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Champaign County Area Home Sales Bounce Back Strong in August

Highest Level for Month of August in Nine Years

     The Champaign County Association of REALTORS® reports area home sales surged in August to the highest level for the month since August of 2009. The Champaign County Association of REALTORS® reports there were 326 home sales in August, a 20.29 percent gain from 271 home sales in the same month a year ago. The August home sales total is the highest level for the month of August since 2009, when 370 homes were reported. The Champaign County area median home sale price remained level for the month of August at $152,950 up slightly at 0.95 percent from $151,500.

   Year-to-date home sales through August 2016 totaled 2,153, up 8.73 percent from 1,980 home sales reported in August 2015. Total dollar sales volume for residential sales for the month of August this year was $58,349,656, up 25.90 percent from $46,343,899 in August 2015. Year-to-date dollar volume of sales is $367,081,382, up 10.51 percent from $332,149,242 a year ago.

    There were 230 pending home sales reported in August, off slightly 2.54 percent from 236 reported in August a year ago. Pending sales for the month of August reflect the total number of active listings that went under contract and are awaiting closing, usually 30 to 60 days in the future.

    “Home sales did a complete turnaround in August to rally positively at the end of summer,” said Stefanie Pratt, president of the Champaign County Association of REALTORS®. “We definitely saw slower sales in June and July this year but August definitely ticked up the pace as buyers came back in force to make their move before the end of summer and start of the traditional school year.”

   The year-to-date median home sale price through August was $145,500, down 1.68 percent from $148,000. The median is the typical market price where half the homes sold and half for less. As of September 9th, there were 1,456 residential homes listed on the market in the Champaign County area, up from 1,448 reported as of August 14th.
    New home construction home sales were higher this year through August 2016 as compared to a year ago. In the CCAR region through August of 2016, 133 new home sales were reported versus 112 sales through August of 2015. Homes priced below $155,000 represented 51.5 percent of the market in August.
    “Definitely there is great demand for inventory priced below $140,000 attractive to entry level and first time buyers, but we also are seeking higher peak demand in the $180,000-$250,000 range. In some cases, would-be first time buyers are being patient and are bypassing starter homes and saving more to purchase a home that meets their future needs,” said Pratt.
    The city of Urbana reported a 30 percent increase in home sales in August to 52 sales versus 40 in August of 2015. The Champaign and Savoy region reported 159 home sales versus 137 a year ago. The west region, including the town of Mahomet, had 55 sales in August versus 34 sales a year ago.
    The average commitment rate on a 30-year fixed rate mortgage was 3.43 percent in August, down from 3.84 percent in August of 2015 and down from 3.44 percent reported in July of this year according to the Federal Home Loan Mortgage Corporation. Last week, the 30-year average fixed rate mortgage rate stood at 3.44 percent. For three out of four reporting weeks in August, the 30-year fixed rate remained constant at 3.43 percent.
    “For sellers, this fall remains a good time to be listing property as demand still remains strong among buyers in our market area. Low mortgage rates, improving income growth and steady job creation in our market area has helped propel homebuying for both new and existing homes,” said Pratt, a broker with Coldwell Banker Honig-Bell in Champaign.  “While millennials and first time buyers continue to be a driving force in the market, the second largest share of buyers behind married couples in the residential real estate market is single female homebuyers accounting for anywhere from 15 percent to 20 percent of all home purchases. The median age of single women buyers is 32 years old, according to the National Association of REALTORS® 2015 Profile of Buyers and Sellers Report and their median income is $49,000. There is a national trend that single females are earning and saving more money and willing to make more sacrifices to invest in homeownership at a faster rate than single men.”    
    According to the National Association of REALTORS® the share of first time buyers was 32 percent in July.
    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, September 12, 2016/Categories: News Releases