS LOCAL IN NATURE. One month of encouraging results is not enough to make a definitive statement.

 

(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.)

 

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 173 homes were sold in February 2008 which is off 21% from February 2007. However, that is up 30% from January 2008. The average sale price for February 2008 was $118,708, which is up from 2007’s average of $117,092. List price to sell price ratio remains in the 95% range. Again the big factor is the number of homes on the market. February 2008 had 1504 homes for sale compared to 1534 for January 2008 and 1377 for February 2007. The slight decrease in homes for sale and the increase in homes sold caused the absorption rate to drop from 11.5 months in January 2008 to 8.7 months in February 2008 – a significant decrease.

  

Newburgh and Warrick County

 

February 2008 home sales of 47 homes are down 26% from February 2007 home sales of 64. However February 2008 home sales are up 18% from January 2008 home sales. The average sales price for February 2008 decreased to $156,964 from 2007’s average of $176,084. The list to sell ratio currently remains around 95%. Again the big change is in the inventory. February 2008 home inventory is at 507 compared to January 2008’s inventory of 511 and February 2007’s inventory of 507 homes. The absorption rate is currently at 10.8 months compared to 12.8 months in January 2008 as a result of higher home sales and stabilized home inventory.

  

Princeton and Gibson County

 

Gibson County home sales for February 2008 of 19 homes are down 52% from February 2007 but it is equivalent to January 2008. The average unit sales price for February 2008 was $62,623 compared to 2007’s average of $94,574. This is due to a high mix of low priced homes selling in February 2008 and not the result of decreased home values. List to sell ratio slipped to 91%. February 2008 home inventory is at 238 homes versus 231 homes in January 2008. As a result of the slightly lower home sales rate and the marginally higher inventory, the absorption rate increased to 12.5 months in February 2008 compared to 11 months in January 2008.

  

Mount Vernon and Posey County

 

Posey County home sales for February 2008 of 9 homes were sluggish compared to January 2008 homes sales of 14 homes and February 2007 home sales of 15 homes. The February 2008 average unit sales price was $128,917 compared to 2007’s average of $112,092. Posey County’s home inventory for February 2008 of 138 is down from January 2008 home inventory of 145 homes but is still higher than February 2007 home inventory of 133 homes. The absorption rate in Posey County has climbed to 15.3 months from 10.4 months in January 2008.

 

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 the reduction in inventory, especially well maintained, and competitively priced homes. Interest rates remain low and affordable. Mortgage programs have seen a tightening of requirements but are plentiful for buyers with good credit scores. Sellers need to make sure 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.

  

Statistical data obtained from Evansville Area Assoc. of Realtors

Evansville Home For Sale

Evansville Home For Sale

Remarks: Just Right If one is too few and three is too many, you’ll feel just right in this 1-story bungalow home close to U OF E. Has 2 bedrooms, welcoming living room with carpeting, galley kitchen with gas range ,microwave & open serving bar from kitchen to dining room to quickly serve meals, orginal stained woodwork, new carpet, new paint & drywall, beautiful hardwood floors in dining rm, kitchen, & bedrooms, 1/2 basement w/ laundry, replacement windows, front porch, 1-car garage, storage building, . – 1408 Olive Street, Evansville, Indiana

Evansville Home For Sale

Evansville Home For Sale

Remarks: Why Rent? It’s money well spent for the first-time buyer with this low-maintenance 3-bedroom/brick home. Offers a dining room, welcoming living room, cheery kitchen with laminate countertops, custom storage. Hardwood floors throughout. Built in chest of drawers in all bedrooms, Crown molding in living room., gas range. Fenced-In Fun!! Kids can play inside the fenced yard.with garden space, fruit trees, patio, and 2 1/2 car detached garage.  – 3700 Waggoner Avenue, Evansville, Indiana

Evansville Home For Sale

Evansville Home For Sale

Four bedroom, two bath home with 1382 square feet of living space – 2313 Vann Avenue, Evansville, Indiana

Evansville Home For Sale

Evansville Home For Sale

Remarks: Relax and refresh at the end of your day in this wonderful Westside home across from Helfrich Golf Course. You can’t get views from the swing on your front porch like this anywhere else! 9 foot ceilings throughout. Original woodwork througout. Built-in glass front hutch in kitchen which also has updated cabinets. Two bedrooms–hardwood flooring in one the other has carpet over the floor. Full Basement with two extra storage areas. Washer and dryer hookup in both the kitchen and basement. Appliances included: Stackable washer and dryer, range, refrigerator. Newer roof. 1 car detached garage. Call today to see this home. – 1125 Mesker Park Drive, Evansville, Indiana

Evansville Home For Sale

Evansville Home For Sale 

Remarks: One story stone ranch with 3 bedroom and 2 baths, nice size family room.2 Stone fireplaces. Hardwood floors throughout Newer windows except for family room – 6318 Peacock Lane, Evansville, Indiana