| The consistency in the number of home sales | | | | record 8082 in 2006, and fell slightly to |
| within the local housing market should be the | | | | 7960 in 2007. |
| envy of the state and nation. Considering | | | | |
| that 2003, 2004, and 2005 were seller's | | | | There's more to the story from 2007. A record |
| markets, and 2006, 2007 were buyer's markets; | | | | number of listings did not sell with the |
| look at the consistent number of home sales | | | | supply of homes vastly outnumbering buyers. A |
| as reported by member brokers to The Capital | | | | record 2362 home listings expired, and 1174 |
| Area Association of Realtors (CAAR) MLS: | | | | withdrew without a sale. There were 367 more |
| | | | pending contracts that failed to close than |
| 2003 3996 | | | | in 2006, resulting in 1554 home listings |
| | | | returning to the market. |
| 2004 4005 | | | | |
| | | | The great news to begin 2008 is that interest |
| 2005 4197* | | | | rates fell below 6% for only the second time |
| | | | this decade. That should provide motivation |
| 2006 4175 | | | | for indecisive home buyers to purchase. Caar |
| | | | also reported closed home sales were up in |
| 2007 3998 | | | | December, however pending sales were down |
| | | | which will be reflected in January closings. |
| *CAAR record high | | | | |
| | | | It may have been a struggle for home sellers |
| The rise in the median sale price of a home | | | | in 2007 due to excessive numbers of homes for |
| in the face of an oversupply of homes for | | | | sale, however overall it was a good year in |
| sale defies the laws of supply and demand as | | | | the local housing market. There are hundreds |
| witnessed below: | | | | of markets that would trade places in a New |
| | | | York second, proving once again that real |
| 2003 $90,500 | | | | estate is local. In spite of the negative |
| | | | psychology within the housing market created |
| 2004 $92,750 | | | | by the media, flat job growth, incompetent |
| | | | state government, a tax and spend governor, |
| 2005 $100,000 | | | | and the highest interest rates in two years |
| | | | throughout most of the year, 2007 in |
| 2006 $99,000 | | | | Springfield Illinois turned out pretty darn |
| | | | good. |
| 2007 $104,500* | | | | |
| | | | Just imagine how good the local housing |
| *CAAR record high | | | | market could have been, and would be if there |
| | | | were; responsible reporting in the media, |
| The only reason 2006, and 2007 were buyer's | | | | there was a functional state government, and |
| markets was due to the record number of homes | | | | there was a governor with policies that |
| for sale. Although demand remained steady, | | | | encouraged business growth along with lower |
| supply skyrocketed. The number of home | | | | taxes; which creates jobs. |
| listings increased from 6213 in 2003 to a | | | | |