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Wednesday, December 7, 2011

More decent news for Real Estate in Roscoe, Rockton, South Beloit and surrounding areas

The number of homes sold in November increased 19 percent from November 2010, but the three-month rolling average price fell to levels not seen since 2000, according to statistics released today by Rockford Area Realtors.

Members of the association were involved in 281 home sales in November, up from 232 last year.

It marked the sixth straight month that sales were higher year over year, but the area real estate market still will see fewer annual home sales for the fifth straight year.

While sales are growing, prices continue to slide. The three-month rolling average fell to $101,553. That’s the lowest since May 2000 when it was $100,853.

“Foreclosure and short-sale inventories are working through the market, with buyers in the market favoring lower-priced homes,” Steve Bois, Rockford Area Realtors CEO, said in a news release.

Bois said the number of homes on the market continues to fall though, which should help stabilize the prices.

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