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Champaign County Home Sales Counter Seasonal Slowdown

Continue to Climb in November

Despite an anticipated seasonal slowdown in market activity, homebuyers stepped up the pace to push year-to-year November home sales higher than a year ago in the Champaign County area, according to statistics compiled by the Champaign County Association of REALTORS®. The area median home sale price is also continuing on a growth trend.

            For the month of November 2014, a total of 165 homes were sold as compared to 159 home sold in November 2014, up 3.77 percent. Year-to-date home sales through November 2014 totaled 2,472, an increase of 3.12 percent from 2,397 through November of 2013. There were 181 pending sales reported for the month of November, reflecting an increase of 9.03 percent from 166 home sales a year ago. Pending sales for the month of November reflect the number of active listings that went under contract and are awaiting closing, usually 30 to 60 days in the future.

            According to the Association, the November 2014 median home sale price (for all single family and condominiums) was $133,500, an increase of 2.69 percent from $130,000 in November of 2013. The year-to-date median price through November of 2014 was $138,000, an increase of 0.72 percent from $137,000. The median is a typical market price where half the homes sold for more, half sold for less.

            "The continued uptick in sales activity we are experiencing in the last quarter of the year is being driven by pent up demand on the part of buyers who are eager to lock in at these incredibly low interest rates. We anticipate sales should end the year ahead of last year as the pending sales volume for November is also on the rise. The holiday season is still an ideal time to sell your home as there are many eager buyers out there searching," said Jeffrey Barkstall, president of the Champaign County Association of REALTORS®.  "The Champaign-Urbana market continues to be a hot spot for multi-family development and retail expansion, especially around the University of Illinois campus."

            Total dollar sales volume for residential sales for the month of November this year was $26,043,295 up 8.54 percent from $23,992,244 a year ago. Year-to-date sales volume through November stood at $398,666,131 up 5.98 percent from $376,152,197 reported in the same period a year ago.

            The average commitment rate for the North Central region for a 30-year fixed-rate mortgage, according to the Federal Home Loan Mortgage Corporation was 3.98 percent for the month of November, down from 4.27 percent in November 2013 and up from 3.97 percent in October of 2014.

            "We have not experienced the harsh cold winter temperatures yet that predictably slow the pace of home sale activity. Buyers are still staying motivated to make their home purchase and close before the end of the year for tax purposes," says Barkstall, a broker with Century 21 Heartland Real Estate in Champaign.. "Homebuyers who close by December 31 can deduct home purchase costs on their taxes, such as points, interest and property taxes. Although tight credit restrictions are still making it tough on qualified buyers, especially entry-level buyers, from becoming homeowners."

            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 home ownership and private property rights. Statistics were compiled from local regions of the Champaign County Association of REALTORS® Multiple Listing Services, which covers Champaign County and surrounding areas.

Tuesday, December 9, 2014/Categories: News Releases