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Capital Area Sales Climb Amid Tight Supply

SPRINGFIELD (July 11, 2017) Capital Area REALTORS® (CAR) Multiple Listing Service statistics for June show year-over-year increases in closed sales and new listings with declines in the median home sale price, pending sales, total inventory, days on market and months supply of inventory.

For the month of June 2017, the median home sale price (for all single-family homes and condominiums) was $127,000, a decrease of 3.8 percent from the $132,000 June 2016 price. For the year-to-date through June of 2017 the median home sale price was $119,900, down 0.1 percent from the $120,000 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 6.1 percent in June of 2017 with 434 homes sold, compared to 409 homes sold in June of 2016. For year-to-date through June of 2017 the number of homes sold was 1,858, up 0.5 percent over the same period last year. “The recent passage of a state budget should lift the dark cloud that has been hanging over the local real estate market,” according to REALTOR John Klemm of Sangamon Realty and president of the organization.

Klemm said, “the current housing market can be difficult for prospective home buyers, especially for those looking in entry level price ranges. He advises would-be buyers to look to their REALTOR for guidance but be ready to come in with a strong offer when they find a home they like.”

“If you’re looking for a home under $275,000, you’re really going to have to compete. The high-end of the market is a different story and if you’re looking for a home around $325,000 and up, you will have less competition,” said Klemm.

Pending sales (mutually accepted offers) in June 2017 amounted to 379, a decrease of 2.8 percent from the 390 pending sales during the same time period in 2016.

The 18 foreclosure sales in June of 2017 accounted for 4.1 percent of all sales, down from the 22 foreclosure sales (or 5.4 percent of all sales) during the prior June.

The average cumulative days on market for all home sales in June of 2017 was 68 days, down from 83 days in June of 2016. Year-to-date through June 2017 average cumulative days on market was 87, down 2 days from the prior year.

Months supply of inventory of homes available for purchase was 4.1 months in June 2017 as compared to 4.3 during the prior June.

The Federal Home Loan Mortgage Corp. reported that the national average commitment rate for 30-year, conventional, fixed-rate mortgages was 3.9 percent in June 2017, up from the 3.6 average rate during June 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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