Here’s a look at what is happening in the real estate market around Rockford and the surrounding areas:
In July, the real estate board sold 593 homes. Today, there are 673 homes active and available to buy.
When you divide what is availableby what has sold, that is the absorption rate. That’s a fancy formula for telling us if no other homes are added to the market, how long will our current supply last us? Usually absorption rates are calculated in months. Today, our absorption rate is 40 days.
A balanced market will reflect an absorption rate of about 6 months – that’s fair for a buyer and a seller. We haven’t seen that for years. Yet, if this current market is a seller’s market, what is slowing down a homeowner from selling their home?
Here are the numbers for those of us who enjoy calculations:
32% of our market is homes under 100K.
47% of our market is 100-200K.
15% of the market is 200-300K.
5% of the market is 300-500K.
Over 500K? That is less than 1% of the market and pulls 90% of the list price for the seller while more affordable homes are pulling an average of 97% of the list price for the seller.
Our area’s “sweet spot” are homes between 100-200K and these homes typically stay on the market on an average of 45 days before they get a contract. Over 500K? You’re looking close to 200 days before the seller gets an offer they are willing to accept.
Today’s average sales price is 26% higher than it was in 2016. That’s a nice increase in your housing value!
Sold On Toni has navigated this market safely and successfully listing and selling 120 homes to date. Add that to the 114 homes we purchased for our buyers – that’s a house sold every 21 hours! Give us a call today to help you with any of your real estate needs 815-315-1110
Realtor/Founder of Sold On Toni, Keller Williams Realty Signature
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