In February 2015,
there were 121 homes residential homes sold in the Champaign County
area, down 3.96 percent from February 2014
totals of 126 sales according to the Champaign County Association of
REALTORS®. Pending sales, a forward looking indicator, were up 21.42 percent.
Pending sales reflect the number of active listings that went under contract
and are awaiting closing (usually 30 to 60 days in the future).
While the entire
CCAR area as a whole reported a decrease of five home sales, the cities of
Champaign/Savoy sales region at a glance were up 25 percent. There were 60
sales reported for the Champaign/Savoy region versus 48 sales in February 2014.
The CCAR area
median home sale price stood at $140,900 up 12.72 percent from $125,000 a year
ago according to CCAR.
As of 3/12/2015
there were 1,250 single-family residential listings on the market. In February
there were 241 new listings added to the market, an increase from 234 reported
in February 2014.
volume for the month of February stood at $19,475,900 down 1.77 percent from
$19,827,010 in February 2014.
Year-to-date dollar sales volume
stood at $42,241,994 up 5.33 percent from
$40,103,009.00 in February 2014.
Commentary from Jeffrey Barkstall,
president of the Champaign County Association of REALTORS®.
Barkstall is a broker with Century
21 Heartland Real Estate in Champaign
winter chill that set in during February slowed many people from getting out
and about and resulted in a slight dip in home sales activity in the Champaign county region. We anticipate sales to march
forward into spring as greater buyer demand increases with this change in
season. We are seeing that already with our forward-looking pending sales
reported this month. The addition of new listings is needed moving forward into
spring to match buyer demand. The Spring selling season has arrived and those
sellers who are looking to move up should know buyers are out there searching
for more inventory. It's time to do that spring cleaning and spruce up your
home to transition it to stage-ready status.
labor market conditions, consumer confidence, lower energy prices and improving
credit conditions will make a positive impact on consumer spending on items like
We anticipate to
see the re-emergence of more first-time buyers in the 2015 market who have been
sidelined since the recession. They have historically represented a greater
share of the market but only reflect less than one-third of the market today. The
National Association of REALTORS® reported in January that first-time buyers
represented 28 percent of the market.
loans including the recently announced Illinois Housing Development Authority
@HomeIllinois program is especially encouraging to both repeat and first-time
buyers who meet qualifications to help with $5,000 in downpayment assistance.
New IHDA Mortgage Program: @HomeIllinois
Illinois Housing Development Authority unveiled its new @HomeIllinois mortgage program
on March 3rd. The program is designed to make homeownership affordable and accessible
for credit worthy buyers, according to IHDA. The product offers $5,000 in down payment
assistance, lower credit score requirements, competitive interest rates, lender
paid mortgage insurance and significant tax savings for prospective buyers. The
program is available to first-time, repeat buyers and those looking to
refinance. Both first-time and repeat buyers must contribute $1,000 or 1
percent of the purchase price, whichever is greater and must meet credit
requirements and must live in the home as a primary residence. There are
maximum income limits. For Champaign
and Piatt counties the maximum income limit is $71,400 for households of two or
less and $82,110 with income limits of 3 or more. Maximum Purchase Price Limits
and Piatt counties are $265,158 for a newly constructed home, $265,158 for an
existing home and $339,456 for a two-unit property. See more requirements about
the program at: http://www.athomeillinois.gov/.
The average fixed
rate mortgage for the North Central Region, according to the Federal Home Loan
Mortgage Corporation (Freddie Mac) was 3.68 percent in February, down from 4.32
percent a year ago and up from 3.66 percent in January of 2015.
According to the February
University of Illinois Regional Economics Applications Laboratory for the Illinois Association of
the median price is forecast to rise by 11.7% in February, 8.7 percent in March
and 9.4% in April. The Illinois
sales forecast for February, March and April 2015 suggests weaker
year-over-year growth but stronger monthly growth. Annually the three-month
average annual sales forecasts point to a change between. 3.9 percent and 5.1
percent for Illinois.
Freddie Mac Outlook
Freddie Mac announced in its U.S.
Economic and Housing Market Outlook for March to expect 2015 to be the best
year for home sales and new construction since 2007.
The Champaign County Association of REALTORS® is a voluntary
trade organization serving Champaign
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
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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