Statistics compiled by the
Champaign County Association of REALTORS® showed a 28.57 percent increase in home
sales in October while the area median sales price increased 5.6 percent
compared to October 2013. For the month of October, a total of 216 homes were
sold as compared to 168 homes in the same month in 2013.
October median home sales price in the Champaign
area (for all single-family homes and condominiums) was $132,000, up 5.6 percent
from $125,000 in October 2013. The median is a typical market price where half
the homes sold for more and half sold for less. The median price year-to-date
is $138,000, up 0.69 percent from $137,050 a year ago.
CCAR year-to-date sales through October of
2014 totaled 2,307 reflecting an increase of 3.08 percent from 2,238 home sales
a year ago.
last year in October the federal government shutdown slowed home sales activity
across the nation, this October we witnessed stronger pent up demand driving
both home sales and median price growth across the area. Renewed confidence and
growing consumer optimism in the housing market is sending a strong, positive signal
as we close the year for real estate," said Jeffrey Barkstall, president
of the Champaign County Association of REALTORS®. "Buyers were locking in
attractive mortgage rates which dipped to yearly lows below 4 percent for a
30-year fixed rate mortgage in October."
dollar sales volume for residential sales for the month of October this year
was $34,067,553 as compared to $23,927,278 a year ago. Year-to-date sales volume stood at $372,622,836
up from $352,159,953 a year ago. There were 205 pending sales reported for the
month of October, reflecting an decrease of 2.84 percent from 211 pending sales
reported in October 2013. Pending sales for the month of October reflect the
number of active listings that went under contract and are awaiting closing,
usually 30 to 60 days in the future.
city of Urbana
home sales activity increased 55 percent to 31 sales compared to 20 sales a
year ago. The cities of Champaign and Savoy region reported an
increase of 22.53 percent in activity to 87 home sales. The west region, which
includes Mahomet, remained even at 28 sales.
National Association of REALTORS® presented an economic forecast at the 2014
REALTORS® Conference and Expo in New
Orleans on November 7th. According to NAR Chief
Economist Lawrence Yun, national existing home sales this year are expected to
fall slightly below 2013 (5.1 million ) to 4.9 million and then are forecasted
to increase to 5.3 million next year and 5.4 million in 2016. Yun expects the
national median existing-home sale price to rise 4 percent both next year and
job market for the Champaign-Urbana area continues to be robust with ongoing expansion,
including the recent announcement of the construction of the Cronus Chemicals
plant in Tuscola which most likely will drive more housing demand to our area. Tight
lending conditions are still preventing many would-be buyers from entering
homeownership, especially those at the first-time homebuyer stage," said
Barkstall, a broker with Century 21 Heartland Real Estate in Champaign. "The percent share of
first-time buyers continues to underperform historically. According to the
National Association of REALTORS®, first time buyers have represented less than
30 percent of all buyers in 17 of the past 18 months."
to the University
of Illinois Regional Economics Applications
forecast, the statewide annual home sales pace for October, November and
December suggests an uptick in activity of between 2.0% and 2.7%.
“As the housing market enters a
normally slow season, the trend of the last few months of declining sales on a
month-to-month basis is expected to continue, but with gains on a
year-over-year basis for the remainder of 2014.” noted Geoffrey J.D. Hewings,
Director of the Regional Economics Applications Laboratory of the University of
Illinois. “However, prices are still forecast to increase and inventories are
average commitment rate for the North Central region for a 30-year fixed-rate
mortgage, according to the Federal Home Loan Mortgage Corporation was 3.98 percent
for the month of October, down from 4.20 percent from October 2013 and down
from 4.16 percent reported in September of 2014.
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
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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