SPRINGFIELD (December 8, 2015) Capital Area REALTORS® (CAR) report existing residential median home sale prices increased during November compared to a year ago as did sale pending properties while new listings, time on market and the number of homes sold declined.
For November 2015, 218 homes sold, reflecting a decrease of 5.6 percent from the 231 homes sold in November 2014. Year-to-date home sales through November of 2015, totaled 3,488, reflecting a 2.1 percent increase over the 3,415 sales during the same time in 2014.
“While November home sales did succumb to the slowest pace for November since 2003 there were positive market signs as homes continued to sell faster and for higher amounts in November,” said CAR President Kristie DeBrun, GREEN, GRI, SFR, SRS.
According to CAR, the median home sale price (for all single-family homes and condominiums) for November 2015 was $115,000, reflecting an increase of 12.2 percent from the November 2014 price of $102,500. Year-to-date median sale price through November 2015 was $118,000, reflecting a 0.4 percent increase over the $117,500 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.
"After three consecutive months of year-over-year price declines it was a welcome relief to see the November median home sale price bounce back to the highest November price on record at $115,000,” said DeBrun.
There were 287 sales pending in November 2015, up 5.5 percent over the 272 sales pending during the same time last year.
The 18 foreclosure sales in November 2015, represented 8.3 percent of all sales as compared to the prior November total which represented 12.1 percent of all sales.
Average cumulative days on market for all home sales was 71 in November 2015, down from 78 days during the prior month and 86 days in November of 2014.
Total housing inventory at the end of November 2015 reflected 1,350 listings representing a 4.3 month supply at the current sales pace.
The Federal Home Loan Mortgage Corp. reported the national average commitment rate for 30-year, conventional, fixed-rate mortgages was 3.9 percent in December 2015, down from the 4.0 average rate during November 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.