A lingering cold snap and higher prices resulted in slower
home sales activity in January in the Champaign County area compared to the
same month a year ago, according to the Champaign County Association of REALTORS®.
there were 117 homes sold last month, 36 fewer homes than in January of 2018.
home sale price in January of 2019 for the Champaign County area was $155,000,
up 16.98 percent from $132,500. The median is a typical market price where half
the homes sold for more, half for less.
home sale price in January in the Champaign County area stood at $182,508 up
10.71 percent from $164,849 in January of 2018.
“January’s wintry weather conditions certainly
factored into the pace of home sales in the Champaign market area as fewer
buyers were out searching to purchase a home,” said Eric Porter, President of
the Champaign County Association of REALTORS®. “Also, the partial government
shutdown that extended into January had some overall negative effects on the
economy and the housing market as well with delays on some
real estate transactions, unavailability of federal Rural Housing Service loans
and processing bottlenecks at some federal agencies.”
The Federal Home Loan Mortgage Corporation reported the
national average commitment rate for a 30-year conventional, fixed rate
mortgage was 4.46 percent in January, up from 4.02 percent in January of 2018
and down from 4.63 percent from December of 2018. The 30-year fixed-rate mortgage (FRM) averaged 4.37
percent with an average 0.4 point for the week ending February 14, 2019, down
from last week when it averaged 4.41 percent. This is the lowest level since
“Now that the election of a new
Governor has been completed there are concerns about how he will address the
myriad fiscal problems facing the state,” noted Geoffrey J. D. Hewings,
Director of the Regional Economics Applications Laboratory of the University of
Illinois in his 2019 Housing Price
Forecast for the Illinois REALTORS®. “The housing market in Illinois
has certainly been dampened by anemic employment growth with continued net
out-migration further reducing demand in the housing market.”
Median prices are forecast to continuously
grow in 2019 within a narrower and slightly smaller range compared with 2018.
As for statewide sales, they are forecast to experience overall positive gains
in 2019, led by the growth of regular sales in the Chicago area.
“While the housing affordability topic will
continue to set the tone for the 2019 housing market, early signs point to an
improving inventory situation,” said Porter. “A strong job market and continued
modest economic growth should rekindle demand for the spring homebuying season
which is just around the corner. As the year moves forward, we expect to see a
more balanced market with fewer multiple offers as we have seen in the past
couple of years. Sellers need to work with a REALTOR® to appropriately price their
home in this competitive marketplace.”
The Champaign County Association of REALTORS®
is a voluntary trade organization serving Champaign County and surrounding
areas and is a leading resource 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 14, 2019.
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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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