Strong buyer demand pushed
home sales higher along with the number of new listings on the market in
Champaign County in September while the median home price tracked lower.
The number of homes sold in Champaign County increased 5.9
percent in September 2017 with 199 homes sold, compared to 188 homes sold in
September 2016. For year-to-date through September of 2017, the number of homes
sold was 2,042, down 1.2 percent from the same period last year.
For the month of September 2017, the median home sale price
(for all single-family and condominium homes) was $152,200, off by 1.4 percent
from $154,325 in September 2016. The
median is a typical market price where half the home sold for more, half for
“The rebound in home sale activity we saw in September
definitely speaks to strong consumer confidence in our local economy,” said Max
McComb, CDPE, GRI, president of the Champaign County Association of REALTORS®. “Buyers
are out shopping and are taking advantage of housing opportunities in the Champaign
County market area. We have had a steady gain in inventory of homes for sale keeping
pace with demand from buyers but there definitely is room for more properties
on the market especially at the starter home price point below $140,000.”
The average cumulative days on market (from list date to
sell date) for all home sales in September 2017 was 62 days, up from 58 days in
The average home sale price in September was $173,363, down
2.0 percent from $176,852 in September of 2016.
There were 97 home sales in the city of Champaign in
September of 2017 versus 85 in September of last year; there were 37 sales in Urbana
versus 28 last year; Savoy had 7 sales this September versus 11 last year and
Mahomet had 23 sales in September of this year versus 22 last year.
Federal Home Loan Mortgage Corporation reported that the national average
commitment rate for 30-year conventional fixed rate 3.81 percent up from 3.46
in September of last year and down from 3.89 percent in August of this year.
The 30-year fixed rate mortgage averaged 3.94 percent for the week ending
October 26, 2017.
“Lending programs are especially favorable to first-time
buyers and interest rates remain very attractive at below 4 percent. Many
renters have the ability to enter the market sooner rather than later with many
low down payment mortgage programs available,” said McComb, a broker with
RE/MAX Realty Associates in Champaign. “Autumn
offers attractive benefits to homebuying including year-end tax breaks,
pleasant weather for house hunting and many times less competition with other
buyers for a home purchase.”
to the Illinois REALTORS®, statewide home sales in September 2017 totaled
13,657 homes sold, down 4.0 percent from 14,223 in September 2016.
definitely reaping the benefits of a market which in many areas continues to be
dogged by tight inventories," said Illinois REALTORS® President Matt Difanis,
ABR, CIPS, GRI of Mahomet, co-owner of RE/MAX Realty Associates in Champaign.
"Although the summer selling season is drawing to a close, interest on the
part of many buyers does not seem to be waning as evidenced by the short time
on average it is taking to complete a purchase."
Low housing inventory and the negative impact of recent
hurricanes has prompted the National Association of REALTORS® to readjust its
2017 forecast. “The supply and affordability headwinds would have likely held
sales growth just a tad above last year, but coupled with the temporary effects
from Hurricanes Harvey and Irma, sales in 2017 now appear will fall slightly
below last year. The good news is that nearly all the missed closings for the
remainder of the year will likely show up in 2018, with existing sales forecast
to rise 6.9 percent,” said NAR Chief Economist Lawrence Yun. According to the
National Association of REALTORS®, first-time buyers accounted for 29 percent
of sales in September.
Champaign County Association of REALTORS® is a voluntary trade organization
serving Champaign County and surrounding areas and is the leading resource for
REALTOR® members and an advocate for homeownership and private property rights.
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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