The polar vortex that gripped much
of the nation in February did not freeze home sale activity in the Champaign County area. The Champaign County
Association of REALTORS® reports home sales have continued on a good start in
2014 as single family and condominium sales were up 14.67 percent in February
with 125 home sales reported compared to 109 sales in February 2013. Home sales
reported year-to-date are 9.01 percent ahead of last year. The median home sale price for homes in the Champaign area decreased slightly by 5.30 percent to
$125,000 from $132,000 in February a year ago.
The median is a typical market price where half the homes sold for more
and half sold for less.
were 176 pending sales in February, a decrease of 7.36 percent from 190 in
February a year ago. Year-to-date pending sales are up 1.16 percent from the
sales volume for the month of February stood at $19,748, 210, up 24.77 percent
from $15,827,485.00 in February of 2103. Year-to-date sales volume was
$40,024,209.00 up 22.76 percent from $32,602,657.00.
extreme cold weather has not stopped buyers in the Champaign County
area from going out and making a home purchase. There are serious buyers out
there looking for housing inventory. Recent reports indicate improving state
employment conditions. Continued job growth is necessary so that the spring
2014 housing market can make another impressive performance compared to last
year," said Phil Trautman, president of the Champaign County Association
of REALTORS®. "Interest rates seem to have settled for a month or so,
giving buyers that added affordability factor with their home purchase. The
CCAR February pending sales indicate we may see a pause in March home sales
before we head into the full-blown spirited spring buying season. More buyers
are ready to get out of hibernation; they're spent their winters online
searching and are ready to beat the spring race to buy but impressive market
home sale gains will need more inventory to support demand."
average rate on a fixed-rate mortgage for the North Central Region, according
to the Federal Home Loan Mortgage Corporation (Freddie Mac) was 4.32 percent to the month of February, up from 3.49
percent in February 2013. Illinois
unemployment figures released recently showed the statewide rate fell to 8.7
percent in January from 9.2 percent a year ago and down from 8.9 percent in
cities of Champaign and Savoy region reported sales up 4.34 percent from
February a year ago. The Urbana
region reported 26 sales, up 36.84 percent. Urbana reported sales growth of 36.84 percent
to 26 sales from 19 sales in February 2013.
are on Washington as new federal tax proposals
are being considered that would scale back deductions available to taxpayers,
including limits on the mortgage interest deduction," said Trautman, broker-owner
of Champaign County Realty in Champaign. "The REALTOR® Association supports reforms that promote economic growth, but
we strongly oppose severely altering the rules that govern ownership and
investment in real estate. Real estate powers almost one-fifth of the U.S.
economy, employs more than 17 million Americans, and contributes a quarter of
all federal and state tax revenue and as much as 70 percent of local taxes."
According to the National
Association of REALTORS®, total existing-home sales are projected at just over
5.0 million in 2014, slightly below the volume recorded last year. The national
median existing-home price is forecast to grow in the range of 5 to 6 percent
Champaign County Association of REALTORS® is a voluntary trade organization
serving the Champaign
County and surrounding
areas, and is the leading resources for REALTOR® members and an advocate for homeowership
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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