Key housing market indicators went up in September

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Key housing market indicators went up in September

According to the Capital Area REALTORS Multiple Listing Service, September statistics indicate a year-over-year increases in a variety of arenas, including closed sales, median sale price and days on market. The September statistics also show declines in new listings, pending sales, and the inventory of homes available for sale.

In September 2017, the median home sale price increased by 3.7 percent over September 2016, as the median home-sale price for all single-family homes and condominiums went up to $130,000, from $125,300 in September 2016. The average number of cumulative days on the market for all home sales went up to 79 days in September 2017, an increase from 69 days on the market in September 2016. Additionally, month’s inventory is down slightly as well, from 4.3 months in September 2016 to 4.2 months in September 2017. “Inventory levels have been on a gradual and steady decline since the end of 2011,” says Ed Mahoney, a REALTOR with RE/MAX Professionals and the president of the Capital Area REALTORS.

According to Mahoney, the September statistics are in line with those at the state and national levels. “Our local housing market has followed a familiar pattern this year and September was no different. Housing inventory is low and continues to lag behind consumer demand. … Buyers are in the market for homes, but many sellers continue to stay on the sidelines and are choosing not to list. That means more buyers are competing for fewer homes, driving prices higher and lowering days on the market.”

Capital Area REALTORS is the voice for real estate in Sangamon County. CAR represents more than 900 members with roles in all aspects of the real estate industry. For more information about Capital Area REALTORS, including access to MLS listings, visit http://SeeHouses.com.

By |November 1st, 2017|Categories: News|0 Comments

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