Home sales got a robust start
to the new year as more buyers stepped up their purchasing decisions in the
Champaign County area. Gains were also reported in the average home sale price,
according to the Champaign County Association of REALTORS®.
CCAR reports a total of 154 residential homes were sold in
January of 2018, up 9.22 percent from 141 sales in January of 2017.
The average home sale price stood at $165,389, up 4.54
percent from $158,202 in January 2017.
The median home sale price for January of 2018 for the
Champaign County area was $133,250 down 4.48 percent from $139,250. The median
is a typical market price where half the homes sold for more, half for less.
definitely are encouraged by the impressive start to the new year in terms of
home sale activity in the Champaign County area,” said Max McComb, president of
the Champaign County Association of REALTORS®. “The inventory on the market has
been solid in our area, off just slightly, but definitely there is plentiful
supply of properties available on the market and we expect that inventory to
increase as we head into spring. The improving job market and prospects of
higher mortgage rates are perhaps encouraging more home buyers to move up the
date of their purchase.”
Champaign and Savoy regional sales increased to 66 sales
from 55 sales in January 2018. Urbana reported 22 sales from 19 a year ago and
the west region including Mahomet saw 31 sales versus 28 sales in January 2018.
The average rate on a 30-year fixed rate mortgage for the
month of January according to the Federal Home Loan Mortgage Corporation
(Freddie Mac) was 4.02 percent, down from 4.15 percent in January 2017 and up
from 3.95 percent in December of 2017. The 30-year fixed-rate mortgage averaged
4.38 percent for the week ending February 15, 2018.
“The forecasts for prices and sales for the first quarter
of 2018 remain positive. After adjusting for inflation, prices are now 7%
higher than pre-recession levels in Illinois and 9% higher in the Chicago PMSA,”
noted Geoffrey J.D. Hewings, Director of the Regional Economics Applications
Laboratory at the University of Illinois, in his January Housing Forecast for
Illinois REALTORS®. “A major uncertainty
in 2018 is the net impact limitations on
state and local tax deductibility and the mortgage interest will have on one
hand, with the reduction in tax rates that should increase consumer disposable
income on the other.”
“Now is a peak time when sellers are getting their homes
ready to list to sell just in time for the spring market. Sellers should meet
with a REALTOR® to help provide appropriate market evaluation in order to
appropriately price their home in this competitive marketplace,” said McComb.
“We are especially confident about the potential growth of home sale activity for
the residential home sale market in the Champaign County area this spring and
we should see an uptick in new construction as well helping to expand inventory
housing starts were up 9.7 percent to a rate of 1,326,000 in January, according
to the latest data from the U.S. Census Bureau and the Department of Housing
and Urban Development. Single family housing starts increased 3.7 percent to
846,000 according to the latest data from the U.S. Census Bureau and the
Department of Housing and Urban Development.
news on housing starts in January with a solid 10% gain,” said Lawrence Yun, Chief Economist for the National
Association of REALTORS®. “This boost in housing supply
not only helps the economy, but may also help the Federal Reserve temper the
pace of future short-term rate hikes. That’s because the slow upward creep in
the broad consumer price inflation is principally being driven by rising
housing costs. Simply put, more housing supply means a lower inflation rate and
potentially a slower pace of interest rate increases by the Fed.”
The 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. Statistics are from residential sales
within Champaign County. Data compiled by Midwest Real Estate Data, LLC as
available on February 19, 2018.
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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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