weather brought heat to the Champaign
County area housing
market in July as the total number of home sales increased sharply and the area
median home sale price experienced moderate gains over the prior year. The July
home sales total is the highest for the month of July since 2007 when 439 home
sales were reported.
the month of July 2015, there were a total of 357 homes sold, an increase of
17.04% from the 305 homes sold in July 2014. Year-to-date home sales through
July of 2015 totaled 1,711, a 6.80 percent increase from the 1,602 sales in the
median home sale price for the Champaign
County region in July was
$160,000 up 7.74% from $148,500 reported a year ago. The median is a typical
market price where half the homes sold for more and half sold for less. The
median home sale price increased for the tenth month in a row. The year-to-date
median home sale price stood at $148,000 in July, up 5.78% from $139,900 a year
were 268 pending sales reported in July, an increase of 1.13% from 265 pending
sales reported in July a year ago. Pending sales for the month of July reflect
the total number of active listings that went under contract and are awaiting
closing usually 30 to 60 days in the future.
July was our best July for home sales since July of 2007. Home sales were up across all regions in the
Champaign County Association area and we are pleased to see steady improvement
in the median home sale price for our area," said Jeffrey Barkstall,
president of the Champaign County Association of REALTORS®. "This summer,
buyers were hurrying to make their move and settle into their new home before
fall. Steady job-growth and an improving economy is a significant factor contributing
to the surge in sales we are experiencing."
Champaign-Urbana MSA unemployment rate decreased to 4.9 percent in June 2015
from 6.2 percent in June 2014.
of August 10th, there were 1,385 single-family residential listings on the
market in the CCAR region, the same amount reported on July 6th.
sales volume for the month of July was $66,251,165.60 up 26.40 percent from
$52,413,776 reported in July of 2014. Year-to-date volume of sales was $285,951,332,
up 10.55 percent from $258,645,837 from last year through July.
average 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 4.03 percent for the month of July, up from 3.97 percent in June and down
from 4.08 in July 2014. Last week 30-year fixed-mortgage rates averaged 3.91
percent according to Freddie Mac.
city of Urbana
reported a sharp increase to 73 sales in July versus 44 in July 2014, a growth
of 65.90 percent. The Champaign and Savoy region reported
162 home sales versus 161 a year ago. The
west region, including the town of Mahomet,
had 57 sales, up 29.54% from 44 sales a year ago.
today's market where demand is high, sellers need to realistically price their
property at the beginning--which could make a difference on the number of
buyers who will actually view the property," said Barkstall, a broker with
Century 21 Heartland Real Estate in Champaign.
"As long as the economy continues
to roll along at a steady pace we should continue to see positive improvement
in the housing market. Lower down payment programs announced earlier this year
are also extending the opportunity for more first-time buyers to enter today's
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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