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
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.
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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