October Market Hit a Snag?!?

As you can see below, October 2018 saw alot of homes being listed.  Sales really hit a snag though…or did they?  While the number of homes closed in October dropped quite a bit from September, what the report doesn’t show you is the activity we have coming up.  

*All figures were compiled from the Multi Listing Service and 
represent listings and sales of licensed REALTORS.  
These figures do not include For Sale By Owner properties. 

Let’s Break it Down 

Massac County only had 8 residential listings close in October.  Of those 8, Farmer & Company Real Estate represented buyers and/or sellers of 7.  The average sold price was only $41,244!  That is quite a shocking number. What the report doesn’t tell you is that of the 8 homes that sold, 3 were foreclosures, one of which only sold for just over $5,000.  Three other homes that sold were owned by estates and the heirs simply did not want to own the homes.  The prices these homes sold for are reflective of this.  

Look on the bright side…7 of the 8 homes that sold in October will be remodeled, increasing the value of the homes as well as the tax base of Massac County.  Some of these will be “flipped” – or put back on the market for sale after the remodel is complete.  Others will become the primary residence of the buyer.  Either way, homes which may have been an eye sore in their neighborhood, will be cleaned up and updated, improving the neighborhood and possibly helping to increase property values of adjacent homes.

21 homes went on the market in Massac County last month. Farmer & Company Real Estate represents the sellers of 16 of these homes. 3 of the homes are already “Sale Pending”. While the number of residential listings on the market has actually increased, there are also several homes in “Sale Pending” status. Our agents represent buyers and/or sellers of 9 homes that are “Sale Pending” and several that are currently in negotiations over price and other contingencies.  We expect that 2018 sales figures will at least meet and should surpass 2017.

Give us a Call!

With many new homes on the market, there are some great deals and beautiful homes available.  If you’ve thought about buying a new home, feel free to give us a call!  We have REALTORS licensed in both Illinois and Kentucky and offices in both Metropolis and Vienna for your convenience.  You can reach our Metropolis office at 618-524-3000 or the Vienna office at 618-658-2600. In the meantime, browse all of our listings here.