ROCKFORD (WREX) — Homes for sale in the Rockford housing market are going off the market faster than normal.
That’s according to the Rockford Area Realtors, who say the average home sold in June went under contract in just 30 days, a new record low for the market.
The previous record was 35 days, which was set last August.
The group says the average number of days a home sat on the market in June was 11 days fewer than June of last year. The Rockford Area Realtors says homes are selling so quickly because there are fewer homes for sale in Boone, Ogle and Winnebago counties.
“As we’re seeing more of a downward pressure on our inventory numbers, that’s creating a little more of a buyer’s frenzy, if you will,” Conor Brown, the CEO of the Rockford Area Realtors, said.
The Rockford Area Realtors say, while there were more than 640 new listings on the market in June, it was fewer than the 690 new listings added in June of last year. Total inventory also went above 1,000 properties for the first time this year, but that was also less than the number of homes for sale last year.
“I would say, if your’re a home owner, in particular one that’s looking to sell their house, I would certainly talk to a realtor and see what they would need to do in terms of getting that house ready to market,” Brown said. “But also understand that things are going to go very quickly.”