The Champaign County
area September housing market brightly displayed its fall colors recording the
highest level for the month since September 2006. The Champaign County
Association of REALTORS® reports there were 236 home sales in September, a 8.25
percent gain from 218 sales in the same month a year ago. The September home
sales total is the highest for the month of September since 2006 when 270 sales
were reported. In addition to the increase in home sales, the area also
reported moderate gains in the median home sale price. The median residential
home sale price increased 2.18 percent in September to $140,000 from $137,000
in September of 2014.
home sales through September 2015 totaled 2,217 up 5.97 percent from 2,092 home
sales in September 2014. Total dollar sales volume for residential sales for
the month of September this year was $40,017,438 up 13.61 percent from
$35,222,488.00. Year-to-date dollar volume of sales is $372,195,080 up 9.91
percent from $338,634,083 a year ago.
city of Champaign and Savoy region reported home sale gains, up
16.66 percent from 90 sales in September 2014 to 105 sales in September of this
Champaign County area real estate market
experienced the best September for home sales since 2006. That is an impressive
performance for our market even with the change in season from summer to fall.
There are many would-be buyers out there still taking advantage of ideal market
conditions," said Stefanie Pratt, president of the Champaign County
Association of REALTORS®. "Buyers who are seeking to lock-in on a home purchase
this fall could find some relief from less competition from other buyers, lower
prices and enjoy year-end tax incentives such as the mortgage interest and
property tax deductions."
September pending sales volume was down 6.80 percent from a year ago. There
were 177 pending sales reported in September as compared to 191 a year
ago. Pending sales for the month of
September reflect the total number of active listings that went under contract
and are awaiting closing usually 30 to 60 days in the future.
year-to-date median home sale price through September was $147,000 up 5.75
percent from $139,000 during the same period a year ago. The median is a
typical market price where half the homes sold for more, half for less.
of October 11th, there were 1,407 residential homes listed on the market in the
Champaign County area, down from 1,413 reported as
of September 13, 2014.
average commitment rate on a 30-year fixed rate mortgage for the North Central
Region, according to the Federal Home Loan Mortgage Corporation (Freddie Mac)
was 3.89 percent in the month of September, down from 4.16 percent in September
a year ago and up slightly from 3.84 percent in August of this year.
newly enacted mortgage disclosure rules (TILA-RESPA Integrated Disclosure rule
or TRID) that took effect October 3rd should hopefully not affect any delays in
closings. Any residential transaction involving a mortgage will now require the
use of new disclosure forms (a Loan Estimate and a Closing Disclosure) created
by the U.S. Consumer Financial Protection Bureau (CFPB)," said Pratt, broker
with Coldwell Banker Honig-Bell of Champaign. "The new home mortgage
disclosure regulations will help to simplify loan documentation, clarify loan
terms and avoid unnecessary surprises at the closing table. Borrowers may face
delays if there are any last minute changes with the financing of their loan
such as switching their loan type from an adjustable rate mortgage to a fixed
rate mortgage or a convention to a VA mortgage."
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
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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