As of August 1, 2023, the residential real estate market in Macon County, Illinois, is experiencing fluctuations in various aspects. Let's jump into the latest data to gain a better view of the current state of real estate in our local market.
Active Listings and Under Contract/Pending Properties
Currently, there are 116 active listings in Macon County, 51 properties are active under contract, and 104 properties are in a pending status, indicating stable interest from buyers in the market. In total, there are 155 properties under contract or pending, suggesting a healthy level of real estate activity in the area.
July 2023 Sales Performance
In July 2023, the market witnessed a total of 100 sales. Although this figure represents a decrease of 29% compared to the previous year's sales, it's crucial to consider the broader context of the real estate market and potential external factors, such as higher interest rates and continued low inventory, that might have influenced this change.
The average sales price for properties sold in July 2023 stood at $179,039, reflecting an impressive increase of 26.5% from the average sales price in July 2022. This surge in average sales price could be attributed to various factors such as increased demand and limited supply.
“It’s worth noting that despite the increase in average sales price, the total sales volume for July 2023 amounted to $17,904,000, representing only a 10.3% decrease from the sales volume achieved in the same month of the previous year ($19,961,000), says Brinkoetter Realtors Designated Managing Broker/ Owner, Tom Brinkoetter. “While the overall number of transactions has decreased, the increase in individual property prices is propping up current the total sales volume but I do anticipate a homes value to check up over the next year.”
Year-to-Date Performance
Looking at the year-to-date data up to August 1, 2023, a total of 667 sales have been completed. Compared to the same period in 2022, this indicates an 18.4% decrease in the number of sales. Again, this could be influenced by various factors, including broader economic trends and buyer preferences.
Despite the dip in sales volume, the average sales price for properties sold since the beginning of the year was $150,249, representing a 9.5% increase from the same period in 2022 ($136,022). This indicates a positive trend in property values and suggests that the real estate market in Macon County remains attractive to potential buyers.
Brinkoetter Realtors was involved in 51% of all residential transactions in Macon County. On the list side, our average sales price of $183,000 was 20% higher than the MLS Macon County average.
The total sales volume for the year so far reached $100,216,000, which shows a 9.8% decrease from the volume achieved during the same period in 2022 ($111,130,000). As with the July 2023 data, this further demonstrates the beginning of a market correction coming in 2024 as inventory rises and buyer demand is slowly tempered.
Average Sales Prices by Location
Breaking down the average sales prices by location, we find the following figures for selected areas in Macon County:
- Decatur: $133,788
- Forsyth: $259,075
- Mt. Zion: $236,098
These numbers indicate variations in property values across different neighborhoods in Macon County, with Forsyth showing the highest average sales price and Decatur being more affordable on average.
For those looking to make a change, take note that the residential real estate market in Macon County, Illinois, presents a mix of both positive and challenging indicators. While the average sales price has experienced substantial growth, the number of sales and total sales volume have seen declines compared to the previous year. This suggests a market that is still adjusting to changing conditions, and potential buyers and sellers should carefully consider these dynamics when making their real estate decisions. Lean into your trusted real estate agent for guidance as you navigate your way to your next home.
If you're considering selling your home, we provide a complimentary Comparative Market Analysis. Understanding the potential value of your home not only helps you make an informed decision about listing it but also gives you vital information about the potential equity you've built up in your property. To connect with our team, follow the link to get in touch with your Brinkoetter Agent today!
**statistical data sourced from the Central Illinois Board of Realtors, MLS for Macon County residential listings
Posted by Tom Brinkoetter on
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