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Thursday, April 5, 2012

More good news for Rockford Area Real Estate

Rockford Area Realtors Historic Ten Month Sales Run;

Score 35 Percent Gain Over 2011
Rockford, Ill. – For the first time ever, the Rockford housing market has scored year-toyear
increases for ten straight months.
Rockford Area Realtors sold 284 homes in March, 34.6 percent higher than 211
properties sold in 2011. The longest previous sales streak ran for eight months ending in
October 2001 (since stats have been collected dating back to 1998).
“March marks a ten-month rise in Rockford area home sales,” commented Steve
Bois, CEO of Rockford Area Realtors. “This remarkable string of sales gains shows that
there are clearly more people in the market.” Bois said strong market activity was
supported by the 12,181 unique visitors who used the Association website in March to
look for homes, the largest number since the site was launched in February 2008 with
6,792 users.
The three-month rolling average price rose slightly from $94,907 in February to
$95,920 in March.
Bois said housing activity and prices are significantly affected by employment. “As
goes employment,” Bois said, “so goes housing. Certainly the economy is doing better
these days. Job numbers have been up sharply three months in a row, leading to a jump
in consumer confidence.”
Bois said that for 10 of 12 months in 2011 Illinois’ employment growth matched that of
the United States, and exceeded that for the rest of the Midwest, stronger employment
gains that Iowa, Wisconsin, Indiana, Ohio, Michigan and Missouri. Typically, Illinois lags
the nation in economic measures.
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Rockford Area Realtors Historic Ten Month Sales Run;
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Increased faith in the economy may soon be reflected in housing prices. For all of
2011, prices nationally fell 4.7 percent versus the previous year. Excluding distressed
sales, home prices dropped just 0.9 percent. And looking at the last two months for which
national figures are available, non-distressed sales prices rose 0.2 percent month over
month in December 2011 and 0.7 percent in January 2012, according to the National
Association of Realtors.
In Illinois, economy uncertainty has not kept residents from the belief that owning a
home is a fundamental part of the American Dream, according to a new survey by the
Illinois Association of Realtors. The survey of 600 homeowners and renters in the state
revealed that 82 percent believe homeownership is a key goal for Illinoisans and that 34
percent believe that prices will increase in the next five years.
“We’re seeing growing consumer confidence, historically low interest rates and
attractive home prices,” Bois remarked. “It’s encouraging to see this data that show how
important homeownership is to Illinois residents.”

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