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Home Sales Ease Slightly in September

Median Home Sale Price Increases 5.87 Percent

The Champaign county area median home sales price rose 5.87 percent in September while sales softened slightly, according to the Champaign County Association of REALTORS®.

            For the month of September 2016, a total of 228 homes (single family and condominiums) were sold as compared to 236 homes sold in September 2015, down 3.38 percent.  A total of 2,381 homes have been reported year-to-date through September as compared to 2,216 sales in the same period a year ago, a gain of 7.44 percent. There were 195 pending sales reported for the month of September, reflecting an increase of 15.38 percent from 169 pending sales reported a year ago. Pending sales for the month of September reflect the number of active listings that went under contract and are awaiting closing, usually 30 to 60 days in the future.

            According to the Association, the September 2016 median home sale price (for all single family and condominiums) was $148,225, an increase of 5.87 percent from $140,000 in September 2015.

The median is a typical market price where half the homes sold for more and half for less. The median home sale price year-to-date is $146,000, off .84 percent from $147,250 reported a year ago.

            “It is not unusual to see a seasonal slowdown as temperatures cool but fall remains one of the best times to buy and sell a home and demand still remains strong in the Champaign County area. Buyers have been lucky that fixed rate mortgages have remained in a holding pattern working to their advantage from an affordability standpoint as they are able to lock in those rates at below 4 percent,” said Jim Waller, president of the Champaign County Association of REALTORS®.  “A Fed interest rate hike could occur as early as December which is only weeks away and there is a little uncertainty as to how the presidential election may impact the economy. Buyers who are seeking to purchase need to be ready with pre-approval for a mortgage to make the process move quicker.”

            Total dollar sales volume for residential sales for the month of September 2016 in the Champaign County area was $38,815,858.00, down 3.39 percent from $40,178,938 a year ago. Year-to-date sales volume through September stood at $405,894,240, up 9.01 percent from $372,328,180 reported in the same period a year ago.

            As of October 12, there were 1,448 residential home sales listed on the market in the Champaign County area, up from 1,440 residential homes reported on September 8, 2016.

            The average commitment rate for a 30-year fixed rate mortgage was 3.46 percent in September, down from 3.89 percent in September 2015 and up slightly from 3.43 percent reported in August of this year, according to the Federal Home Loan Mortgage Corporation. Last week, mortgage rates stood at 3.42 percent

            “Housing remains a bright spot for the economy and home sales are on the mark to reach expectations for the year,” said Waller, a broker with Coldwell Banker Honig-Bell in Champaign. “From our pending home sales data and mortgage applications we expect strong momentum through the remainder of the year. In Champaign County, we have also witnessed a steady pace of housing inventory. Proper pricing is critical for sellers and makes a difference whether the property sits on the market or sells in a shorter time period. Work with a REALTOR® who can help you understand real estate values when setting a listing price for your home.”

According to RealtyTrac, October is the best month to snag a deal when buying a home. That’s based on an analysis of more than 32 million home sales over 15 years.

The National Association of REALTORS® is expecting existing home sales to reach 6 million in 2017, higher than the 5.8 million forecast for this year. According to NAR, the share of first-time buyers was 31 percent in August.

            The Champaign County Association of REALTORS® is a voluntary trade organization serving Champaign County and surrounding area and is a leading resource for REALTOR® member 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. Go to www.illiniopenhouses.com to preview upcoming open houses scheduled.

Thursday, October 13, 2016/Categories: News Releases