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Champaign County Area Home Sales Dip Slightly in July

Year-to-Date Sales Remain Ahead of Last Year

The Champaign County Association of REALTORS® reports area home sales and prices were down slightly in July while the number of pending home sales and inventory on the market increased. CCAR reports a total of 347 residential homes were sold in July, a decrease of 2.25 percent as compared to 355 homes sold in July of 2015. Despite the slight decrease in sales in July, year-to-date sales for the Champaign County area remain ahead of last year. The total number of homes sold year-to-date through July 2016 was 1,827 up 6.90 from 1,709 sales reported a year ago. The median home sale price in July was $146,000, down 8.75 percent from $160,000 reported in July of 2015. The year-to-date median home sale price through July of 2016 was $144,900 down 2.09 percent from $148,000. The median is a typical market price were half the homes sold for more, half for less.

            The city of Champaign/Savoy region home sales were up 3.08 percent to 167 sales this July from 162 sales reported in July of last year.

            Pending sales, a forward-looking indicator, were up 7.93 percent in July, 2016. There were 272 pending sales reported in July, up from 252 in July 2015. Pending sales reflect the number of active listings that went under contract and are awaiting closing (usually 30 to 60 days in the future).

            As of August 14th, there were 1,448 single-family residential listings on the market in the CCAR region, up from 1,389 residential listings as of July 6th.

            “Home sales started out a bit slower in July but finished the month with an impressive rate of activity during this peak buying season. Some sellers were reporting multiple offers on properties as supply struggled to meet demand in certain price ranges. We saw an uptick in pending sales this month which should translate into a positive trend in terms of closed home sale activity in early fall,” said Stefanie Pratt, president of the Champaign County Association of REALTORS®.

            Total dollar sales volume for residential sales for the month of July 2016 was $61,418,601 down 7.09 percent from $66,111,576 in July 2015. Year-to-date sales volume through July was $308,831,726 up 8.05 percent from $285,805,343 through July of 2015.

            According to the Federal Home Loan Mortgage Corporation, the average commitment rate for a 30-year conventional fixed rate mortgage was 3.44 percent in July, down from 3.54 percent in June and down from 4.03 percent reported in July 2015. Last week, the 30-year fixed rate mortgage averaged 3.45 percent. Mortgage rates have been below 3.5 percent every week since June 30.

            “The median price forecast indicates moderate annual growth in both Illinois and the Chicago PMSA for July, August and September. Given the turbulence in the global economy, the mortgage interest rates are not showing signs of increase,” said Geoffrey J. D. Hewings, director of the Regional Economics Laboratory at the University of Illinois in his July housing forecast.

            “Inventory has reduced in certain price ranges, especially at the lower end of the market where buyers are having to work harder to find properties that meet their price point and criteria,” said Pratt, a broker with Coldwell Banker Honig-Bell in Champaign. “With the number of millennials entering the market and looking to purchase, those sellers who are considering whether now is a good time to list their property should see that demand is in their favor as the residential real estate market has been hot in the Champaign County area this year and the average time to sell a home has dropped. Current homeowners are using their increasing equity towards a downpayment on a new home and locking in at these affordably low interest rates.” 

            According to the National Association of REALTORS® first time homebuyers comprised 33 percent of the market in June, the highest level since July 2012.

             “The Champaign County area housing market should see consistent sales growth as pent-up demand on the part of both first-time and move-up buyers ignite home sales,” said Pratt.

            The Champaign 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.

Monday, August 15, 2016/Categories: News Releases