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
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.
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.
dollar volume year through November stood at $376,151,344, up 5.38 percent from
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.
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.
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.
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. "
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
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.
Members Only Login
Copyright © 2022 by Champaign County Association of REALTORS®
Design, development & hosting by Accuraty Solutions (DS2030)