Home sales in
the Champaign County area surged forward in March
signaling a healthy start to the spring housing market, according to the
Champaign County Association of REALTORS®.
double-digit gains in residential home sale activity. The number of home sales in
March totaled 194, up 12.79 percent from 172 sales in March 2014. Year-to-date
home sales through March of 2015 totaled 462, an increase of 8.19 percent from
427 sales at the same time last year.
The median home
sale price (for all single-family homes and condominiums) was $143,500 up 16.43
percent from $123,250 in March from a year ago. The year-to-date median sale
price through March of 2015 was $144,500, reflecting an increase of 14.91
percent from the median price of $125,750 reported during the same period in
As of April 8,
there were 1,315 single-family residential listings on the market up from 1,250
reported in February. Home sales priced between $100,000-$250,000 represented
56 percent of the market up from 48 percent a year ago.
a phenomenal way to start the year with the strong pace of sales activity and
median price growth in the first quarter. We are starting to see more inventory
come onto the market that bodes well for buyers who are out searching for the
right property right now," said Jeffrey Barkstall, president of the
Champaign County Association of REALTORS®. "Interest rates are projected
to move up by the end of the year so waiting to buy could impact your overall
There were 289
pending sales reported in March, up 2.12 percent from 283 pending sales
reported during March of 2014. Pending sales reflect the number of active
listings that went under contract and are awaiting closing, usually 30 to 60
days in the future.
volume for the month of March stood at $29,180,596 up 20.43 percent from
$24,230,207 from March a year ago. Total sales volume year-to-date stood at
$71,422,590 up 11.01 percent from $64,333,216.
first-time homebuyer level of activity is influencing the overall expansion of
the housing market. As more first-time buyers make headway into the market, and
start representing a greater percentage share of buyers, their push will progressively
affect sales at all ranges of the market," said Barkstall, a broker with Century
21 Heartland Real Estate in Champaign. "While many first-time homebuyers
continue to face challenges to obtain financing under tougher and more cautious
underwriting standards--the recently launched three percent down payment
mortgage programs, from Fannie Mae and Freddie Mac should help to boost sales
for those buyers this spring who meet qualifying standards. These lower-down
payment products are needed to help first-time buyers ease into the market so
they can join the ranks of homeownership."
According to a
Association of REALTORS® study, accelerating housing costs have renters
feeling the squeeze. According to Lawrence Yun, NAR chief economist, the
disparity between rent and income growth has widened to unhealthy levels and is
making it harder for renters to become homeowners. "In the past five
years, a typical rent rose 15 percent while the income of renters grew by only
11 percent," Yun said.
rate on a fixed-rate mortgage for the North Central Region, according to the
Federal Home Loan Mortgage Corporation (Freddie Mac) was 3.75 percent in the
month of March, down from 4.36 percent from March 2014 and up from 3.68 percent
The city of Urbana region home sales
were up 8.82 percent from a year ago. Urbana
reported 37 home sales versus 34 a year ago. The Champaign/Savoy region reported
78 sales a gain of 14.70 percent from 68 home sales a year ago. The west
region, including Mahomet, reported a gain of 3.57 percent in home sale
activity to 29 sales from 28 sales a year ago.
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
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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