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Strong Buyer Interest Continues to Boost Home Sales Activity in Champaign County Area

Home Sales Increase Over 27 Percent in September

Champaign County Area home sales continued to surge in September rising 27.44 percent over a year ago, also marking a 14-year high for September sales by members of the Champaign County Association of REALTORS®.

There were 274 home sales in the Champaign County area in September 2020, an increase of 27.44 percent from 215 homes sold in September 2019. The last time September sales reached that level was in 2006 when there were 275 home sales. Year-to-date home sales through September of 2020 totaled 2,335, an increase of 9.68 percent from 2,129 sales in the prior year.

The median home sale price in September for the Champaign County area was $180,000, up 12.5 percent as compared to $159,900 in September 2019. The median is a typic al market price where half the home sold for more, half for less.

The average home sale price in September was $197,044, up 15.85 percent from $170,088 in September one year ago.

 “Buyer activity has continued on a frenzied pace into the fall this year which is typically the start of the seasonal slowing of the housing market,” said Liz McDonald, president of the Champaign County Association of REALTORS®. “As buyers continue to face fierce competition from the constrained supply of homes for sale, quick sales and multiple offers are likely to remain a common occurrence and will keep the housing market hot even while the weather is cooling.”

The pending home sales volume in Champaign County continued moving upwards. According to Midwest Real Estate Data LLC, there were 206 pending sales in September, up 14.4 percent from 180 pending sales in September of 2019. Pending sales for the month of September reflect the total number of active listings that went under contract and are awaiting closing, usually 30 to 60 days in the future.

“Home sales could shape up to be incredibly strong in October as well,” indicates McDonald. “There are so many buyers in the market right now we are optimistic that these historic low mortgage rates and solid market dynamics could encourage more sellers to enter the market and hopefully launch an inventory rebound we’ve been waiting for. The market has been very resilient despite the fact we are in the middle of a pandemic, and the only hesitancy in the market right now is the shortage of inventory of homes for sale.”

According to realtor.com, buyer competition remains at an all-time high—homes sold a full two weeks faster than this time last year.  

The average number of days on the market stood at 56 days for Champaign County home sales, that is 21 days fewer than sales in September 2019.  Inventory of homes for sale dated October 20, 2020 stood at 848 properties on the market.

According to Dr. Lawrence Yun, chief economist for the National Association of REALTORS®, home prices are heating up fast. “The low mortgage rates are allowing buyers to secure cheaper mortgages, but many find it harder to make the required down payment,” Yun said.

The average 30-year fixed rate mortgage for the month of September was 2.89 percent, according to the Federal Home Loan Mortgage Corporation, down from 3.61 percent in September 2019 and down from 2.93 percent in August of 2020. For the week ending Oct. 15, Freddie Mac reported that the 30-year fixed rate mortgage hit another all-time record low at 2.81 percent.

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. Data was compiled by Midwest Real Estate Data, LLC as available on September 14, 2020. The Champaign County Association of REALTORS® is an active participant in promoting equality and inclusion as longtime champions of fair housing with equal access to housing and opportunity for all. CCAR opposes discrimination based on race, color, religion, sex, handicap, familial status, sexual orientation, gender identity, & national origin.

Thursday, October 22, 2020/Categories: News Releases