Springfield, Illinois, one of the central markets in the country, is starting to show signs of a turn-around. Sales are still down compared to year over year, however, the number of listings have dropped month after month, coupled with pending sales on the rise, as well. Here are the numbers according to Springfield bloggers Fritz and Kristi Pfister of Re/Max Professionals.

May listings are down 18.5 percent with pending sales up more than 7 percent (which is the second month in a row for pending sales to outpace 2008 levels. April’s pendings were up more than 10 percent and the pendings were down 28 percent. The growth in pending sales against a backdrop of shrinking inventory will stabilize the Springfield market and surrounds, creating an end to the current buyers market and slowly push prices upward from its average sales price today of aboutg $107,000.

Why the seemingly strong real estate performance? The jobless rate is lower than the national numbers at 6 percent- which is actually quite healthy. Houses are where the jobs go at night and Springfield hosts one of the strongest job markets at this point, in the country.

Published: June 19, 2009

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