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, 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 likely was affected by the fact that there were 23.6 percent fewer homes on the market this year versus last, the association said.
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, 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 4.2 percent in December.
An indicator that home buyers entered the new year with enthusiasm is that properties placed under contract in January were up 16.9 percent from the same month a year ago.
“As it stands, the circumstances are right for more home purchasing if there is an adequate number of homes available to sell,” Three Rivers Association of Realtors President Matt Persicketti said in a news release. “Assuming that interest rates remain steady and economic indicators strong, inventory of homes to sell will be the key factor that determines how many homes inevitably will be sold and at what prices.”
The Three Rivers Association of Realtors is a nonprofit that represents more than 900 members in Will and Grundy counties dedicated to professional and ethical service to their real estate clients.
Sales and price information for Will and Grundy counties are generated for The Three Rivers Association of Realtors by Midwest Real Estate Data LLC for the period of Jan. 1 to Jan. 31.