With 30-year fixed mortgage rates
at below 4 percent, home sales bounced back in January after a slight drop in
December, according to the Champaign County Association of REALTORS®.
total of 148 homes were sold in January, up 14.72 percent from 129 home sold in
January of 2014. The median home sale price (for all single-family homes and
condominiums) during January 2015 was $145,000, up 6.61 percent from $136,000.
sales, a forward-looking indicator, also were up 14.54 percent. There were 189
pending sales reported in January, up from 165 in January 2014. Pending sales
reflect the number of active listings that went under contract and are awaiting
closing (usually 30 to 60 days in the future).
sales volume for the month of January stood at $23,042,094 up 13.64 percent
from $20,275,999 in January 2014.
spring officially starts in five weeks the home sales market in the Champaign County area is proving that winter is
not a slow time. There is no time like the present for sellers to get their
home listed and on the market. Inventory levels need to keep pace with the
numbers of buyers who are ready to make their home purchase," said Jeffrey
Barkstall, president of the Champaign County Association of REALTORS®. "Interest
rates are almost a full percentage point lower than they were a year ago and that
is helping to improve buyer affordability."
Champaign and Savoy
region sales were up 31.57 percent to 75 sales in January from 57 sales a year
ago. The west region, which includes Mahomet saw sales rise 31.25 percent in
January to 21 sales from 16 a year ago.
being squeezed by higher rent payments need to investigate their buying
potential. Consumers are saving dollars at the gasoline pump, and combined with
an improving financial outlook and job market, this is giving a much-needed
confidence boost to the area housing market," said Barkstall. "There
are mortgage options available with as little as three percent down making
buying increasingly attractive this year for many first-time buyers who are
looking at keeping their monthly payments fixed."
Feb. 4th study by RealtyTrac reported that out of more than 78 million U.S.
single family homes and condos in 1,792 counties, more than 68 million (87
percent) would qualify for a down payment assistance program available in the
county where they are located. See
average fixed rate mortgage for the North Central Region, according to the
Federal Home Loan Mortgage Corporation (Freddie Mac) was 3.65 percent in
January, down from 4.43 percent in January a year ago and down from 3.85
percent in December of 2014.
Champaign-Urbana metro area continues to have among the largest percent
increases in job growth for all metros statewide," said Barkstall. "We
are seeing sustained growth in our median home sales price. Housing starts are expected
to ramp up this year and we are already starting to see signs of expansion of
new construction in the Champaign
County area. Nationally,
housing starts are expected to rise sharply by some 30 percent this year,
according to the National Association of REALTORS®. This will also help to
improve the total housing inventory available to buyers and will work to
further strengthen the area's housing recovery."
to the January University
of Illinois Regional Economics Applications Laboratory, the statewide sales
forecast for January, February and March 2015 suggests positive year-over-year
growth. The three-month average forecasts point to an increase in home sales
between 7.1 percent and 9.3 percent for Illinois.
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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