January 2013 - Forest Park Real Estate Report

The Forest Park housing market continues to show positive signs of recovery year-over-year. 

The number of single-family homes for sale in January 2013 is down 30% from January 2012. 

This drop in active listings translates into a dramatic improvement in the absorption rate.  In January 2012, the MSI - or month's supply of inventory - was 18.43, meaning that it would take approximately 1 1/2 years for all homes on the market in January 2012 to sell given the average 9.33 homes sold per month in the previous 12 months. 

An increase in the average number of homes sold per month and a decline in the number of active listings have reduced the January 2013 MSI by more than half to 8.16 MSI.

Home values, based on the median price of homes sold, are seeing some gains year-over-year.  The median sold price for all homes sold in Forest Park in  January 2013 was up 42% from a year ago. 

Despite this encouraging statistic, prices continue to fluctuate month over month. 

These fluctuations can be attributed, in some part, to the impact distressed properties continue to have on general home values.

However, the number of bank-owned properties on the market has shown consistent declines as the economy in general continues to show signs of recovery. 

The minimum sold price for all homes sold in January 2013 was $50,000 and the maximum sold price was $307,500.  Average sold price for all residential homes sold this month, including detached homes and attached condos & townhomes, was $132,896.

For a more in-depth analysis of the Forest Park real estate market, please visit Forest Park Moves and register for monthly market updates.