SPRINGFIELD (April 12, 2016) Home sales, sale price, sale pending and new listings all increased while days on market and foreclosures decreased in the Capital Area during March 2016, according to the Capital Area REALTORS® (CAR) Multiple Listing Service.
For the month of March 2016, the median home sale price (for all single-family homes and condominiums) was $118,500, an increase of 5.3 percent from the $112,500 March 2015 price. The year-to-date median price through March of 2016 was $108,000, reflecting a 1.4 percent increase over the prior year. The median is a typical market price where half the homes sold for more, half sold for less.
The number of homes sold in the Capital Area in March of 2016 was 304, an increase of 11.4 percent from the prior March. The number of home sales year-to-date through March of 2016 was 677, reflecting an increase of 2.7 percent over the prior year.
Sale pendings in March 2016 amounted to 494, reflecting an impressive 27.0 percent increase over the 396 sale pendings during the same time in 2015.
“Local homebuyers are experiencing several favorable metrics such as affordability, low mortgage interest rates and plentiful downpayment programs making now an ideal time to make the transition from renting to owning or moving up,” said REALTOR Kristie DeBrun, GREEN, GRI, SFR, SRS, president of the organization.
The 34 foreclosure sales in March of 2016 reflected 11.2 percent of all sales, down nearly a percentage point from 12.1 percent in March of 2015.
The average cumulative days on market for all home sales in March of 2016 decreased to 99 days, down 23 days from 122 during March of 2015.
According to CAR, the supply of homes on the market currently stands at 4.0 months, unchanged from February. "I see REALTORS reaching out to the public, almost daily, looking for homes that meet their buyer client needs because they are having difficulty finding what they need among the listing inventory," said DeBrun. The days on market metric measures the number of months it would take to sell the current inventory of available homes at the current pace. Five to six months’ worth of homes on the market is considered a balanced market.
“With a shortage of inventory this spring buying season, it is important for buyers to remain patient and work with a REALTOR to create a strategy that will enable them to achieve their objectives,” said DeBrun.
The Federal Home Loan Mortgage Corp. reported that the national average commitment rate for 30-year, conventional, fixed-rate mortgages was 3.69 percent in March 2016, down slightly from the 3.77 average rate during March of 2015.
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. The Capital Area’s Resource for Real Estate Information can be found at www.SeeHouses.com.
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