Despite unique economic conditions and a global health crisis, the real estate market in Macon County has demonstrated continued resilience through unprecedented times, thus promoting the health of our local economy. And looking ahead, the national real estate industry is projected to be a strong driver for wide economic recovery.
But to measure where we’re going and what trends to expect, it’s important we take stock of where we’ve been. Here’s a break-down of the Macon County residential real estate landscape for 2020.
Last year, our local real estate market wielded an increase of 21% in total dollar sales volume and 14% in units sold. This was tantamount to an increase of approximately $1.5 million in dollar volume and 200 more homes being sold.
Good news for our local economy.
The average sales price of a home in Macon County rose from $118,195 in 2019 to $125,441 in 2020, which represents an increase of 6%. If we look back at the last two years, the average sales price has risen 14%. Low-inventory, strong demand and increased buying power, coupled with record-low interest rates, are the big contributors to the continued rise in home values.
More good news for our local economy.
As a company, our average sale price was $141,183 which is 13% higher than the MLS average. In addition, Brinkoetter Realtors were involved in 59% of all MLS transactions, sold 54% of our own listings, and retained a 47% total market share volume.
“We are seeing a continued appreciation in home values within our market, which is a function of supply and demand,” says Brinkoetter Realtors Owner and Designated Managing Broker, Tom Brinkoetter. “Over the last few months of the year, the average number of days on the market hovered around 32 days. That’s not long. With the amount of active listings almost equal to the number of pending sales, it isn’t that homes aren’t being listed or that sellers are reluctant; when a home is market-ready and priced appropriately, it sells fast.”
Says Brinkoetter, “In this hot market, homes are increasing in value and mortgage rates are at an all time low. It is not a seller's or buyer's market; it's everyone's market.”
Quick tip for sellers:
~ Brinkoetter Realtors offers a Free Comparative Market Analysis. Knowing the potential value of your property not only lends to a more informed decision about whether you want to list, but also provides some insights about additional equity you may have built up. Click here to learn more.
Quick tip for buyers:
~ Find an agent, get pre-qualified, and be prepared to make an offer
We want to thank all of our clients for your continued trust and confidence. You are the key to our success and serving you is our great privilege. Brinkoetter Realtors and our team of agents are here for you.
Connection, commitment, community. Working together, we all succeed.
Have questions about buying or selling your home? Reach out to your Brinkoetter Agent or give us a call at (217) 875-0555 today!
*statistical data sourced from the Central Illinois Board of Realtors, MLS