SHILOH — St. Clair and Randolph counties are setting the pace in Metro East home sales.
The Realtor Association of Southwestern Illinois released the November 2016 housing statistics. The two counties saw more homes sold year-to-date this November than the last five Novembers.
In St. Clair County, year-to-date home sales were up 11.6 percent compared to last November. Realtors in Randolph County sold 12.3 percent more homes so far this year over last November year-to-date. this November.
“Now is a great time to take advantage of the unique opportunities of the Metro East housing market,” said Mike Gross, president of the Realtor Association of Southwestern Illinois. “Now that the election is over, interest rates are anticipated to inch higher, median home prices are stable, and homes are selling at a faster pace than years past, and sellers are seeing the benefits. At the same time, buyers are still able to purchase homes at affordable and stable prices. The Metro East offers so many great opportunities to build a future.”
The days on market have impacted the Metro East, as St. Clair County recorded a 26 percent decrease in days on market in November 2016 compared to November 2015. In that same comparison, Realtors in Monroe County saw a 53.8 percent decrease in days on market. Last November, the days on market was 91 days, and this November, the days on market until the sale in Monroe County was 42 days.
Numerous factors are playing into the great expectations of the 2017 housing industry. According to Dr. Geoffrey J.D. Hewings, Director of the Regional Economic Applications Laboratory at the University of Illinois, the median price of a home is expected to increase 2.1 to 6.9 percent in the state of Illinois. The National Association of Realtors, home sales in the United States are expected to grow modestly in 2017. Additionally, in December, the National Association of Home Builders/Wells Fargo Housing Market Index rose to its highest level since July 2005. On another good note, the Conference Board (www.conference-board.org) states that consumer confidence is up 6.3 pts.
The housing statistics are as follows: