The Champaign County Association of
REALTORS® reports area home sales and the median home sale price were down
slightly in January. CCAR reports a total of 142 residential homes were sold, a
decrease of 3.40 percent as compared to 147 homes sold in January of 2015. The
median home sale price in January was $140,950, down 2.79 percent from $145,000
reported in January of 2015. The median is a typical market price where half
the homes sold for more, half for less.
sales, a forward-looking indicator, were up 14.83 percent in January, 2016.
There were 209 pending sales reported in January, up from 182 in January 2015.
Pending sales reflect the number of active listings that went under contract
and are awaiting closing (usually 30 to 60 days in the future).
conditions remained relatively stable in January with home sales down just
slightly by five home sales from January 2015," said Stefanie Pratt,
president of the Champaign County Association of REALTORS®. "Interest
rates still remain at affordable levels--mortgage rates fell again last week to
near lows last seen in 2015 averaging around 3.65 percent for a 30-year-fixed
rate mortgage as reported by Freddie Mac. Consumer confidence improved modestly
in January and we are seeing gains in pending sales and a number of sellers
ready to put their homes on the market in preparation for the spring selling
average fixed rate mortgage for according to the Federal Home Loan Mortgage Corporation
(Freddie Mac) was 3.87 percent in January, 2016 up from 3.65 in January a year
ago. In December, 2015, the average rate was 3.85 percent. Dollar sales volume
for the month of January stood at $22,717,426 off 0.21 percent from
West region, which includes Mahomet, reported 32 sales, up 52.38 percent from
21 sales in January a year ago. Urbana
home sales were up 6.66 percent to 16 sales from 15 a year ago. The city of Champaign and Savoy
region sales were off 14 percent to 64 sales from 75 reported in January 2015.
landscape for commercial real estate in Champaign
and Urbana also remains strong driven by
interest in the Campustown retail and multifamily market along with recent
announcements by new projects in Midtown and downtown Champaign anticipated to begin in 2016. This
is an indicator of all the interest in new commercial development in the Champaign
area," said Pratt, a broker with Coldwell Banker Honig-Bell in Champaign. "There is
a lot of velocity in the market and this commercial development translates over
to attraction on the part of homebuyers who are seeking to locate or purchase
in the area or in some cases to be nearby some of these developments. We have
strong enrollment in the University
of Illinois and with enrollment
numbers trending upwards that also increases demand for more housing."
to the National Association of REALTORS®, commercial real estate activity is
forecast to gradually grow this year with demand for space holding steady
across all commercial sectors, according to an
annual report published jointly by Situs Real Estate Research Corporation,
Deloitte and the National Association of REALTORS®. Vacancies are expected
to continue to decline slightly in 2016 nationally for all property types
except in the apartment sector, where they are forecast to increase modestly by
the end of the year as more new project completions come onto the market.
"Supported by solid hiring in most
parts of the country, the demand for ownership and rental housing will continue
to increase in 2016 despite another year of meager economic expansion," says
Lawrence Yun, NAR chief economist. "While supply shortages will weigh
on housing affordability and push home prices and rents higher, the housing
sector will keep the economy afloat and lead the residential investment component of GDP growth by
up to 10 percent this year."
According to the January
of Illinois Regional Economics Applications Laboratory the state sales forecast for January, February and March 2016
suggests small positive growth on a yearly basis and minimal change on a
monthly basis. Annually for Illinois,
the three-month average forecasts point to a change between 1.9% and 2.5%.
who are looking to close on a home soon will be rewarded with a 30-year fixed rate mortgage at or below 4 percent," said Pratt. "On the seller side, there is
definitely an increased demand for more housing inventory especially with
spring on the way which typically brings more buyers into the market."
Champaign County Association of REALTORS® is a voluntary trade organization
County and surrounding
area and is a leading resource for REALTOR® members and an advocate for
homeownership 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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