Good News About Springfield Real Estate
There is some good information in here relative to the Springfield MSA (Sangamon & Menard Counties) that I thought you might find interesting. Today the Illinois Association of Realtors (IAR) released a study entitled, “The Economic Impact of Residential Property Sales in Illinois.” It is a study conducted by RCF Economic and Financial Consulting which examines home sales that took place in the period 4Q09 to 3Q10. The study shows the expenditures made by buyers and sellers in connection with a residential property transaction and the total economic output from those expenditures. These findings are shown by Metropolitan Statistical Area (MSA) in Illinois. Also, the data on expenditures is compared with the data from a similar study done by RCF in 2007. Springfield MSA had a $138,596 average home price in 2010. There were 2,623 real estate transactions in the Springfield MSA which amounts to 3.01 transactions per 100 households. The direct expenditure per real estate transaction in 2010 was $19,470, giving direct expenditures for the entire MSA of $51.1 million. Taking into account ripple effects, the direct expenditures led to a total output effect of $98.1 million. Real estate transactions supported 1,551 jobs and $26.6 million of wage and salary income in the Springfield MSA in 2010. Springfield topped all the other MSAs in the state. While ALL MSA’s experienced either noticeable or significant price declines from 2007 to 2010, Springfield’s price decline was the least of all and was quite marginal. It’s not uncommon for the Real Estate market to lead the way in economic recovery. Here’s to an even better year in 2011. Interest rates are at all-time lows. Prices are great. Now is the time to buy. What’s holding you back?