Whether buying or selling, one characteristic to consider when choosing an agent is their knowledge of the market. We believe it is critical for our clients to have current, relevant information. According to the National Association of Realtors “2016 Profile of Home Buyers and Sellers”, 92% of buyer respondents rated an agent’s knowledge of the real estate market as “Very Important.”
Real estate is local, not only to a community, but also to different price ranges. While one price point may be performing very well, there may be others that are not. Therefore, we track not only the overall market information for Mattoon and Charleston, but we break each community into 13 different price ranges. Click here If you would like to receive our monthly report. Otherwise, check back monthly for some highlights that we observed in the market.
Closing out the year at $103,858 and $81,000 for the average and median sale prices, 2018 was the first year Mattoon finished with either an average sale price over $100,000 or a median sale price over $80,000. Compared to 2017, the average sale price was up 11% and the median sale price was up 3.8%.
After the record-tying high in November for closings, Mattoon fell short of the 5-year average of 22.2 closed units in December by only posting 20 closings for the month. Similar to Charleston, though not as drastically, 2018 was down in closed units 7.3% YOY. And when compared to the 5-year average of 247.6 units, Mattoon fell just shy with 243 closed unit for 2018.
Since the 2018 high of 38 properties under contract on Nov 1st, pending units have dropped two months in a row, falling to 17 as of January 1st. This places 2019 below the average of 20 units under contract on Jan. 1st for the past three years.
Continuing the recent trend of MOM declining inventory, January became the fourth month in a row with inventory dropping to 84 active units on January 1st. This places January 2019 as the month with the fewest active properties of any over the past 73 months. Additionally, in comparison to the 5-year average of 97 active units for January, 2019 is 13.4% below average.
Jumping by 33% YOY, the 20 foreclosures sales accounted for 8.2% of the total number of closed units in 2018. While up from last year, 2018 was still well below the 35 in 2016.