SPRINGFIELD (February 16, 2018) Capital Area REALTORS® (CAR) Multiple Listing Service statistics for January show year-over-year increases in pending sales and cumulative days on market with decreases in new listings, median price, inventory of homes for sale and months supply of inventory with closed sales virtually unchanged.
For the month of January 2018, the median home sale price (for all single-family homes and condominiums) was $114,300, a decrease of 7.9 percent from the $124,400 January 2017 price. The median is a typical market price where half the homes sold for more, half sold for less.
“Although January prices are down the overall trend of home prices in the Capital Area has been a very steady modest upward trend,” said REALTOR Ed Mahoney, ABR of RE/MAX Professionals and president of the organization.
The number of homes sold in the Capital Area were nearly unchanged in January of 2018 with 189 homes sold, compared to 190 homes sold in January
“REALTORS are busy meeting with sellers who are readying their homes for market in the Spring. We anticipate a strong Spring market with the improving economy and rising mortgage rates as buyers seek to capitalize on still low mortgage rates,” said Mahoney.
The 10 foreclosure sales in January of 2018 accounted for 5.3 percent of all sales, down from the 18 foreclosure sales (or 9.5 percent of all sales) during the prior January.
The average cumulative days on market (from list date to sell date) for all home sales in January of 2018 was 104 days, up from 84 days in January of 2017.
Months inventory is the best indicator of a buyer’s or seller’s market, and this figure continued its descent, from 3.6 months in January of 2017 to 3.3 months in January 2018.
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 January 2018, reflecting a slight decline from the 4.2 average rate during January of 2017.
The Capital Area REALTORS® is the Voice for Real Estate in the Capital Area representing more than 900 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
for statistical reports.