Home Prices Continue To Rise as Real Estate Market Remains Strong
According to statistics compiled by Midwest Real Estate Data LLC, the number of sales closed and the average sales price in the Will-Grundy County area in May are both higher not only when compared with May of 2016, but with year to date totals as well. During May, 1,017 sales were closed which is 12.1% better than the 907 closed sales reported in May of 2016. So far this year, 3,597 sales have been closed compared to 3,437 through May of last year which is a 4.7% increase. The average sales price this year is $218,223 which is up from $203,498 during the same period a year ago. In fact, the average sales price has showed an increase in every month so far this year. Another statistic of note is days on market which dropped to 68 this year compared to 86 last May. The year to date average market time is now 83 days whereas in 2016 it was 96. New listings during May did increase 5.6% which is a good sign for home buyers who were facing an inventory shortage earlier this year.
Three Rivers Association of REALTORS® President Matt Persicketti noted that “this extended run of price increases is reminiscent of what went on prior to the housing bust roughly 10 years ago. However, today lending standards are much stricter than they were then which minimizes the chances of a repeat occurrence.” He went on to say that the overall economy is in better shape today than it was a decade ago in terms of the unemployment situation and the potential of higher wages.
Three Rivers Association of REALTORS® is a non-profit organization that represents more than 1,000 REALTOR® and Affiliate members. Three Rivers Association of REALTORS® is affiliated with the Illinois REALTORS® and the National Association of REALTORS®, and works to provide its members with the tools and information needed to remain successful. Three Rivers Association of REALTORS® also strives to keep its membership informed as to the latest developments that affect housing and the real estate industry in general. The Multiple Listing Service, education programs and an extensive political action program are just a few of the services that Three Rivers Association of REALTORS® provides for its members.