Residential home sales activity in
the Champaign County area increased 33.77 percent over
previous-year levels in December and total year sales increased 8.97 percent,
according to the Champaign County Association of REALTORS®.
were 202 home (single-family and condominiums) sold in the Champaign County
area in December 2013, up from 151 homes sold in December 2012. Total year 2013 home sales were 2,599, up 8.97 percent
from 2,385 in 2012.
total volume of sales for 2013 was $404,111,664, up 6.32 percent from $380,080,438
in sales for 2012. Total dollar volume of sales for December 2013 was
$27,959,467, up 20.77 percent from $23,149,833. Forty-five percent of homes
sold in Champaign
County area in December
were priced below $125,000.
to CCAR, the median home price for 2013 was $135,000, down 3.57 percent from
$140,000 in 2012. The median price for the month of December was $116,950 down
13 percent from $134,500 in December a year ago.
pent-up demand and buyers scrambling to lock in mortgage rates, there was a
noticeable gain in December home sales activity bringing overall year-end
totals higher than 2012," said Phil Trautman, president of the Champaign
County Association of REALTORS®. "Looking
forward to 2014, we do not expect higher
mortgage rates to have a negative consequence on the housing market as buyer
demand is still very healthy. The housing recovery should continue on a modest
upward trend this year."
were 140 pending sales in December, a 6.87 percent increase from 131 from
December in 2012. Pending sales for the month of December reflect the total
number of active listings that were under contract and are awaiting closing
usually 30 to 60 days in the future.
average rate on a fixed-rate mortgage from the North Central Region, according
to the Federal Home Loan Mortgage Corporation (Freddie Mac), was 4.47 percent
in the month of December 2013, up from 3.32 percent. The rate was 4.27 percent
West region, which includes Mahomet saw sales uptick 41 percent to 34 sales in
December from 24 reported in December of 2012. The south region which includes
Arcola and Tuscola, reported 25 home sales in December, up from 17 a year ago. Champaign and Savoy
sales were up 24 percent in December and 10.82 percent for the year. The city
reported 42 sales in December, up 68 percent from 25 sales in December of 2012.
The median sold price for city of Urbana
sales in December stood at $116,666 up 11.11 percent from $105,000 reported in
December of 2012.
should expect to see an uptick in price growth in the next year due to
increased demand for properties. At the same time, expect fewer bidding wars as
the market calms down to a more even pace in terms of sales activity,"
said Trautman, broker-owner of Champaign County Realty in Champaign. "We will be keeping a
watchful eye on mortgage availability options as new mortgage lending policies
embodied in the Qualified Mortgage rules took effect January 10th and further
fiscal and monetary debates continue. We are hopeful the new rules will not further
constrain credit in an already tight lending environment. As the Federal
Reserve continues to taper its bond purchasing program that has kept long-term
mortgage rates at historic lows, we may see a gradual rise in interest rates in
2014 which could impact homebuyer affordability. Buyers should know it could be
a more challenging market with higher interest rates. Whether a first time or
move up buyer, buyers should consider a move early in 2014 as mortgage rates
are expected to continue to increase as the year progresses that could lead to
higher housing payments for some buyers."
Champaign County Association of REALTORS® is a voluntary trade association
serving 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.
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