SPRINGFIELD (May 12, 2014) Unit home sales for single-family homes increased while the median home sale price also increased in the Capital Area during April 2014, according to the Capital Area Association of REALTORS (CAAR).
For the month of April 2014 there were a total of 303 homes sold as compared to 292 homes sold in April 2013, reflecting an increase of 3.8 percent. Year-to-date homes sales through April of 2014 totaled 919, reflecting a 6.6 percent decrease from the 984 sales during the same time in 2013.
According to CAAR, the median home sale price (for all single-family homes and condominiums) was $110,000, reflecting an increase of 4.5 percent over the April 2013 price of $105,300. The year-to-date median sale price through April of 2014 was $103,000, reflecting a decrease of 1.8 percent from the $104,900 price during same period in 2013. The median is a typical market price where half the homes sold for more, half sold for less.
"Home sales and home sale prices are slowly beginning to work their way back to positive territory, where we expected them to be this year and we have no reason to believe this trend won’t continue," said REALTOR® Steve Myers, president of the Capital Area Association of REALTORS®.
Total housing inventory at the end of April 2014 increased to 1,551 listings, up from the 1,509 listings in the prior month and down from the 1,750 listings at the end of April 2013. The 1,551 listings available at the end of April 2014 represent a 5.1 month supply at the current 12 month average sales pace, up from 4.8 months in March. "In addition to tight credit for first-time homebuyers a limited inventory in the lower price ranges especially is restraining home sales," said Myers."
The 40 foreclosure sales in April of 2014 reflected 13.2 percent of all sales as compared to 43 foreclosure sales during the prior April. "While foreclosure sales are expected to continue to be an important factor in our market we are pleased to see this trend on the decline," said Myers.
The average cumulative days on market for all home sales was 122 in April 2014, down from the 127 days in the prior month and up from 107 days in April of 2013.
There were 494 sale pendings in April 2014, up 4.9 percent over the 471 sale pendings during the same time last year. Myers says "this gain was quite expected given the dismal winter we endured as more buyers were able to look at homes last month and are making contract offers. Sales activity is expected to pick up as more inventory reaches the market," said Myers.
"After the challenging winter, we know there is pent-up demand for home sales. REALTORS have pent-up energy as well and are eagerly looking to assist those sellers who wish to take advantage of this unique opportunity to get top-dollar for their home," said Myers.
The Federal Home Loan Mortgage Corp. reported that the national average commitment rate for 30-year, conventional, fixed-rate mortgages was 4.34 percent in April 2014, up from the 3.45 average rate during April of 2013.
The Capital Area Association of REALTORS® is the Voice for Real Estate in the Capital Area representing more than 750 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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