I noted in my most recent post that this summer looks promising for homeowners looking to buy or sell.
The numbers support that coming out of May as there were 391 homes sold in central Illinois during the month. That was a 2.9-percent increase from May 2014 as reported by the Capital Area REALTORS®. There also was a 3.7-percent increase of home sales year-to-date through May that totaled 1,351 compared to the same period in 2014.
As for the median home sale price, which factors in single-family homes and condominiums, it stood at $119,900 this past month, which was a 6.3-percent increase from $112,800 a year ago. The year-to-date median sale price of $112,900 through May reflected a 6.9-percent increase from the same period in 2014.
This is good news for homeowners looking to sell. For buyers, the supply did not meet the demand.
According to the same report, the total housing inventory in May was at 1,375 listings, down from 1,662 listings in May 2014. The lack of supply was reflected in the average time on the market for home sales as that number dropped to 92 days in May compared to 102 days in May of last year.
“A tight inventory supply is contributing to multiple offer situations, faster price growth and properties selling at a quicker pace,” says CAR President Mike Buscher, CRB, GRI.
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