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September Champaign County Area Home Sales Up 8.25%

Sales for the Month Highest in Nine Years

The Champaign County area September housing market brightly displayed its fall colors recording the highest level for the month since September 2006. The Champaign County Association of REALTORS® reports there were 236 home sales in September, a 8.25 percent gain from 218 sales in the same month a year ago. The September home sales total is the highest for the month of September since 2006 when 270 sales were reported. In addition to the increase in home sales, the area also reported moderate gains in the median home sale price. The median residential home sale price increased 2.18 percent in September to $140,000 from $137,000 in September of 2014.

            Year-to-date home sales through September 2015 totaled 2,217 up 5.97 percent from 2,092 home sales in September 2014. Total dollar sales volume for residential sales for the month of September this year was $40,017,438 up 13.61 percent from $35,222,488.00. Year-to-date dollar volume of sales is $372,195,080 up 9.91 percent from $338,634,083 a year ago.

            The city of Champaign and Savoy region reported home sale gains, up 16.66 percent from 90 sales in September 2014 to 105 sales in September of this year.

            "The Champaign County area real estate market experienced the best September for home sales since 2006. That is an impressive performance for our market even with the change in season from summer to fall. There are many would-be buyers out there still taking advantage of ideal market conditions," said Stefanie Pratt, president of the Champaign County Association of REALTORS®. "Buyers who are seeking to lock-in on a home purchase this fall could find some relief from less competition from other buyers, lower prices and enjoy year-end tax incentives such as the mortgage interest and property tax deductions."

            The September pending sales volume was down 6.80 percent from a year ago. There were 177 pending sales reported in September as compared to 191 a year ago.  Pending sales for the month of September reflect the total number of active listings that went under contract and are awaiting closing usually 30 to 60 days in the future.

            The year-to-date median home sale price through September was $147,000 up 5.75 percent from $139,000 during the same period a year ago. The median is a typical market price where half the homes sold for more, half for less.

            As of October 11th, there were 1,407 residential homes listed on the market in the Champaign County area, down from 1,413 reported as of September 13, 2014.

            The average commitment rate on a 30-year fixed rate mortgage for the North Central Region, according to the Federal Home Loan Mortgage Corporation (Freddie Mac) was 3.89 percent in the month of September, down from 4.16 percent in September a year ago and up slightly from 3.84 percent in August of this year.

            "The newly enacted mortgage disclosure rules (TILA-RESPA Integrated Disclosure rule or TRID) that took effect October 3rd should hopefully not affect any delays in closings. Any residential transaction involving a mortgage will now require the use of new disclosure forms (a Loan Estimate and a Closing Disclosure) created by the U.S. Consumer Financial Protection Bureau (CFPB)," said Pratt, broker with Coldwell Banker Honig-Bell of Champaign. "The new home mortgage disclosure regulations will help to simplify loan documentation, clarify loan terms and avoid unnecessary surprises at the closing table. Borrowers may face delays if there are any last minute changes with the financing of their loan such as switching their loan type from an adjustable rate mortgage to a fixed rate mortgage or a convention to a VA mortgage."   

            The 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 areas.

Monday, October 12, 2015/Categories: News Releases