Illinois housing market sees another strong year - WGEM.com: Quincy News, Weather, Sports, and Radio

Illinois housing market sees another strong year

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QUINCY, Ill. (WGEM) - Local experts say the Illinois housing market has seen another year of increased sales.

Rick Davis, a managing broker at Davis and Associates Realtors, says from 2011 to 2012 Quincy saw about a five percent increase. The Illinois Association of Realtors says the state as a whole saw about an eight percent increase.

"From $150,000 to $200,000 in today's market, Quincy only has 37 homes for sale in that whole price spread and five of those have offers," Davis said. "So here we are in the midst of probably the coldest weather we've had in a long time, and people are still looking."

Davis says 2014 has already started off on a good foot, but we'll have to keep our eyes on the interest rates.

"Interest rates will probably be the biggest variable," Davis said. "So some feeling is that rates could continue up. And that may not stall buyers, but it may affect that step that they can take as far as how high they can go in price."

Davis also says right now, the average time a house is on the market is 115 days. While the previous year had an average of 123 days.
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