For the second straight month, the Champaign County area registered double-digit home sales growth, according to the Champaign County Association of REALTORS®. During January a total of 130 home sales were reported, a gain of 11.11 percent from 117 home sales in January 2019.
As well, there were 171 pending sales reported for the month of January, up 14.8 percent from 149 pending sales in January of 2019. Pending sales for the month of January reflect the total number of active listings that went under contract and are awaiting a closing usually 30 to 60 days in the future.
The January median home sale price for the Champaign County area stood at $141,500, down 8.71 percent from $155,000 in January a year ago. The median is a typical market price where half the homes sold for more and half sold for less.
“The Champaign County area housing market kicked off the new year with impressive home sale gains. We are experiencing lower supply and high demand as more buyers are eager to purchase and waiting for homes to come on the market,” reported Julie Roth, president of the Champaign County Association of REALTORS®. “January was the second consecutive month for home sale gains as more buyers are looking to buy to take advantage of these low interest rates. The local real estate market has been performing remarkably well in spite of declining housing inventory levels.”
The average 30-year fixed rate mortgage according to the Federal Home Loan Mortgage Corporation was 3.62 percent in January, a decrease from 3.72 percent from the previous month. In January of 2019, it averaged 4.46 percent. For the week ending Feb. 20, the 30-year fixed rate mortgage averaged 3.49 percent.
Nationally, existing home sales increased as well for the second straight month up 9.6 percent to 5.46 million in January from a year ago (4.98 million in January 2019). First-time buyers were responsible for 32 percent of sales in January nationally, up from 31 percent in December of 2019. “It is good to see first-time buyers slowly stepping into the market,” said Lawrence Yun, chief economist for the National Association of REALTORS®. “The rise in the homeownership rate among the younger adults, under 35, and minority households means an increasing number of Americans can build wealth by owning real estate.”
The inventory of homes for sales in the Champaign County area declined 8.0 percent in January to 709 from 771 listings in January 2019. While inventory declined, the number of new listings rose 3.7 percent in January to 198 listings.
“With the number of millennials entering their prime homebuying years and more families looking to purchase a home, there is a need for more housing inventory to meet the pent-up demand that exists, especially with the emergence of the spring housing market right around the corner,” said Roth. “We have started the year off with continued low interest rates, low unemployment and rising rents nationally. These factors should encourage healthy buyer demand and sets up for a strong start to the 2020 housing market and optimism for the spring housing market.”
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 the Champaign County area. Data compiled by Midwest Real Estate Data, LLC as available on February 14, 2020.
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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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