SPRINGFIELD (October 13, 2015) Capital Area REALTORS® (CAR) report existing residential home sales increased during September compared to a year ago while median sale price, time on market, new listings, total listings and pending sales all decreased.
For September 2015, 346 homes sold, reflecting an increase of 2.7 percent from the 337 homes sold in September 2014. Year-to-date home sales through September of 2015, totaled 2,923, reflecting a 2.7 percent increase over the 2,845 sales during the same time in 2014.
“We’re entering the home stretch of a very solid year,” said CAR President Kristie DeBrun, GREEN, GRI, SFR, SRS. “The market is competitive and opportunities exist for buyers and sellers," said DeBrun.
According to CAR, median home sale price (for all single-family homes and condominiums) for September 2015 was $117,500, reflecting a decrease of 5.2 percent from the September 2014 price of $124,000. Year-to-date median sale price through September 2015 was $118,000, reflecting a 0.4 percent decrease from the $118,500 price during the same period in 2014. The median is a typical market price where half the homes sold for more, half sold for less.
"The good news for buyers is that limited inventory hasn’t resulted in unhealthy price appreciation,” said DeBrun.
There were 350 sales pending in September 2015, down 2.8 percent from the 369 sales pending during the same time last year.
The 35 foreclosure sales in September 2015, represented 10.1 percent of all sales as compared to the prior September total which represented 6.4 percent of all sales.
Average cumulative days on market for all home sales was 69 in September 2015, down from 82 days during the prior month and 86 days in September of 2014.
Total housing inventory at the end of September 2015 fell to 1,649 listings, down from the 1,668 listings in the prior month and down from the 1,812 listings at the end of September 2014. The 1,649 listings available at the end of September 2015 represent a 5.2 month supply at the current sales pace, down from the 5.3 months during the prior month of August.
“With sales and overall demand higher than a year ago and supply mostly unchanged, low inventories will likely continue to limit options for those looking to buy this Fall even with the overall pool of buyers shrinking because of seasonal factors,” said DeBrun.
The Federal Home Loan Mortgage Corp. reported the national average commitment rate for 30-year, conventional, fixed-rate mortgages was 3.9 percent in September 2015, down from the 4.2 average rate during September of 2014.
The Capital Area REALTORS® is the Voice for Real Estate in the Capital Area representing more than 800 members involved in all aspects of the real estate industry. Statistics were compiled from the Capital Area REALTORS® Multiple Listing Service, which covers Sangamon County and surrounding areas. The Capital Area’s Resource for Real Estate Information can be found at www.SeeHouses.com.
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