2014 Year in Review
2014 proved to be a strong year in real estate for Effingham, Il. Although total sales for 2014 were lower than the previous year, the median sales price was higher and the average days a property was on the market to completion of sale was lower than 2013. I attribute the lower volume of sales to lower inventory levels. Current inventory in Effingham County is sitting at 136 which is low for this area and time of year.
Median sales price increased from $107,500.00 in 2013 to $113,000.00 for year end 2014, a 5.1% increase. I believe as median sales prices increase, that combined with the upcoming spring market and current low interest rate levels will result in a robust spring market provided inventory levels increase as anticipated. Typically as average days on the market decrease we will see an edging upward of median sales price.
The state of Illinois experienced a 6.7% increase in median price from $150,000.00 to $160,000.00. Total home sales for the state were down 4.7% from 2013. The average days on the market throughout the state averaged -6.3% from 80 to 75 days.
There is currently a strong buyer pool looking for homes already this year which should result in an early spring market. If you are thinking of selling or buying a home, call me for a consultation.
Statistical information was obtained from the Illinois Association of Realtors and the Central Illinois Board of Realtors.
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