Capital Area Home Sales and Prices up in September
SPRINGFIELD (October 11, 2016)
The median sale price, pending sales, days on market for single-family homes increased in the Capital Area during September 2016 while closed sales, new listings and months supply of inventory decreased in the Capital Area during September 2016, according to the Capital Area REALTORS® (CAR) Multiple Listing Service.
For the month of September 2016, the median home sale price (for all single-family homes and condominiums) was $125,000, an increase of 5.98 percent from the $118,000 September 2015 price. The year-to-date median price through September of 2016 was $122,500, up 2.2 percent from $119,900 during the prior year. The median is a typical market price where half the homes sold for more, half sold for less.
Total existing home sales which are completed transactions that include single-family homes, condominiums and townhomes in the Capital Area during September of 2016 were 341, a decrease of 2.3 percent from 349 during the prior September. The number of home sales year-to-date through September of 2016 was 2,961, reflecting an increase of 1.5 percent over the prior year sales of 2,918.
There were 334 sale pendings in September 2016, up 12.8 percent over the 296 sale pendings during the same time in 2015. “Sale pending figures show that homebuyers and sellers aren’t done for the year and are ready to move” said REALTOR John Klemm, president of the organization.
The average cumulative days on market for all home sales in September of 2016 was 70 days, up from 66 days during September of 2015. Year-to-date cumulative days on market was at 84, a 10.6 percent decline from 94 days during the same period in 2015.
The 33 foreclosure sales in September of 2016 reflected 9.7 percent of all sales, down nearly a percentage point from 10.6 percent in September of 2015.
According to CAR, the supply of homes on the market currently stands at 4.0 months, down from 4.5 months during September of 2015. 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’ of inventory is considered a balanced market. "The issue of low housing inventory continues to be a familiar theme. With the inventory of homes down by 10.6 percent from the prior year and months supply of inventory down by 11.1 percent, the situation becomes increasingly competitive for buyers,” said Klemm.
The Federal Home Loan Mortgage Corp. reported that the national average commitment rate for 30-year, conventional, fixed-rate mortgages was 3.46 percent in September 2016, down slightly from the 3.89 average rate during September 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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