Springfield-Area Home Sales Jump 12.7% in January
Springfield, Ill.-area homes sales got off to a quick start in January with total sales of 187 homes up 12.7% from a year earlier, the Capital Area Realtors reported Tuesday.
Mortgage rates still at the lowest levels in years, a limited inventory of mid-price homes, first-time buyers and mild weather all contributed, according to John Klemm, president of the association.
"It's a good market, and we just hope it continues," said Klemm. "When you have a good weekend in January, people want to get out."
Klemm said demand has been especially strong for homes near the average January sale price of $137,000. At the January sales pace, the local market had a 3.3-month supply of homes, while five to six months is considered a balanced market between buyers and sellers. The trend also contributed to rising prices last month. The association reported the median price of $123,000 in January was up 16.6% from January 2016.
Early indications are that the sales trend will continue into February. The association reported 254 sales pending last month, up 14.4% from January 2016. Pending sales one month typically show up in the follow month's sales totals.
While the overall housing market has remained steady, Klemm said the state budget impasse has had affected sales once prices reach $300,000 and up.
"It's having an impact in the higher price range," said Klemm.
Local sales figures include Sangamon, Christian, Menard and Morgan counties, and a small portion of northern Macoupin County.