The Champaign County Association of
REALTORS® reports that residential home sales in August inched higher for the
third consecutive month while the area median sales price continued on an
upward trend with a year-over-year increase of 9.09 percent. For the month of
August a total of 273 homes were sold as compared to 272 sales in the same
month in 2014, a gain of 0.36 percent.
home sales through August 2015 totaled 1,983 up 5.81 percent from 1,874 home
sales reported in August 2014.
city of Champaign and Savoy region reported home sale gains up
20.17 percent from 114 sales to 137 sales this August.
August median sales price in the Champaign
County area (for all
single-family homes and condominiums) was $150,000, up 9.09 percent from
$137,500 in August a year ago. The median is a typical market price where half
the homes sold for more and half sold for less. The median sales price
year-to-date is $148,000 up 6.09 percent from $139,500 a year ago.
were 241 home sales pending in August, reflecting an increase of 6.63 percent
from 226 pending sales reported in August a year ago. Pending sales for the
month of August reflect the total number of active listings that went under
contract and are awaiting closing, usually 30 to 60 days in the future.
numbers show a positive trend in home sales activity heading into the fall with
REALTORS® reporting sustained levels of buyer interest. After such a frenzied
pace of sales activity in June and July, we are settling into a more normal
pace," said Jeffrey Barkstall, president of the Champaign County
Association of REALTORS®. "From a seller standpoint those homes that are
priced right are moving rather quickly on the market as inventory levels remain
tight in certain price categories."
of September 13th, there were 1,413 residential homes listed on the market in
the Champaign County area, up from 1,385 listings
reported on August 10th.
dollar sales volume for residential sales for the month of August this year was
$46,414,899, up 3.68 percent from $44,765,758. Total year-to-date sales volume
stood at $332,312,042, up 9.52 percent from $303,411,595.
anticipate that this September we will see stronger gains in sales during the month
as reflected in the pending home sales volume," said Barkstall, a broker
with Century 21 Heartland Real Estate in Champaign.
"There appears to be some volatility in the mortgage market and much
anticipation as to whether Federal Reserve officials will consider raising
short-term rates in September which could have an impact on long-term mortgage
rates. Buyers who lock in on interest rates soon can take advantage of rates
while they are at or below 4 percent levels."
average commitment rate for the North Central region for the 30-year fixed-rate
mortgage according to the Federal Home Loan Mortgage Corporation was 3.84
percent for the month of August, down from 4.11 percent in August a year ago
and up from 4.03 percent in July of this year.
upcoming Truth in Lending Act-RESPA Integrated Disclosure regulations that
become effective on October 3rd require new rules for loan closing procedures
and settlement documents. Any transaction involving a mortgage will require new
disclosure forms (Loan Estimate and Closing Disclosure) created by the Consumer
Financial Protection Bureau. The rule is designed to simplify and improve
disclosure for mortgage transactions. We are hopeful the implementation of this
new rule will not cause any initial disruptions or delays in closing activity,"
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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