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CCAR November Home Sales

Year-to-date Sales Up 7.29 Percent

Home sales in the Champaign and Savoy region, showed gains of 8.62 percent in November as compared to the same period a year ago, according to the Champaign County Association of REALTORS®. While 159 single-family homes were sold in the Champaign County area in November as compared to 175 a year ago, year-to-date home sale activity is ahead of last year's totals. There have been 2,397 home sales reported year-to-date in the Champaign County area, reflecting an increase of 7.29 percent from 2,234 sales a year ago.

             "Home sales are on pace to finish ahead of last year in anticipation of consistent sales in December. In the fourth quarter, we are seeing a decrease in the number of corporate relocations and bank owned property sales which are contributing to slower off-season sales activity. There are positive factors heading into the new year including more job creation and easing of mortgage underwriting standards. Positive job growth will do much to improve consumer confidence," said Phil Trautman, president of the Champaign County Association of REALTORS®. "While last week's job report showed some positive optimism in the market, we also saw interest rates inch higher. This means those who are sitting on the fence waiting to make their home purchase might want to do their calculations. An increase of 25 basis points on a 30-year, fixed-rate loan could cost borrowers thousands of dollars over the life of the loan. Interest rates are expected to rise gradually through 2014."

            The unemployment rate for the Champaign-Urbana region is much lower than the state average. For November, the Champaign-Urbana MSA unemployment rate averaged 7.7 percent while the state unemployment rate averaged 8.3 percent and the U.S unemployment rate stood at 7 percent.

           

            For the month of November, the median home sale price (for all single-family homes and condominiums) was $130,000 down 7.14 percent from $140,000 in November last year. The median is a typical market price where half the homes sold for more, half for less. The year-to-date median sales price was $137,000, reflecting a decrease of 2.14 percent from $140,000 from one year ago.

            Closed dollar volume year through November stood at $376,151,344, up 5.38 percent from $356,930,605.

            There were 174 pending sales in November up 29.85 percent from 134 a year ago. Pending sales for the month of November reflect the total number of active listings that went under contract and are awaiting closing usually 30 to 60 days in the future.

            The south region, which includes Arcola and Tolono, reported 23 sales, up 27.77 percent from a year ago. The west region which includes Mahomet, reported 29 sales in November, down from 31 a year ago. The city of Urbana had 26 sales in November, down from 39 a year ago.

            The Federal Home Loan Mortgage Corporation reported the national average commitment rate for 30-year, conventional, fixed rate mortgage was 4.27 percent up from 3.33 average rate during November 2012.

            "There were some residual side effects from the temporary government shutdown in October that spilled over to affect consumer confidence and sidelined some potential buyers in November," said Trautman, broker/owner of Champaign County Realty in Champaign. "The REALTOR.com Winter Home Buyer Report revealed that 45 percent of buyers indicated that there are not enough homes on the market within their price range. Serious buyers are continuing to search for their right dream home in spite of  tightened inventory levels. Waiting until Spring to sell your home means you could face more competition and the fact that you will face higher interest rates when purchasing. "

            The Champaign County Association of REALTORS® is a voluntary trade organization serving the Champaign County and surrounding areas and is the leading resource for REALTOR® members 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.

Wednesday, December 11, 2013/Categories: News Releases