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Sales up in May While Prices Dip

SPRINGFIELD (June 13, 2017) Capital Area REALTORS® (CAR) Multiple Listing Service statistics for May show year-over-year increases in closed sales, pending sales, new listings and days on market with declines in the median home sale price, total inventory, and months supply of inventory.

For the month of May 2017, the median home sale price (for all single-family homes and condominiums) was $123,000, a decrease of 2.0 percent from the $125,500 May 2016 price. For the year-to-date through May of 2017 the median home sale price was $118,000, up 0.4 percent over the $117,500 price during the same period last 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 increased by 7.0 percent in May of 2017 with 415 homes sold, compared to 388 homes sold in May of 2016. For year-to-date through May of 2017 the number of homes sold was 1,420, down 1.3 percent from the same period last year. “The continued lack of certainty surrounding the state of Illinois and its fiscal situation has created a cloud over the local real estate market,” according to REALTOR John Klemm of Sangamon Realty and president of the organization.

Pending sales (mutually accepted offers) in May 2017 amounted to 442, an increase of 16.6 percent over the 379 pending sales during the same time period in 2016.

The 20 foreclosure sales in May of 2017 accounted for 4.8 percent of all sales, nearly unchanged from the 19 foreclosure sales (or 4.9 percent of all sales) during the prior May.

The average cumulative days on market for all home sales increased in May 2017 to 85 days, up from 79 days in May of 2016.

Months supply of inventory of homes available for purchase was 3.7 months in May2017 as compared to 4.1 during the prior May. “The popular price range of $100,000-175,000 continues to experience the tightest inventory at 2.7 months. However, it is an entirely different story with homes listed in the $500,000 plus range as there is 18.3 months inventory, the most since 2012,” said to Klemm.

“The market dynamics can vary greatly depending on price range and location of the property as well as the desired terms. This makes it important to consult with a professional when purchasing or selling real estate,” said Klemm.

The Federal Home Loan Mortgage Corp. reported that the national average commitment rate for 30-year, conventional, fixed-rate mortgages was 4.0 percent in May 2017, up from the 3.6 average rate during May 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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