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Capital Area Home Prices up, Sales up, Inventory Down

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

For the month of March 2017, the median home sale price (for all single-family homes and condominiums) was $124,900, an increase of 4.1 percent from the $120,000 March 2016 price. The median is a typical market price where half the homes sold for more, half sold for less. “Demand is high, and prices are following suit,” according to REALTOR John Klemm of Sangamon Realty and president of the organization.

“Realtors® are reporting stronger foot traffic from a year ago, but low supply in the $100,000 to $250,000 price range continues to be the impetus behind multiple offer situations and price growth,” said Klemm.

The number of homes sold in the Capital Area increased 0.7 percent in March of 2017 with 307 homes sold, compared to 305 homes sold in March of 2016. “In spite of rebounding home sales in March, too few properties for sale continue to stifle buyers,” said Klemm.

Pending sales (mutually accepted offers) in March 2017 amounted to 425, an increase of 5.5 percent from the same time period in 2016.

The 22 foreclosure sales in March of 2017 accounted for 7.2 percent of all sales, down from the 38 foreclosure sales (or 12.4 percent of all sales) during the prior March.

The average cumulative days on market for all home sales increased in March 2017 to 105 days, up from 98 days in March of 2016.

“Buyers are out in force right now and facing stiff competition from other interested parties. Newly listed properties are being snatched up quickly and leaving behind minimal choices for buyers trying to enter the market,” according to Klemm.

Capital Area REALTORS market data shows that for the last 42 months the inventory has been decreasing. Months supply of inventory of homes available for purchase declined 10.5 percent to 3.4 months in March 2017 as compared to 3.8 during the prior March. “Sellers who are contemplating when to list their home on the market should note the strong buyer demand,” said Klemm.

The Federal Home Loan Mortgage Corp. reported that the national average commitment rate for 30-year, conventional, fixed-rate mortgages was 4.2 percent in March 2017, up from the 3.69 average rate during March 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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