“How’s the market?” By far-that is the most commonly asked question we get, and it’s difficult to answer it without going into detail on just what market is being referred to. The national market? Central Illinois? A specific city or school district or neighborhood or price range? Every bit of the criteria can make for a different answer.
So…let’s talk about the Dunlap market. The most recent data up through the end of July 2014. Although we just went into Sept this week, we won’t have the Aug numbers until around mid to late August.
New homes coming on the market in July were up 4% compared to last July. Closed sales were down around 18% and the average sold price was up 2.7%. The listing price to sales price ratio was about the same…92.2%. Days on market were up considerably, around 50% compared to last July, to 105 days on market.
Year to date, new listings coming on the market were down a little, 4.4%. The closed inventory of homes was down about 10% but the average sold price was up a little, 5.9%, to $319,599. The listing price to sales price ratio was down about 1.9%. For the year up to date, through the end of July, it took about 109 days on average for a home to sell.