AREA HOME SALES UP AFTER SLOW 1997 START

Fifty-five percent of the families living in the more than 16,000 residential units in Cape Girardeau own their homes.

The home ownership rate increases when county property is counted: to 62.6 percent ownership of the more than 25,000 residential units.

These may be surprising statistics to some.

But compared to a nearby city of comparative size and national totals, the area doesn't fare too badly in home ownership.

The home ownership at Paducah, Ky. is 58 percent.

Nationally the rate has increased over the past two years, to 65.4 percent.

Census reports reveal that 37.2 percent of residential rental units in Cape Girardeau are usually occupied, with about a 7.8 vacancy rate. The rental occupancy rates do vary, increasing during the September-May college term and decreasing during the summer months.

Home ownership is being recognized this week in a special nationwide celebration, "National Home Ownership Week," sponsored by National Partners in Home Ownership, a mix of 63 national organizations working together to increase home ownership opportunities.

A total of 272 people bought homes throughout the Cape Girardeau, Jackson and Scott City areas the first five months of 1997. A total of 272 pieces of residential property were sold during the first five months of 1997, for a combined total of $21.8 million, an average of $80,135, according to the Cape Girardeau Multi-List Service Inc., which keeps tabs on property sales in an area that includes Cape Girardeau County and parts of Scott, Perry and Bollinger counties.

These totals are down slightly from 1996 totals for the same period, said Linda Pruitt of the multi-list service. During the same period a year ago, 290 properties were sold, at a volume of $25.3 million, an average price of $87,538.

"The decrease is understandable," said Martha Hamilton, owner-broker at Coldwell Banker Hamilton Realty. "We've had a cold five months this year."

The housing market, said Hamilton, is still good. "We've seen a lot more homes come on the market, and there are more properties to choose from."

Hamilton and Ivan L. Irvin, director of public relations and commercial specialist with Century 21 Key Realty here, agree that sales should start picking up. Irvin and Hamilton also explained the lower average house sale numbers: Flood buyouts -- 65 of them -- resulted in a number of home purchases well under the $80,000 average.

Overall, the home market is good in the area, agreed Barbara Travers and Karen Mogelnicki, brokers-owners of Century 21 Key Realty. "With a lot of houses on the market, we expect to see a pickup," said Travers.

The pickup has already started at ERA Cape Realty, said broker-owner David Glastetter. "Things were a little slow during the first quarter of the year but started picking up for us in May."

Glastetter said May sales were up 50 percent over April sales and the increases have continued into June.

Homebuilding in Cape Girardeau is maintaining about the same pace as 1996. A total of 25 single-family home permits have been issued in the amount of about $3.5 million, an average of $140,000.

A year ago during the same period, 23 single-family permits were issued in the amount of $3.4 million.

A total of 1,361 residential properties -- new and used -- have been listed with 26 multi-list realty companies, January through May, with an overall value of $140.1 million.

Century 21 Key Realty reports the lion's share of real estate deals in 1996 and during the first five months of 1997. In 1996, Century 21 Key Realty listed 597 residential properties and sold more than 140 of them at a volume of $13.4 million, for an average fo $97,133. In 1997, the company has more than 250 listings with 56 sales, at an average of better than $95,000.

Ashland Realty, Coldwell Banker and Bridgeport Inc. have all listed more than 100 properties during the first five months of this year, and all report good sales. They range from 42 by Ashland in the amount of $3.2 million, to 26 by Bridgeport in the amount of $2.3 million and the 29 sales by Caldwell Banker, in the amount of $1.8 million.