Home sales and sale price increased in April, according to a report by the Capital Area REALTORS®. Coupled with a decrease in the number of days a listing was on the market this past month, it is a good time for homeowners who want to sell.
The median home sale price for single-family homes and condominiums in April was $117,700, which was an increase of 3.7 percent from $113,500 in April 2015. The year-to-date median price through April 2016 was $112,000, which was a 1.8 percent increase from $110,000 the previous year.
There were 370 homes sold in Sangamon, Menard, Christian and Macoupin counties in April, a 22.1-percent increase from April 2015. The year-to-date home sales through April 2016 was 1,048, an increase of 8.2 percent from the prior year sales of 962.
“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 Kristie DeBrun, president of the Capital Area REALTORS®.
As for days on the market, the average number of cumulative days for home sales in April was 89, which was a drop of 17 days from 106 during April 2015.
The Capital Area REALTORS® reported that the supply of homes on the market is 4.6 months. That figure is based on the number of months it would take to sell the current inventory of homes at the current pace. Five to six months’ worth of homes on the market is considered a balanced market.
“If you are a buyer looking in the $200,000-$300,000 price range, you are experiencing some challenges,” DeBrun said. “Multiple offers in this price range is becoming quite common.”