SPRINGFIELD (March 15, 2017) Capital Area REALTORS® (CAR) Multiple Listing Service statistics for February show year-over-year increases in the median home sale price and cumulative days on market and decreases in homes sold, new listings, total inventory and months supply of inventory.
"The median sales price is the second highest ever for February. Although sales were down in February, housing demand remains high and housing inventory continues to drop. The result is that buyers are paying more than in years past, according to REALTOR John Klemm of Sangamon Realty and president of the organization. For the month of February 2017, the median home sale price (for all single-family homes and condominiums) was $114,900, an increase of 10.5 percent from the $104,000 February 2016 price. 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 decreased 13.0 percent in February of 2017 with 180 homes sold, compared to 207 homes sold in February of 2016. "While February home sales decreased, homebuyers continue to see the value in buying real estate and taking advantage of the still low interest rates", said Klemm.
Pending sales (mutually accepted offers) in February 2017 amounted to 306, unchanged from the same time period in 2016.
The 22 foreclosure sales in February of 2017 accounted for 12.2 percent of all sales, down from the 36 foreclosure sales (or 17.4 percent of all sales) during the prior February.
The average cumulative days on market for all home sales increased in February 2017 to 100 days, up from 93 days in February of 2016.
Capital Area REALTORS market data shows that for the last 41 months the inventory has been decreasing. Total inventory of homes available for purchase declined 11.6 percent to 1,065 in February 2017 as compared to 1,205 during the prior February. The resulting impact is a shallow 3.3 months supply of inventory in February of 2017 as compared to 3.8 months in the prior February.
The Federal Home Loan Mortgage Corp. reported that the national average commitment rate for 30-year, conventional, fixed-rate mortgages was 4.17 percent in February 2017, reflecting a half-point increase over the 3.66 average rate during February of 2016.
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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