Real Estate Market

Real Estate Update

Housing Report

Note: National Association of Realtors® (NAR) data shown below is from April (most current national data)

A persistently low supply of existing homes available for sale slowed April's sales velocity, resulting in a 29-day median number of days that a home remained on the market, a new low according to the National Association of Realtors®.

Total existing-home sales (completed transactions for single-family homes, townhomes, condominiums and co-ops), fell 2.3% to a seasonally adjusted annual rate of 5.57 million in April from 5.70 million in March. Despite the decline, sales remain 1.6% higher than a year ago and represent the fourth highest pace for the last 12 months.

 Existing Home Sales By Region
NAR's chief economist, Lawrence Yun, said that every major region except the Midwest saw a drop in existing sales in April. "Last month's dip in closings was somewhat expected given that there was such a strong sales increase in March at 4.2 percent, and new and existing inventory is not keeping up with the fast pace homes are coming off the market," Yun said. "Demand is easily outstripping supply in most of the country and it's stymieing many prospective buyers from finding a home to purchase."

Housing Data Takeaways

April's median existing-home price (all housing types) was $244,800, up 6.0% from the same time last year ($230,900). Price gains in April represent 62 consecutive months of year-over-year growth.

Total housing inventory nationally at the end of April rose 7.2% to 1.93 million existing homes available for sale, and is 9.0% below one year ago (2.12 million) and has dropped year-over-year for 23 straight months. Nationally, unsold inventory offers a 4.2-month supply at the current sales pace,  down from 4.6 months a year ago.  

Freddie Mac data shows the average commitment rate for a 30-year, conventional, fixed-rate mortgage fell for the first time in six months, dipping to 4.05% in April from 4.20% in March. For all of 2016, the average commitment rate was 3.65 percent.

Summer Selling Opportunities

Sellers, you have an excellent opportunity to sell your home this season if you have the right pricing strategy in place from the start! Studies show that the longer a property stays on the market, the less the seller will net upon the sale. It is very important to price your property at a competitive market value at the signing of your listing contract. The market today in many places is so competitive that even over-pricing by a few thousand dollars could mean that your house will not sell as soon as it could.

An Overpriced Home:
· Minimizes offers
· Lowers agents response
· Limits qualified buyers
· Lowers showings
· Lowers prospects
· Limits financing
· Wastes advertising dollars
· Nets less for the seller

When you are ready, contact us today for a personal market value analysis of your home. No hassles or obligation - just honest advice on how to get top dollar for your home!

The Ideal Home Awaits You in O'Fallon

Are you looking for an ideal community in Illinois to call home, especially if you need to be near Scott Air Force Base? Then O’Fallon is the place to find the perfect home.  It’s a fast growing community with a lot to offer. 

Not only is O'Fallon close to Scott Air Force Base, but if you want to go to downtown St. Louis, you’re only minutes away. And yet you don’t have to leave O’Fallon to find great shopping, with O'Fallon Plaza, and nearby St. Clair Square.  Or you can go to Oldtown O’Fallon and enjoy Fezziwig’s Marketplace.

And the food here in O’Fallon will keep you from leaving town with selections like Bella Milano, The Egg & I,  The Mansion, and Syberg's.

If you want to relax or get in some exercise, the parks in O’Fallon have everything you need. You can get together with your friends for a cookout at Community Park, which has an outdoor kitchen and several pavilions, along with a host of amenities. And if you’re kids love to skate, there’s a great skate park on N Seven Hills Rd. 

If O’Fallon sounds inviting, then visit our O’Fallon Real Estate and Community Information page to find out more about what makes this community so great, as well as search for your dream home.

Contact Information

Photo of The Ellerbrake Group Real Estate
The Ellerbrake Group
RE/MAX Preferred
1668 Windham Way
O'Fallon IL 62269
Office: (618) 632-0001
Direct: (618) 791-8773
Fax: (984) 222-6820