Despite an anticipated seasonal slowdown
in market activity, homebuyers stepped up the pace to push year-to-year November
home sales higher than a year ago in the Champaign County
area, according to statistics compiled by the Champaign County Association of
REALTORS®. The area median home sale price is also continuing on a growth
the month of November 2014, a total of 165 homes were sold as compared to 159
home sold in November 2014, up 3.77 percent. Year-to-date home sales through
November 2014 totaled 2,472, an increase of 3.12 percent from 2,397 through
November of 2013. There were 181 pending sales reported for the month of
November, reflecting an increase of 9.03 percent from 166 home sales a year
ago. Pending sales for the month of November reflect the number of active
listings that went under contract and are awaiting closing, usually 30 to 60
days in the future.
to the Association, the November 2014 median home sale price (for all single
family and condominiums) was $133,500, an increase of 2.69 percent from
$130,000 in November of 2013. The year-to-date median price through November of
2014 was $138,000, an increase of 0.72 percent from $137,000. The median is a
typical market price where half the homes sold for more, half sold for less.
continued uptick in sales activity we are experiencing in the last quarter of
the year is being driven by pent up demand on the part of buyers who are eager
to lock in at these incredibly low interest rates. We anticipate sales should
end the year ahead of last year as the pending sales volume for November is
also on the rise. The holiday season is still an ideal time to sell your home
as there are many eager buyers out there searching," said Jeffrey
Barkstall, president of the Champaign County Association of REALTORS®. "The Champaign-Urbana market continues to
be a hot spot for multi-family development and retail expansion, especially
around the University
of Illinois campus."
dollar sales volume for residential sales for the month of November this year
was $26,043,295 up 8.54 percent from $23,992,244 a year ago. Year-to-date sales
volume through November stood at $398,666,131 up 5.98 percent from $376,152,197
reported in the same period a year ago.
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 November, down from 4.27 percent in November 2013 and up
from 3.97 percent in October of 2014.
have not experienced the harsh cold winter temperatures yet that predictably slow
the pace of home sale activity. Buyers are still staying motivated to make
their home purchase and close before the end of the year for tax
purposes," says Barkstall, a broker with Century 21 Heartland Real Estate
"Homebuyers who close by December 31 can deduct home purchase costs on
their taxes, such as points, interest and property taxes. Although tight credit
restrictions are still making it tough on qualified buyers, especially
entry-level buyers, from becoming homeowners."
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
Services, 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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