SHILOH — The Realtor Association of Southwestern Illinois released the July 2016 housing statistics, which show higher home sales year-to-date, an increase in median home prices, and a decrease in the average days on market compared to last July.
The Illinois Realtors reported that homes are selling at a much faster rate in 2016 in the Metro-East! According to the Illinois Realtors, the average days on market for a home in St. Clair County decreased 35.7 percent in July 2016 compared to July 2015. The Illinois Realtors also reported a 64.2 percent decrease in the average days on market for Monroe County. In Randolph County, it took Realtors 15.3 percent less time to sell a home in July 2016 than in July 2015.
“The summer marches on with a continuation of great opportunities for both buyers and sellers in the Metro-East,” said Mike Gross, president of the Realtor Association of Southwestern Illinois. “ As we continue through the rest of the year, we expect these positive trends to progress through the rest of 2016. Median home prices are rising, yet mortgage rates are still low. These factors really prove that now is the time buy and/or sell. “
St. Clair and Clinton counties both reported an increase in home sales compared to July 2015. Realtors in St. Clair County sold 2.8 percent more homes, while Clinton County recorded a 63.6 percent increase in home sales. In a month-over-month comparison, Clinton County reported a 50 percent increase in home sales. July proved to be excellent for both St. Clair and Clinton Counties, as Realtors sold the highest number of homes in July 2016 over the last five years.
The Metro-East also saw increases in year-to-date home sales and median home prices. For the first half of the year, St. Clair County recorded an 8.9 percent increase in year-to-date home sales compared to July 2015. Randolph County recorded an 18.4 percent increase in year-to-date home sales. This County also reported an increase of 50.4 percent in median home price in July 2016 over July 2015. In that same comparison, the median home price rose 15.7 percent in Monroe County.
Here are the numbers: