While the holiday season is normally a slower time for the housing market, home sales surged in November by double-digits, setting a new record for the month, according to the Champaign County Association of REALTORS®.
According to the monthly trends report from CCAR, a total of 236 homes were sold, an increase of 33.33 percent over 177 home sales in November of 2019. Year-to-date home sales through November of 2020 were 2,853 up 12.19 percent from 2,543 home sales through November of 2019.
The median home sale price in November for the Champaign County area was $177,300, up 14.39 percent over $155,000 from November of 2019.
The median is a typical market price where half the homes sold for more and half sold for less.
The average home sale price in November was $207,446, up 21.96 percent over the November 2019 average price of $170,099.
“Real estate data shows the market was definitely hot in November. Showing activity remains considerably higher than a year ago, suggesting the holidays are not stopping or slowing home sales that could make this winter one of the best on record for sales activity,” said Liz McDonald, president of the Champaign County Association of REALTORS®. “With inventory continuing to remain constrained in most price segments, accurately priced listings do not last long on the market and buyers are waiting for additional properties to come on the market.”
The pending home sales volume in Champaign County continues to remain strong. According to Midwest Real Estate Data LLC, there were 181 pending sales in November, up 30.2 percent from 139 pending sales in November of 2019, also an indicator that home sales should exceed 2019 levels. Pending sales for the month of November reflect the total number of active listings that went under contract and are awaiting closing, usually 30 to 6o days in the future.
The average number of days on the market stood at 71 days, down 17 percent from 86 days in November 2019. Inventory of homes for sale dated December 21, 2020 stood at 711 properties on the market.
“Defying higher unemployment levels and an economic recession, the housing market is a bright spot in the economy during this pandemic time,” said McDonald. “Record low mortgage rates have helped to expand the pool of qualified buyers and renters contributing to an increase in sales activity as did the ‘work-from-home’ phenomenon. Home sellers are getting a boost financially from housing appreciation as well. If you have thought about buying or selling a home and have held off now may be the time to take advantage of these appealing market opportunities as mortgage rates are expected to remain at or near 3 percent for the next year as well.”
According to the University of Illinois Regional Economics Applications Laboratory 2021 Housing Price forecast for the Illinois REALTORS®, median prices in 2020 showed moderate growth in both Illinois and the Chicagoland PMSA despite the pandemic. Median prices are forecast to continuously grow in 2021 within a higher and broader range compared with 2020. On a year-over-year basis, these gains will range from 8.3% to 19.6% for Illinois and 6.9% to 16.0% for the Chicago PMSA area.
The average 30-year fixed rate mortgage for the month of November was 2.76 percent, according to the Federal Home Loan Mortgage Corporation, down from 3.69 percent in November 2019 and down from 2.82 percent in October 2020. Freddie Mac reported that the 30-year fixed rate mortgage hit another all-time record low at 2.67 percent for the week ending December 17, 2020.
The average number of days on the market stood at 71 days, down 17 percent from 86 days in November 2019.
The National Association of REALTORS® reports Americans working from home has risen to 21 percent during the pandemic; whereas before that only 6 percent were actually working from home. According to a new survey by realtor.com, an interest in smart home technology has increased since the pandemic began. A quarter of Americans said they are more interested in smart home technology now that they’re spending more time at home and 41% of smart home technology owners have bought at least one device or feature since the pandemic began. These numbers are even higher for 18-34 year olds, with 37 percent showing increased interest and 48% of current owners having purchased at least one device or feature since the start of the pandemic. When asked to select just one smart home feature to add to their home, a high-tech security system ranked first (21%).
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. Data was compiled by Midwest Real Estate Data, LLC as available on December 14, 2020. The Champaign County Association of REALTORS® is an active participant in promoting equality and inclusion as longtime champions of fair housing with equal access to housing and opportunity for all. CCAR opposes discrimination based on race, color, religion, sex, handicap, familial status, sexual orientation, gender identity, & national origin.
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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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