Local market stays healthy in weakened economy

The latest Multilist statistics from the Greater Springfield Board of Realtors indicate that the home sales market in the Springfield area is staying strong.

In 2001, according to the local Mul-tilist, there were 5,963 units sold, compared to 5,661 sold in 2000. Between 2000 and 2001, the only category that saw a decline was one- and two-bedroom homes, which decreased from 869 units sold in 2000 to 840 units sold in 2001. All other categories increased in sales in 2001.

The other categories were three-bedroom, four or more bedrooms and townhouses.

Additionally, the statistics compare January 2001 to January of this year. For that month, the number of new listings decreased by two from January 2001 to January this year from 1,134 new listings to 1,132. For that same month, the average listing price also decreased from $132,198 in January 2001 to $128,165 for that same month this year. Both the sold listings and the average sold price for units increased from January to January.

In January 2001, the Multilist reported 272 listings; one year later, there were 381 listings.

The average sold price increased from $111,152 in January 2001 to $113,018 for January 2002.

According to Brenda Ellsworth, broker-owner of United Country Suburban Brokers and president of the Greater Springfield Board of Realtors, the local market has continued to do well, particularly for first-time home buyers. Ells-worth attributes the success in the first-time buyer market to low interest rates and money from the Missouri Housing Development Commission that can be used for first-time home buyers. Also, she said, renters often can buy their own home for payments cheaper than the rent they're paying not to mention that down payments in many cases are no longer an obstacle.

"There are lenders out there now that make 100 percent loans," Ellsworth said. She noted that in the past, in order to qualify for a 100 percent loan, the potential home buyer had to be a veteran.

"We have different loan programs now that do allow people to get into homes with no money down, and you don't have to be a veteran," she said.

Interest rates

Ellsworth said although the interest rates for home loans have been moving around a bit, the rates are still very low. For the last several weeks, rates have hovered at about 7 percent.

"I try to watch those, and some days, if everything was just right together, you could have gotten a 6 1/2 percent loan."

And Ellsworth, who's been in real estate for 20 years, said that hasn't al-ways been the case.

"When I got into the business, it was horrible. Interest was at 19 (percent). We had these first-time home buyers' programs, and the interest rate on those was 14 (percent). And people thought they were getting a bargain at 14 percent interest," she said. "We haven't seen that kind of thing in a long, long time, thank goodness."

While Ellsworth does think that Springfield has had a bit of an economic slowdown, she echoes the thoughts of several other businesspeople that be-cause of a diverse economy, Springfield hasn't been hurt too badly.

"We're not dependent on just one thing, because we have manufacturing, we have medical, we have educational and retail, and we have the tourist things," Ellsworth said. "Our economy is so diverse that I don't think we get hit hard when the economy of one particular segment falters."

And, Ellsworth noted that as far as her experience goes, it's easy to outline what exactly it is that brings many people to Springfield.

"I work with a lot of out-of-state people, and what they're looking for is clean air, clean water, low property prices, low taxes and low crime rate, and we have it all," she added.