Homes sold faster in Champaign County and the median sales price rose even though home sales dropped slightly in June amid tighter inventory, according to the Champaign County Association of REALTORS®. The median home sale price rose 9.7 percent to $169,000 from $154,000 in June a year ago. The total number of homes sold in the month in Champaign County decreased 1.4 percent to 356 sales from 361 sales in June a year ago. The median is a typical market price where half the homes sold for more, half for less.
The year-to-date through June 2017 median home sale price stood at $153,800 up 3.6 percent through the same period a year ago.
The average home sale price was $190,998, up 2.6 percent in June from $186,177 in June a year ago. It took less time to sell a home in June in the Champaign County as the average number of days on market was 65 days, down 10.4 percent from 73 days in June 2016. Inventory levels declined 1.9 percent in June from same period a year ago.
“We have a very stable housing market. We are not seeing sharp turns in the market but more steady conditions with lower area unemployment and attractive mortgage rates. From all areas of the housing market, buyers are finding great housing opportunities,” said Jim Waller, president of the Champaign County Association of REALTORS®. “The median home sale price continues to grow at a moderate pace.”
The average 30-year fixed rate mortgage for the month of June was 3.89 percent, up from 3.54 percent in May 2016 and down from 4.01 percent in May 2017, according to the Federal Home Loan Mortgage Corporation. For the week ending July 13th, a 30-year fixed rate mortgage averaged around 4.0 percent.
“There is more fiscal certainty in the market after the Illinois General Assembly passed the first state budget in over two years that includes funding for higher education. This may boost more consumer confidence in our market area,” said Waller.
“There definitely is a demand for more new home construction to fill in the inventory gaps and prevent any housing shortage. We are seeing expansion in the Champaign area market in all sectors not only within the retail and commercial real estate but the residential market as well. The robust number of pending sales in June indicates more buyers were locking in their purchasing decisions later this summer which indicates late summer and fall could be strong sales months.”
The Champaign County Association of REALTORS® is a voluntary trade organization serving Champaign County and surrounding areas and is a leading resource for its 481 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, 2017.