Numbers for 2017 are in!
The market numbers are in for 2017, and we wanted you to be the first to know! Overall, this past year in St. Clair County, we saw an increase of sales and a decrease in available homes, which pushed us even further into a Seller’s Market. We all know that inventory is low, but what do these numbers really mean?
Numbers for St. Clair County
In 2016, we had a total of 6,641 active homes, which decreased to 5,995 homes in 2017; resulting in a 9.7% decrease in the available number of homes. The year 2016 saw 3,340 closed homes, with 3,386 in 2017. This was a 1.4% increase in the number of homes that sold even with the decrease of available homes! These numbers drove the average sales price of home sales up 4.4% from $145,380 to $151,780 in just one year. We also saw a decrease in how long homes remained on the market before selling. The average days on the market went from 111 days in 2016 to 90 days in 2017; resulting in a decrease of 18.9%. Currently, there are 935 active homes in St. Clair County, which equates to about 3.3 months of inventory.
Numbers for O’Fallon
The market trend in O’Fallon is slightly different than St. Clair County as a whole. Unlike St. Clair County, the number of available homes increased 49.2% from 1,935 available homes in 2016 to 2,887 homes in 2017. Even though there was such a substantial increase in availability, there was an even higher increase in the number of homes sold. Home sales went from 1,177 in 2016 to 2,166 in 2017; resulting in an increase of 84%. On average, the amount of days on the market moved from 30 days in 2016 to 39 days in 2017, with an increased average purchase price of about 8%.
We know this amount of data can be a little overwhelming; so what does this mean for you as a buyer, seller, or someone who just wants to stay informed in their market? For sellers, now is a great time to sell! With the increase in homes sales and low inventory, it creates a high demand in our market that can drive up prices and sell your home quickly. For buyers, since you’ll have to move fast, it’s essential to have a specialist who can help you make a strong offer to ensure that you’ll get the home you love. We have seen the market move steadily towards a seller’s market since the end of 2015, and we expect it will continue slowly in that direction into the year 2018.
-Stats from https://marisstats.com/agent.php