Metro East housing industry off to good start in 2017

 

SHILOH — February showed a continuation of a positive uptick in home sales compared to January of this year. St. Clair, Randolph, and Clinton Counties all recorded an increase in home sales compared to January 2017.

Realtors in St. Clair County sold 9 percent more homes in February over January, while Randolph County more than doubled homes sold in February compared to January 2017. In that same comparison, Clinton County reported a 50 percent increase in home sales. Compared to February 2016, Realtors in Randolph County sold 42.9 percent more homes this February than in February 2016. Clinton County also recorded an increase in home sales in February 2017 over February of last year. Realtors in that county sold 24 percent more homes this February.

Home sales continue to sell at a faster pace, which is causing the inventory of homes for sale to be lower. The time it took to sell a home in February in St. Clair County averaged 90 days, which is 30.8 percent down from February 2016. In Monroe County, homes took 59 percent less time this February over February of last year. On average, the time it took to sell a home in this county was 51 days in February 2017, whereas it took 124 days last February.

“With springtime arriving, we anticipate seeing a rise in inventory of homes for sale,” stated Mike Gross, president of the Realtor Association of Southwestern Illinois. “With the number of days on market decreasing, interest rates still remaining low, and increasing/stabilizing home prices, we expect the housing trend to continue heading in a positive direction throughout 2017. Buying a home is a long-term investment in your finances as well as your community. This housing market offers many benefits for buyers and sellers, and consumers continue to see these benefits.”

Consumers appear more optimistic about the economy. According to the National Association of Realtors Housing Opportunities and market Experience (HOME) survey, consumers are increasingly confident in the economy and their household financial situation. NAR’s chief economist Lawrence Yun stated the biggest rise in confidence came from the Midwest, where the confidence rose to 67 percent over 51 percent last quarter. The Consumer Confidence Index also increased in February from 111.6 in January to 114.8 in February, according the conference-board.org.

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.

The housing statistics are as follows:

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