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Champaign County Area Median Home Price Increases 8.87 Percent in November

While Sales Dip Slightly

The Champaign County Area median home sale price experienced a 8.87 percent gain in November while sales decreased slightly, according to the Champaign County Association of REALTORS®.

            For the month of November 2015, a total of 160 homes (single family and condominiums) were sold as compared to 166 homes sold in November 2014, down 3.61 percent. A total of 2,547 homes have been reported year-to-date through November as compared to 2,474 sales in the same period a year ago, a gain of 2.96 percent. There were 196 pending sales reported for the month of November, reflecting an increase of 16.66 percent from 168 pending sales a year ago. Pending sales for the month of November reflect the number of active listings that went under contract and are awaiting closing, usually 30 to 60 days in the future. The city of Urbana home region reported 25 sales up from 21 reported in November a year ago.

            According to the Association, the November 2015 median home sale price (for all single family and condominiums) was $142,625, an increase of 8.87 percent from $131,000 in November of 2014. The median is a typical market price where half the homes sold for more, half sold for less. The median price year-to-date is $146,500 up 6.15 percent from $138,000 a year ago.

            "From our estimation home sales are on track to finish ahead of last year given our pending home sales volume," said Stefanie Pratt, president of the Champaign County Association of REALTORS®. "Mortgage rates are still below 4 percent helping to drive the home sales volume as buyers are scurrying to lock at those rates before the end of this year. We don't know what the new year will bring in terms of rate activity but it is anticipated the Federal Reserve will raise short-term interest rates at some point in 2016 perhaps as early as this December."

            Total dollar sales volume for residential sales for the month of November 2015 in the Champaign County area was $25,430,752 down 2.44 percent from $26,069,195 a year ago. Year-to-date sales volume through November stood at $425,871,905, up 6.79 percent from $398,770,831 reported in the same period a year ago.

            As of December 10, there were 1,354 residential homes listed on the market in the Champaign County area, down from 1,377 on November 19, 2015.

            The average commitment rate for the North Central region for a 30-year fixed-rate mortgage, according to the Federal Home Loan Mortgage Corporation was 3.93 percent for the month of November, down from 3.98 percent in November 2014 and up from 3.76 percent in October 2015.

            "Sustained job creation and the availability of three percent downpayment on conventional mortgages and lower mortgage insurance premiums for FHA loans are helping to boost home sales activity in the single family home market," said Pratt, a broker with Coldwell Banker Honig-Bell in Champaign. "So far, December has been an active month and the warmer temperatures have helped keep traffic pattern levels high. We should head into 2016 on strong footing and we foresee total home sales improving in 2016 with the release of more demand from pent-up buyers."

            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 Services, which covers Champaign County and surrounding areas.

 

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Friday, December 11, 2015/Categories: News Releases