SPRINGFIELD (May 6, 2016) Home sales, sale price and pending sales all increased while new listings, days on market and foreclosures decreased in the Capital Area during April 2016, according to the Capital Area REALTORS® (CAR) Multiple Listing Service.
For the month of April 2016, the median home sale price (for all single-family homes and condominiums) was $117,700, an increase of 3.7 percent from the $113,500 April 2015 price. The year-to-date median price through April of 2016 was $112,000, reflecting a 1.8 percent increase over the prior year price of $110,000. 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 in April of 2016 was 370, an increase of 22.1 percent from the prior April. The number of home sales year-to-date through April of 2016 was 1,048, reflecting an increase of 8.2 percent over the prior year sales of 962.
Sale pendings in April 2016 amounted to 492, were down slightly from the 516 sale pendings during the same time in 2015.
“First time buyers and move up buyers who understand the benefit of homeownership are out in full-force taking advantage of optimal market conditions including historically low mortgage rates and strong affordability,” said REALTOR Kristie DeBrun, GREEN, GRI, SFR, SRS, president of the organization.
The 30 foreclosure sales in April of 2016 reflected 8.1 percent of all sales, down two percentage points from 10.2 percent in April of 2015.
The average cumulative days on market for all home sales in April of 2016 decreased to 89 days, down 17 days from 106 during April of 2015.
According to CAR, the supply of homes on the market currently stands at 4.6 months, up from 4.0 months during March. "If you are a buyer looking in the $200,000-$300,000 price range you are experiencing some challenges. Multiple offers in this price range is becoming quite common," said DeBrun. 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’ worth of homes on the market is considered a balanced market.
The Federal Home Loan Mortgage Corp. reported that the national average commitment rate for 30-year, conventional, fixed-rate mortgages was 3.61 percent in April 2016, down slightly from the 3.67 average rate during April 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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