As we round the corner and head into the final leg of another fast-paced year in real estate, we look over our shoulders to see where we’ve been, and we look forward to see what lies ahead.
The Decatur/Macon County Real Estate Market remains strong with third-quarter volume, average sales price and median price outpacing the third-quarter numbers from 2020. Inventory levels have increased slightly with the number of homes available for sale ranging between 170 and 180 homes. This is an increase from 120 to 130 homes actively being marketed in prior months.
Closed residential home sales for the third-quarter 2021 totaled 443 with homes continuing to sell at a quickened pace. The average days on market for residential listings was 23 days which is over a 50% decrease from 3rd quarter of 2020 and 79% of inventory sold in 30 or days or less. Homebuyers need to be prepared to act fast with the low inventory and low days on market trend continuing.
As of October 6, 2021, there were 192 pending sales which exceeded the 178 active listings by more than 7%.
All these indicators show signs that the Decatur/Macon County real estate market has remained strong through the third-quarter. The national average for a 30-year fixed rate mortgage is 3.01% and 15-year fixed rate mortgage is 2.28% (as of as of 9/30/2021). These historically-low interest rates have been the catalyst for a strong marketplace not only in Decatur/Macon County but across the nation.
“We are heading into the colder weather months, which typically means a slower housing market, and I expect that trends to continue in the fourth-quarter 2021 and first-quarter of 2022,” says Brinkoetter, Realtors Designated Managing Broker/ Owner, Tom Brinkoetter. “Inventory levels are starting to rise slowly which is an early indicator that the market is starting to trend more toward normalcy. We have experienced record sales volume and increased values since the second-quarter of 2020. In my opinion, market values are at or nearing their peak.”
Bottom line, finishing the fourth quarter and heading into the New Year, our local market will see a normal seasonal slowdown take place. This will allow our market to take a breath after the vigorously paced market we’ve experience over the last 18 months. Interest rates will determine if the demand for homes will remain high through the end of year and set the stage for the market in 2022.
Brinkoetter Realtors leads the industry with interactive software, innovative communication, cutting-edge technology, and a highly-skilled team, committed to serving our clients throughout Decatur and Central Illinois. For more information, visit us today at www.brinkoetter.com to learn more about our relationship-driven approach.
*statistical data sourced from the Central Illinois Board of Realtors, MLS for Macon County residential listingsPosted by Ryan Campbell on