area home sales steadily improved in March while the number of pending home
sales surged ahead, according to the Champaign County Association of REALTORS®.
For the month of
March, a total of 203 homes were sold as compared to 195 in the same month in
2015, a gain of 4.1%. Pending home sales,
a forward looking indicator, were up 31.40 percent in the Champaign County
area in March. There were 364 pending home sales reported in March, up from 277
reported in March 2015. The March median home sales price in the Champaign area (for all single family homes and
condominiums) was $145,000, up 1.75 percent from $142,500 a year ago. The
median is a typical market price where half the homes sold for more and half
sold for less. The median price year-to-date is $135,000 down 6.57 percent from
$144,500 a year ago.
year-to-date home sales through March of 2016 totaled 499 reflecting an
increase of 7.77 percent from 463 home sales a year ago. As of April 15th, there were 1,375
single-family residential listings on the market.
not surprising that contract signings are up with all of the positive
indicators for housing, including the fact interest rates dropped last week to the
lowest level since February of last year," said Stefanie Pratt, president
of the Champaign County Association of REALTORS®. "With increased buyer
demand, it is not unusual to see some homes sold within minutes and hours. We
are seeing cases where people are getting homes listed on the market and sold
that same day."
dollar sales volume for residential real estate sales for the month of March
was $31,819,914 up 8.88 percent from $29,223,576 in March 2015. Year-to-date
dollar sales volume stood at $76,768,337 up 7.42 percent from $71,465,570
through March 2015.
Urbana home sales were
higher in March with 39 home sales reported versus 37 in March a year ago, up
5.40 percent. The Champaign/Savoy region reported 85 home sales as compared to
78 home sales in March 2015, a gain of 8.97 percent.
average 30-year fixed rate mortgage according to the Federal Home Loan Mortgage
Corporation (Freddie Mac) was 3.70 percent in the month of March, down from
3.75 percent in March 2015 and up from 3.66 in the month of February.
job creation and the low cost of obtaining a mortgage continue to support
housing demand," said Pratt, a broker with Coldwell Banker Honig-Bell of Champaign. "With the
Spring and Summer months coming, we are optimistic that 2016 will be another
good year for home sales in the Champaign
county region. The biggest challenge is making sure that inventory levels keep
pace with demand from the numbers of buyers. Buyers need to be ready for some competition
in their bid for properties and should be pre-approved for a mortgage prior to
the latest Freddie
Mac March forecast, this year is shaping up to be the best year for housing
in a decade. Home sales, construction housing starts and house prices are set
to reach decade-level highs, according to the Freddie Mac forecast.
housing market in Illinois continues to record
comfortable increases in both sales and prices," notes Geoffrey J. D.
Hewings, Director of the Regional Economics Applications Laboratory at the University of Illinois in his March
Champaign County Association of REALTORS® is hosting a Spring Open House Event
on April 24th. REALTORS® are inviting sellers to open doors to spotlight their
homes and be among 100 open houses in the Champaign
county area on that day. Buyers can check out open houses scheduled in the Champaign County area at www.illiniopenhouses.com.
The new website is devoted exclusively for buyers to check out facts on
upcoming open houses. The site gives property details, property photos and
links to more facts and features on the property including the date and exact
times for open houses scheduled.
County Association of REALTORS® is a voluntary trade organization serving Champaign County and surrounding area and is a
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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