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February Champaign County Area Housing Market Report

Area Median Home Sale Price Increases 12.72 percent

 

 

·        In February 2015, there were 121 homes residential homes sold in the Champaign County area, down 3.96 percent from February 2014  totals of 126 sales according to the Champaign County Association of REALTORS®. Pending sales, a forward looking indicator, were up 21.42 percent. Pending sales reflect the number of active listings that went under contract and are awaiting closing (usually 30 to 60 days in the future).

 

·        While the entire CCAR area as a whole reported a decrease of five home sales, the cities of Champaign/Savoy sales region at a glance were up 25 percent. There were 60 sales reported for the Champaign/Savoy region versus 48 sales in February 2014.

 

·        The CCAR area median home sale price stood at $140,900 up 12.72 percent from $125,000 a year ago according to CCAR.

 

·        As of 3/12/2015 there were 1,250 single-family residential listings on the market. In February there were 241 new listings added to the market, an increase from 234 reported in February 2014.

 

·        Dollar sales volume for the month of February stood at $19,475,900 down 1.77 percent from $19,827,010 in February 2014.  Year-to-date  dollar sales volume stood at $42,241,994 up 5.33 percent from

     $40,103,009.00 in February 2014.

 

Commentary from Jeffrey Barkstall, president of the Champaign County Association of REALTORS®.

Barkstall is a broker with Century 21 Heartland Real Estate in Champaign

 

The winter chill that set in during February slowed many people from getting out and about and resulted in a slight dip in home sales activity in the Champaign county region. We anticipate sales to march forward into spring as greater buyer demand increases with this change in season. We are seeing that already with our forward-looking pending sales reported this month. The addition of new listings is needed moving forward into spring to match buyer demand. The Spring selling season has arrived and those sellers who are looking to move up should know buyers are out there searching for more inventory. It's time to do that spring cleaning and spruce up your home to transition it to stage-ready status.

·        Improvements in labor market conditions, consumer confidence, lower energy prices and improving credit conditions will make a positive impact on consumer spending on items like housing.

·        We anticipate to see the re-emergence of more first-time buyers in the 2015 market who have been sidelined since the recession. They have historically represented a greater share of the market but only reflect less than one-third of the market today. The National Association of REALTORS® reported in January that first-time buyers represented 28 percent of the market.

·        New downpayment loans including the recently announced Illinois Housing Development Authority @HomeIllinois program is especially encouraging to both repeat and first-time buyers who meet qualifications to help with $5,000 in downpayment assistance. (See below)

New IHDA Mortgage Program: @HomeIllinois

The Illinois Housing Development Authority unveiled its new @HomeIllinois mortgage program on March 3rd. The program is designed to make homeownership affordable and accessible for credit worthy buyers, according to IHDA. The product offers $5,000 in down payment assistance, lower credit score requirements, competitive interest rates, lender paid mortgage insurance and significant tax savings for prospective buyers. The program is available to first-time, repeat buyers and those looking to refinance. Both first-time and repeat buyers must contribute $1,000 or 1 percent of the purchase price, whichever is greater and must meet credit requirements and must live in the home as a primary residence. There are maximum income limits. For Champaign and Piatt counties the maximum income limit is $71,400 for households of two or less and $82,110 with income limits of 3 or more. Maximum Purchase Price Limits in Champaign and Piatt counties are $265,158 for a newly constructed home, $265,158 for an existing home and $339,456 for a two-unit property. See more requirements about the program at: http://www.athomeillinois.gov/.

 

Mortgage Rates:

·        The average fixed rate mortgage for the North Central Region, according to the Federal Home Loan Mortgage Corporation (Freddie Mac) was 3.68 percent in February, down from 4.32 percent a year ago and up from 3.66 percent in January of 2015.

 

According to the February University of Illinois Regional Economics Applications Laboratory for the Illinois Association of REALTORS®

 In Illinois, the median price is forecast to rise by 11.7% in February, 8.7 percent in March and 9.4% in April. The Illinois sales forecast for February, March and April 2015 suggests weaker year-over-year growth but stronger monthly growth. Annually the three-month average annual sales forecasts point to a change between. 3.9 percent and 5.1 percent for Illinois.

 

Freddie Mac Outlook

Freddie Mac announced in its U.S. Economic and Housing Market Outlook for March to expect 2015 to be the best year for home sales and new construction since 2007.

         

The Champaign County Association of REALTORS® is a voluntary trade organization serving Champaign County and surrounding area and is the leading resource for REALTOR® members and an advocate for homeownership 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.

 

 

 

 

 

Friday, March 13, 2015/Categories: News Releases