County Association of REALTORS® reported strong gains in both home sales and pending home sales in
the Champaign County area in February signaling an
early start to the spring housing market. Double-digit gains were reported in
residential home sales activity. The number of home sales in February totaled
154, up 27.27 percent from 121 sales in February 2015. There were 270 pending
home sales reported during February, up from 197 reported in February 2015, a
gain of 37.05 percent. Pending sales reflect the number of active listings that
went under contract and are waiting closing (usually 30 to 60 days in the
median home sale price (for all single-family homes and condominiums) was $125,000
in February, down 11.28 percent from $140,900 reported in February 2015. The
median is a typical market price where half the homes sold for more and half
sold for less.
of March 16th, there were 1,285 single-family residential listings on the market.
winter weather conditions have certainly been a factor in keeping the momentum advancing
in the Champaign area housing market this
year. This strong surge in home sale activity along with the pending home sales
volume in February is a very encouraging sign heading into the spring months,"
said Stefanie Pratt, president of the Champaign County Association of
REALTORS®. "We've got an early start to the spring housing market this
year with buyers ready to take advantage of attractive, low mortgage rates.
programs out there that provide downpayment and closing cost assistance, such
as the Illinois Housing Development Authority programs, buyers are able to lock
in a 30-year fixed rate mortgage at a competitive interest rate. Solid job gains
and pent up demand on the part of millennials are attributing to the uptick in
dollar sales volume for residential real estate sales for the month of February
this year was $22,330,997, up 14.65 percent from $19,475,900 in February 2015.
Year-to-date dollar sales volume stood at $44,948,423, up 6.40 percent from
$42,241,994 in February 2015.
is the time of year for de-cluttering and cleaning from the inside out including
the yard, front exterior doorways and sidewalks and driveways as curb appeal
makes a difference as you get ready to show your property," said Pratt, a
broker with Coldwell Banker Honig-Bell in Champaign. "As momentum
continues to advance this spring, those sellers who act quickly to get their
home listed can actually benefit from more exposure to buyers but overpricing
in this market will mean taking longer to sell. If you are planning to buy or
sell this spring, meet with a local REALTOR® soon to help evaluate your
opportunities in the market as the spring season is expected to be a busy one."
Urbana sales were higher
this February as compared to a year ago with 33 sales reported versus 12 in
February 2015. The Champaign/Savoy region reported 60 sales, at the same level as
one year ago.
average 30-year fixed rate mortgage according to the Federal Home Loan Mortgage
Corporation (Freddie Mac), was 3.66 percent in the month of February, down from
3.87 in January 2016 and down from 3.68 percent in February 2015.
“Nationally, consumers seem more optimistic
about selling a house than buying one; with the continuing budget impasse in Springfield, concerns
about job retention are likely to dampen housing demand. The first
quarter of 2016 should provide a key to the impact of the state’s economy on
the housing market,” said Geoffrey J.D. Hewings, director of
the Regional Economics Applications Laboratory (REAL) at the University of
Illinois in his February
housing market forecast.
The Champaign County
Association of REALTORS® is a voluntary trade organization serving Champaign 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 areas.
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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