Two answer the question of which price range is selling the fastest or slowest in central Illinois, let’s look at two factors:
1) The number of closed sales
2) How many days on market from listing to pending status.
Homes priced under $75K closed the most as of the most recent data published. Closings were up 4.9% . Other “up” price categories included $125K to $175K (up 1.8%) and $175K to $225K were up 4.2%. $225K to $300K was also up, but only 1.1%.
All other categories of price ranges were down in August. This includes $75K to $125K, which was down 2.2%, which is a little surprising considering the price points both below and above that range were both up. The higher price points were down. $300K to $400K were down 4.8%, $400K to $500K were down 5.7% and $500K and up was off 35.5%.
Looking at it from a days on market analysis, let’s look at the same price ranges.
$75,000 sold 4.3% quicker than last year. 90 days on market
$75K to $125K sold 9% quicker. 81 days on market
$125K to 175K sold 4.1% quicker. 70 days on market
$175K to $225K sold 5.6% slower. 76 days on market
$225K to $300K sold 5.6% faster. 84 days on market
$300K to $400K sold 8.7% slower. 112 days on market
$400K to $500K sold 10.5% slower. 95 days on market
$500K and above sold 21.1% slower. 109 days on market.
Aside from the days on market and the closed sales data, it’s important to look specifically at what towns, what part of the town and even the specific subdivision, if you want to get the best look at how this could affect you as a seller or also as a buyer.
We do offer free reports that can get his specific and you can automatically get them emailed to you on a weekly, bi-weekly or monthly basis. All you need to do is shoot us an email with the specific criteria you would like us to use and tell us you want a Market Snapshot. We’ll take care of the rest! You can opt out of the reports at any time.
Click here to see a graphical breakdown of this data for the month of August. You’ll find the corresponding info on pages 14 and 15 of the report.
Thanks for reading!
Mark and Jennifer Monge