For the first time in the last five years, the average selling price of homes is up in Franklin County, figures show.
The average selling prices of homes had been on a steady decline since 2008.
The Missourian obtained figures from 2008 to 2013 that show the selling prices of homes for a period of Jan. 1 to July 23.
For that time period in 2008, the average selling price was $154,673; 2009, $139,637; 2010, $135,969; 2011, $135,288; 2012, $131,165; and 2013, $139,479.
“I think that it’s an indication our entire economy is turning around,” Franklin County Board of Realtors President Rachele Maczuk said.
This shows that the average selling price so far this year is up more than $8,000 compared to the same time period last year.
But the average price so far this year is still about $15,000 less than what it was in 2008.
While the average selling price is $139,479 through July 23 of this year, the average list price is $146,286.
When the prices were declining, it was a reflection of the foreclosures in the county, Maczuk said. Foreclosures drive down the entire market, and there seem to be fewer this year, Maczuk said.
Figures on the number of foreclosures were not immediately available.
Hopefully the trend with the higher average selling prices will continue, Maczuk said.
The local real estate climate is heading more in the direction of a seller’s market with the higher prices and rising interest rates, Maczuk added.
The market was very good for buyers for several years, and it still is, she said.
The figures were provided by Maczuk, who got the data from Mid America Information Systems of St. Louis.
Home sales are also up. Through July 23 of this year, 546 residential properties have sold in Franklin County compared to 472 in the same time last year, according to Mid America Information Systems.