From Illinois Business Journal news services
BELLEVILLE — The 2016 Illinois housing market is off to a good start, judging from healthy gains in home sales and median home prices.
The median home price for St. Clair County, Randolph County, and Clinton County all recorded an increase in January 2016 compared to January 2015.
The rise in median home prices follows a trend statewide. According to the Illinois Association of Realtors, the median home price increased 9.3 percent in January 2016 compared to January of last year. The state group said Illinois housing inventory fell to a new low this January. Buyers are working quickly to purchase their homes, with 79 days as the average number of days a home is on the market in Illinois.
“Realtors in the Metro East are busy helping buyers and sellers every day,” said Doug Payne, president of the Realtor Association of Southwestern Illinois. “We, as Realtors, realize the importance of homeownership, service, and community outreach.
Recently, the Realtor Association was awarded a $2,200 grant from the National Association of Realtors to assist in the building of a playground for the Jackie Joyner Kersee Center Boys and Girls Club. The playground installation will serve young children and families as they attend functions or visit the JJK Center.
“This community service is essential to our work in the real estate industry. As Realtors, we not only work in our communities, we live here and strive to make our communities a better place to live,” Payne said.
According to the University of Illinois Regional Economics Applications Laboratory, known as REAL, 2016 is shaping up to be a great year for the industry. The REAL forecast anticipates moderate annual growth in median home prices for next few months, as well as gains in home sales compared to 2015 as well as growth on a monthly basis.
The housing statistics are as follows:
RASI primarily serves the Illinois Metro East market area, including St. Clair, Monroe, Randolph and Clinton Counties, except for the easternmost townships of Irishtown, Clement, Lake, East Fork, Meridian and Brookside.