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Champaign Area Home Sales Continue Upward Trend in May

Median Home Sale Price Increases

Champaign area home sales continued on an upward trend in May with gains also reported in the median home sale price, according to the Champaign County Association of REALTORS®.

          For the month of May 2014 there were a total of 305 homes sold as compared to 295 homes sold in May 2013, reflecting an increase of 3.38 percent. This is the sixth consecutive month for reported gains in home sale activity.

Year-to-date homes sales through May of 2014 totaled 943, up 6.07 percent from 889 sales during the same time in 2013.

          The median home sale price (for all single-family homes and condominiums) was $143,000, up 10 percent from the May 2013 price of $130,000. The year-to-date median sale price through May of 2014 was $136,000, reflecting an increase of 4.61 percent from $130,000 in the same period of 2013. The median is a typical market price where half the homes sold for more, half sold for less.

          "The Champaign market continues to show an improving trend in both home sales activity and the return of a marked increase in the median home sale price for the month of May," said Phil Trautman, president of the Champaign County Association of REALTORS®. "We are seeing a brisk movement in housing inventory showing there has been pent-up demand on the part of buyers who are eager to complete their home purchases this summer."

          There were 330 pending sales reported for the month of May, reflecting an increase of 6.45 percent from 310 pending sales reported in May 2013. Pending sales for the month of May reflect the total number of active listings that went under contract and are awaiting closing, usually 30 to 60 days in the future.

          The average commitment rate for the North Central region for a 30-year fixed-rate mortgage, according to the Federal Home Loan Mortgage Corporation (Freddie Mac), was 4.15 percent for the month of May, up from 3.55 percent from May 2013 and down from 4.34 percent in April of 2014.

          "Positive gains in the Illinois employment picture reported in recent statistics for the month of April also provide a needed boost to consumer confidence to those buyers who may be sitting on the fence waiting to make their home purchase in anticipation of positive state and national economic reports," said Trautman, Managing Broker & Senior Appraiser of Champaign County Realty & Appraisals by Trautman in Champaign. According to the Illinois Department of Employment Security (IDES) reports for the month of April, the Champaign-Urbana market reported a drop in the area unemployment rate to 5.8 percent in April from 6.9 percent in April 2013.

          "Sellers looking to move-up in this market should see this as a ripe opportunity as buyers are looking for more inventory options," said Trautman. "Timing is everything in this market--getting your home ready to sell and setting a competitive price to attract buyers who are looking for homes in your price category. It's important to work with an experienced professional REALTOR® in the process who can help advise you on current market conditions. "

          Dollar sales volume for the month of May was $49,383,811, up 6.82 percent from $46,228,036 reported during May of last year. Year-to-date volume of sales was $147,144,591 up 10.62 percent from $133,011,571 reported a year ago.

          The west region, which includes Mahomet, reports 55 sales versus 31 last May. The cities of Campaign and Savoy region reported an increase of 7.14 percent in home sale activity to 150 sales. Urbana home sales remained even at 50 sales.

          According to the National Association of REALTORS®, first-time buyers continue to represent fewer than one-third of all buyers at 29 percent in April.

            The Champaign County Association of REALTORS® is a voluntary trade organization serving the Champaign County and surrounding areas, and is the leading resource for REALTOR® members and an advocate for home ownership and private property rights. Statistics were compiled from local regions of the Champaign County Association of REALTORS® Multiple Listing Service, which covers Champaign County and surrounding areas.

Tuesday, June 17, 2014/Categories: News Releases