The Champaign County Association of
REALTORS® reported 2015 was the strongest year for annual home sales activity
since 2007. Year-end 2015 total home sales of 2,780 units were reported up 3.96
percent from 2,674 in 2014 and the highest on record since 2007 when 2,929 home
sales were reported. CCAR reports there were 233 home sales reported in
December, an increase of 16.5 percent from 200 sales in the month of December
median home sale price for 2015 for the Champaign County
area stood at $145,000 up 5.64 percent from $137,250. According to CCAR, the
median home sale price for December 2015 increased 2.07 percent to $135,000
from $132,250 in December 2014. The median is a typical market price where half
the homes sold for more, half for less.
County area annual home sales rose to their highest level in eight years with
positive gains also reported in the area median home sale price each month this
past calendar year," said Stefanie Pratt, president of the Champaign
County Association of REALTORS®. "Our pending sales volume for December
shows there is a robust start to the new year with the pending home sales pace up
20 percent ahead of last year. We anticipate housing activity will grow in 2016
more modestly, driven in large part by a strengthening labor market and pent-up
demand on the part of buyers including millennials who are driving much of the expanded
The total volume of sales in Champaign County for 2015 was $461,869,424 up 7.39
percent from $430,073,021. Total volume of sales for December 2015 was
$35,997,919 up 15 percent from $31,302,190.
relatively mild winter weather conditions have helped sustain ongoing foot
traffic as more buyers are out searching for properties to take advantage of
lower mortgage rates. Improvements in the labor market and overall consumer job
security and wage growth has stimulated ongoing demand for home ownership,"
said Pratt. "The Champaign
County area also saw
gains in 2015 in new home sales with 154 new construction (single-family or
condominiums) sales reported, up from 127 sold in 2014. We anticipate expansion
in new construction inventory in 2016 as further housing demand
Lawrence Yun, Chief Economist for the National Association of REALTORS®,
forecasts existing home sales should rise nationally about 1 to 2 percent in
2016 to around (5.30 to 5.40) million. The national median existing home price
is expected to rise 5 percent in 2016.
to Dr. Geoffrey Hewings, Director of the Regional Economics Applications
Laboratory at the University
of Illinois, median
prices are forecast to continuously grow in 2016 but within a narrower range
compared to 2015. On a year-over-year basis, these gains will range from 3.1 to
7.4 percent in Illinois.
By December 2016, Dr. Hewings expects the statewide median price of homes to be
$173,546 in Illinois.
As for sales, they are forecast to experience positive gains in most months in
2016 with milder growth rates and a narrower range compared to 2015. See Dr.
annual housing forecast.
indicates there were 179 pending home sales reported for the month of December
reflecting an increase of 20.13 percent from 149 pending sales reported during
the same period a year ago. Pending sales for the month of December reflect the
total number of active listings that went under contract and are awaiting
closing, usually 30 to 60 days in the future.
average rate on a 30-year fixed-rate mortgage from the North Central region,
according to the Federal Home Loan Mortgage Corporation (Freddie Mac) was 3.85
percent in December 2015 and was at that same rate reported in December 2014. Freddie
Mac projects that the 30-year fixed-rate mortgage will average below 4.5
percent for 2016 on an annualized basis.
of Urbana home sales were up 6.81 percent in
2015 to 470 sales from 440 a year ago; December sales are also off to a strong
start with 36 sales reported inUrbana
up 33 percent from 27 a year ago. For the Champaign
region sales were up 14.77 percent in December to 101 sales from 88 a year ago
and with 1,242 sales reported for the year, up 2.55 percent from 1,211 a year
ago. The west region which includes Mahomet saw sales rise 22 percent in
December to 44 sales from 36 in December 2014.
the Federal Reserve board acted to raise short-term interest rates slightly in
mid-December, we do not expect this to negatively affect housing sales. Signs
are the Federal Reserve will apply a gradual and steady increase in rates so as
not to derail the nation's economic recovery," said Pratt.
Champaign County Association of REALTORS® is a voluntary trade association
County and surrounding
areas, 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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