With a global health crisis continuing to loom over our daily lives, all of us have changed , not only how we spend our time, but where we spend our time. As we’ve navigated through 2020, the old expression “to put your house in order” has taken on a new meaning with many families making big changes and big moves. What has this created? A robust local real estate market with many clues that the modest pace will continue through the rest of the year.
Let’s take a look at how the stats are stacking up compared to the previous year. With 448 sales in the 3rd quarter 2020 vs. 402 sales in the 3rd quarter of 2019, the encouraging results are a 11.44% increase in units sold and 17.89% increase in Dollar Volume as compared to the same period in 2019 with $59,615,204 in total sales volume. In addition, the average sales price is $133,070 in 2020 up 5.78% from $125,794 in 2019 with days on the market steady at 52.
So what do the numbers mean for sellers? “To put it simply, now’s a great time to list your home, “ says Brinkoetter Realtors Owner and Designated Managing Broker, Tom Brinkoetter. “ We’re experiencing a local real estate market like nothing we’ve previously seen. Low inventory and high buyer demand continue to drive up the average sales price and drive down the number of days a home is on the market.”
So what do the numbers mean for buyers? “Even though it’s a competitive market, there’s a silver lining if you’re in the market for a new home,” Says Brinkoetter. “With record-low interest rates, motivation exists to buy today versus 2-3 years down the road when interest rates could potentially rise. In addition, lower rates today mean either the opportunity for a lower monthly mortgage or to afford more space.”
So what do the numbers mean for everyone? “Whether you’re a buyer or a seller, there are incentives and opportunities for both sides,” states Brinkoetter. “We continue to tout that this isn’t a seller’s market or a buyer’s market, but it’s everyone’s market because of three factors we believe will remain constant through the end of the year; demand will remain high, interest rates will remain low, and prices will remain strong.”
If you’re taking stock and making sure your house is in order, now’s not the time to be discouraged but a time to be encouraged to make a positive change.
When you’re ready to start planning your next move, put our team, our services and our technology to work for you. Get in touch with your Brinkoetter Agent or give us a call at (217) 875-0555 today!
*statistical data sourced from the Central Illinois Board of Realtors, MLS