The Champaign County Association of REALTORS®(CCAR) reports continued
gains in both the total number of home sales and the median home sale price for
the month of June as compared to the same period a year ago.
CCAR reports there were a total of
391 residential home sales in June, compared to 384 home sales in June 2017, a
slight increase of 1.82 percent. In addition, the median home sale price
increased 0.99 percent to $167,900 from $166,250 in June of 2017. The median is
a typical market price where half the homes sold for more, half sold for less.
The average home sale price for
June was $195,479 up 4.94 percent from $186,277 in June of 2017. The total
number of new home sales sold through the CCAR MLS through the first six months
of this year was 88 sales compared to 43 a year ago, an increase of 105
sales underperformed in June in the region. There were 270 pending sales in
June, down 2.9 percent from 278 a year ago. Pending sales for the month of June
reflect the total number of active listings that went under contract and are
awaiting closing, usually 30 to 60 days in the future.
“The Champaign area housing market
most assuredly has seen an active pace this summer and buyer competition is
manifesting itself into several quick sales above asking price. We’ve seen a significant number of increased
new home sales so far this year as compared to last year that shows expanding
housing inventory,” said Max McComb, president of the Champaign County
Association of REALTORS®.
“Prices continue to gain traction
into positive territory. Sellers are encouraged as the months supply of
inventory was down 7.5 percent to 4.2 months. Inventory may be persistently
lower in year-over-year comparisons and home prices are still more likely to
rise than not, but sales and new listings may finish the summer on the
upswing.” Freddie Mac anticipates that mortgage rates will climb to 5.1 percent
by this time next year.
The average rate on a 30-year fixed
rate mortgage, according to the Federal Home Loan Mortgage Corporation (Freddie
Mac) was 4.57 percent in June 2018, up from 3.89 percent in June 2017 and down
slightly from 4.59 percent in May 2018.
“REALTORS® in most of the
country continue to describe their markets as highly competitive and fast
moving, but without enough new and existing inventory for sale, activity has
essentially stalled,” stated Lawrence Yun, chief economist with the National
Association of REALTORS® in the
May NAR Pending Home Sales Report. “One
encouraging sign has been the increase in new home construction to a 10-year
high.” Yun now forecasts for existing-home sales in 2018 to decrease 0.4
percent to 5.49 million – down from 5.51 million in 2017.
homes for sale in the Champaign County area in June declined 10.3 percent to
874 listings from 974 in June 2017.
The market is
seeing a rise in first time buyers. According
to Freddie Mac’s first quarter mortgage data, first-time buyers
represented 46 percent of its purchased loans, the largest share in recent
history and up from 42 percent a year ago. Looking ahead, there are reasons to
be optimistic that more young adults will be diving into homeownership.
economy and job market should keep many buyers actively shopping to buy, and any
rise in inventory would certainly help them find a home. There’s definitely a
pent-up demand for increased household formation driving the market,” said
The Champaign County Association of REALTORS®
is a voluntary trade organization serving Champaign County and surrounding
areas and is the leading resource for REALTOR® members and an advocate for
homeownership and private property rights. Statistics are from residential
sales within Champaign County. Data compiled by Midwest Real Estate Data, LLC
as available on July 14, 2018.
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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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