From Illinois Business Journal news services
SHILOH — The Metro East housing market continued to make strides in the number of homes sold and the median home price in February 2016. The Realtor Association of Southwestern Illinois released the February 2016 housing statistics, resulting in a higher number of homes sold in St. Clair, Monroe and Clinton Counties in February 2016 compared to February 2015.
Realtors in St. Clair County sold 23 percent more homes this February compared to last February. St. Clair County recorded selling the highest number of homes in February 2016 over the last five years.
Monroe County followed suit and also sold the highest number of homes this past February over the last five Februarys. Realtors in this county sold 39 percent more homes in February 2016 compared to February 2015.
In that same comparison, Clinton County reported an 18 percent increase in home sales.
St. Clair County, Monroe County, and Clinton County all recorded an increase in median home price compared to February 2015. St. Clair County reported a 10.5 percent increase, while Monroe County reported a 15.7 percent increase. Clinton County saw a 27.2 percent increase in median home price in February 2016 over February 2015.
“Strong momentum continued in the housing market in February,” states Doug Payne, president of the Realtor Association of Southwestern Illinois. “The mild winter and robust buyer demand have helped drive the Metro East and Illinois housing market right now. These positive factors coupled with the continuation of low interest rates provide a great time for current homeowners to think about moving up, listing their homes for sale and tapping into pent-up buyer demand. Now is a great time to buy or sell.”
According to a recent survey done by the National Association of Realtors, called the NAR Housing Opportunities and Market Experience (HOME) Survey, 75 percent of people believe now is a good time to buy. This percentage rate climbs to 80 percent in the Midwest, according to the first quarter HOME survey.
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.