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.
LOCAL REALTORS® AMONG LARGEST CROWD EVER TO ATTEND ANNUAL LOBBY DAY
Thirty-one members of Three Rivers Association of REALTORS® were among over 750 REALTORS® from throughout the state of Illinois who traveled to Springfield on April 25 for the 2017 Illinois REALTORS® Capital Conference “REALTOR Lobby Day.” This was the largest crowd ever to attend this annual event during which they had the opportunity to meet with state legislators to discuss issues important to Illinois homeowners and the real estate industry in general. “This is just one example of how seriously our members as well as REALTORS® from across the state view their role as advocates for property rights that will directly impact the buyers and sellers they work with each and every day,” said David McClintock, CEO of Three Rivers Association of REALTORS®. Both Illinois Governor Bruce Rauner and Speaker of the House Mike Madigan attended a special reception for a select group of REALTORS® on Monday evening. Three Rivers Association of REALTORS® President Matt Persicketti described Lobby Day as the most important day of the year for members of the real estate industry. “All of our legislators were reached and heard directly from their constituents. They were all very receptive to our views on bills that we supported and opposed,” said Persicketti.
Three Rivers Association of REALTORS® is a non-profit organization that represents over 1,000 members in Will and Grundy Counties dedicated to professional and ethical service to their real estate clients.
REALTORS® ASSIST THEIR COMMUNITIES WITH MORE THAN HOME BUYING AND SELLING
Whether it is helping people buy and sell homes or supporting and/or assisting local charities and philanthropic organizations, local REALTORS® strive to make a difference. Three Rivers Association of REALTORS® is a non-profit organization with over 1,000 REALTOR® and affiliate members who provide professional and ethical real estate and real estate related services to Will and Grundy Counties. As members of the National Association of REALTORS®, they adhere to a strict Code of Ethics which protects their clients, the public and other real estate agents. REALTORS® also maintain a higher level of the knowledge of the home buying and selling process as evidenced by the level of satisfaction expressed by most of their clients.
After a small dip in December, home sales in January inched higher in Will and Grundy Counties. According to The Three Rivers Association of REALTORS®, there were 502 homes sold and closed in January this year as compared to 496 in 2016 which is an increase of 1.2 percent. The median price of $184,250 is up 8.4 percent from $170,000 reported last year. The median is a typical market price where half the homes sold for more and half sold for less. The increase in the median price was undoubtedly affected by the fact that there were 23.6 percent fewer homes on the market this year versus last. The time it took to sell a home in January averaged 95 days, down from 102 days a year ago. Distressed sales – foreclosures and short sales – were 18.5 percent of the market which is down from 25 percent a year ago. According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage decreased slightly in January to 4.15 percent from 4.20 percent in December.
According to statistics compiled by the Illinois REALTORS®, both home sales and median prices in the state of Illinois finished 2016 on an upward trend during a year marked by tight housing inventories and continued strong consumer demand. Statewide home sales totaled 162,380 up 3.9 percent from 156,239 reported in 2015. The year-end median price reached $184,000 compared to $173,000 the previous year. The median is a typical market price where half the homes sold for more and half sold for less. The average time it took to sell a home in Illinois in 2016 was 63 days down from 70 days in 2015. Will County recorded 10,631 closed sales last year which is up slightly over 10,583 sales in 2015. The median sales price in Will County went from $183,000 in 2015 to $199,654 last year which is an increase of 9.1 percent. Grundy County had 689 closed sales in 2016 versus 636 sales the previous year which is an 8.3 percent increase. The median sales price in Grundy County was $163,000 compared to $162,700 in 2015. Three Rivers Association of REALTORS® President Matt Persicketti said “our members have been encouraged with the increase in market prices and decrease in market time. When a good house that is priced right goes on the market, it generally sells quickly. There is definitely a need for more houses to fill the demand.”