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.
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.
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.
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.
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.
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.
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.
sales remained even at 50 sales.
the National Association of REALTORS®, first-time buyers continue to represent
fewer than one-third of all buyers at 29 percent in April.
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
Service is our most important product | Serving all of Champaign County and surrounding areas
The Champaign County Association of REALTORS® is the "Voice for Real Estate" in the Champaign County area of Illinois, whose over 400 members are engaged in all facets of the real estate industry. CCAR was chartered in 1917.
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