O'Fallon Chamber of Commerce issued the following announcement on July 5.
The housing market in the Metro-East is as hot as the recent temps, according to the latest housing data released for May 2018 by the REALTOR® Association of Southwestern Illinois.
Home Sales
The number of homes sold in much of the Metro-East has increased again this month. Home sales in St. Clair increased by 13.4 percent in May 2018, while Madison County saw a rise of 6.3 percent compared to May 2017. REALTORS® in Montgomery County reported a 61.9 percent increase in homes this May compared to May of last year. According to Illinois REALTORS®, while statewide home sales decreased 2.7 percent in May 2018, the Metro-East reported a 7 percent increase in home sales for this May compared to May of last year.
“For now, the economy is very healthy, job growth is holding steady, and wages are slowly rising.” Says Dr. Lawrence Yun, Chief Economist and Senior Vice President of Research, National Association of REALTORS®.
As for a year-over-year comparison, the Metro-East continue its uptick in home sales in May 2018 compared to May 2017. Home sales in St. Clair County increased by 14.1 percent, Madison increased by 6.32 percent, and Montgomery County reported a 4.76 percent.
“The heat is on in the Metro-East, literally and figuratively, as buyers and sellers continue to see the value in homeownership,” states Angie Zahn, President of REALTOR® Association of Southwestern Illinois. “June is National Homeownership Month, and we, as an Association of REALTORS®, stand proudly to support homeownership and the rights of private property owners. As the voice of real estate in Metro East, we will continue to help Americans achieve the dream of homeownership.”
Home Prices
Home prices in nearly the entire the Metro-East rose again in May. Montgomery County home prices rose 29.52 percent compared to May of 2017. Home prices in Macoupin County increased by 24 percent, while Clinton and Jersey Counties reported a 7 and 9 percent increase. Monroe, St. Clair, and Madison home prices steadily increased by 1.44 percent, 2.92 percent, and 4.90 percent, respectively.
Days On Market
Days on market continued to decrease in the Metro-East. Homes in Montgomery and Clinton Counties sold at a much faster rate in May 2018 compared to April 2018, with a 51 percent decrease and a 45 percent decrease in days homes were on the market, respectively. St. Clair, Monroe, Randolph, Madison, and Macoupin Counties also reported decreases of 5 percent, 17.9 percent, 62.7 percent, 22.4 percent, and 22.1 percent in days on market, respectively.
Original source can be found here.
Source: O'Fallon Chamber of Commerce
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