The Champaign County Association of
REALTORS® reports the local area housing market began 2014 on a positive note despite
extreme winter weather conditions with a total of 129 residential homes sold in
January, an increase of 4.03 percent from 124 homes sold in January a year ago.
sales volume for the month of January, which reflects the number of active
listings that went under contract and are awaiting closing (usually 30 to 60
days in the future) were up 13.07 percent, which suggests a continued increase
in the level of activity in the real estate market heading into spring. There
were 173 pending sales reported in January versus 153 in January last year.
median home sale price (for all single-family homes and condominiums) during
January 2014 was $136,000, up 32.03 percent from January 2013 when it stood at
$103,000. The median is a typical
market price where half the homes sold for more and half sold for less.
sales volume for the month of January stood at $20,275,999, up 20.86 percent
from $16,775,172 in January of 2013.
positive home sales for the Champaign area in January is a strong indication
that buyers are not letting this cold winter weather prevent them from looking for
a home in order to lock in interest rates before they increase further,"
said Phil Trautman, president of Champaign County Association of
REALTORS®. "Serious buyers are out
searching. When the snow bites so are buyers who find the right home they want
to purchase. Some are intent in making their move by spring so they can get a
jump ahead of other buyers who are just entering the market," said
News reports total visits to real estate websites were up 25%
in January from December 2013, proving that people despite harsh winter
conditions are keeping up their real estate searches online.
average fixed rate mortgage for the North Central Region, according to the
Federal Home Loan Mortgage Corporation (Freddie Mac) was 4.43 percent in the
month of January, up from 3.40 percent in the same month a year ago and off
from 4.47 percent in December 2013.
are optimistic an improving economy will boost home sales heading into the
spring months. Today's mortgage rates are still favorable and a good bargain even
though rates stand higher than last year," said Trautman, broker-owner of
Champaign County Realty in Champaign.
"We are still monitoring new mortgage rules that went into effect in
January to make sure they do not have a hindrance on homebuyers or constrict
credit even further. The Consumer Board Consumer
Confidence Index, which rebounded in December, rose for the second consecutive
month in January, suggesting consumers confidence in the economy is improving. To
boost the housing market forward, we need to see improvements in job creation
and income growth in order to offset the affordability factors of rising interest rates."
cities of Champaign and Savoy reported 57 sales up 14 percent from
January a year ago. The west region, which includes Mahomet reported sales
increase of 14.28 percent.
most recent unemployment figures for the metropolitan areas showed conditions
fared better in the Champaign-Urbana MSA than statewide. The Champaign-Urbana
PMSA unemployment rate stood at 8.3 percent in December, while the state rate
stood at 8.6 percent, according to the Illinois Department of Employment
Champaign County Association of REALTORS® is a voluntary trade organization
County and surrounding
area, 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.
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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