The monthly report on the housing market from Rockford Area Realtors show sales are up, inventory is down, homes are going off the market faster, but they're selling for less money.
In November, Rockford Area Realtors reports 325 properties sold. That's a 15.7 percent jump from last November.
"To have strong sales and housings gains in the last quarter of the year is encouraging for buyers and sellers who are clearly feeling more confident about the housing market," said Rockford Area Realtors CEO Steve Bois.
Part of the reason for the sales boom is the deals buyers are getting. The three-month average sale price fell 2.5 percent from last November to $99,007. That's also down from just one month ago when the average sale price was $101,792.
With the continued trend of local homes going off the market, inventory is down to a 7.5 year low. Bois is hopeful that the combination of lower inventory and rising demand will eventually help push home values back up.
There's also been a significant change in the amount of time homes are sitting on the market. In just one year, the average time a home is up for sale has dropped from 14.4 months to 7.2 months.
"There's a great deal of end-of-year excitement," remarked Bois. "The modest recovery of employment conditions and stronger consumer confidence, along with low mortgage rates are responsible for the solid gain in housing demand."
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