Category Archives: Real Estate Market Reports

Champaign County IL Housing Market Report 1st Quarter 2012

Once again, I’d like to talk about our inventory, and I apologize if you’re sick of hearing about it 🙂 As you can see from the charts below, our inventory of homes on the market in Champaign County has remained quite a bit lower for the first quarter of 2012 than the first quarter of 2011. And this trend started back in the 3rd quarter of 2011!

Additionally, the total number of sales has been up compared to a year ago. Yes, the warmer weather probably accounts for a portion of this increased buyer activity, however, I personally don’t believe it accounts for all of it. The fact is, there are many other areas around the country that have been experiencing similar trends and some of these places saw this change in activity months before we did.

While I certainly can’t predict the future (wouldn’t it be nice if I could?) I do feel comfortable saying that it feels like we may be experiencing a positive turn in our local market. This does not mean that everything all of a sudden is “back to normal.” There are still areas and particular neighborhoods that just aren’t seeing much activity. It does mean, however, that if you’re currently in the real estate market as a buyer or seller in Champaign County, it’s possible that you may need to adjust your strategy. Well-priced homes may not be sitting on the market for as long this year as they might have a year ago.

*Information is deemed reliable, but not guaranteed to be accurate. After all, I’m only human 😉

Champaign IL Housing Market Report, March 2012

Home Sales Statistics: March 2012 Versus March 2011

These statistics include residential houses, condos, co-ops, and zerolots in greater Champaign County:

Home Sales in March 2012:

188 units sold
$144,751 average sale price
95.2% sale-to-list price ratio
102 average days on the market

Home Sales in March 2011:

171 units sold
$131,559 average sale price
95.0% sale-to-list price ratio
113 average days on the market

What’s happening in the Champaign IL housing market?

While pending sales in Champaign County were up significantly for the first two months of this year compared to a year ago, this was not the case for March, though, we’re still a little ahead for the year overall. Interestingly, if you break down the pending sale numbers specifically for Champaign, Urbana and Savoy, two of the three cities still had more pending sales for March 2012 compared to March 2011, and the third had exactly the same number both years. In other words, sales activity is up compared to last year for the C-U area, while other surrounding towns in Champaign County aren’t necessarily seeing the same level of activity.

We ended the month with 1,795 homes on the market which is about 11% fewer homes on the market than there were one year ago. There’s no telling for how long our low inventory will remain a trend, but for right now it’s certainly favorable for sellers! The average sale price, as you can see above, is up for March; however, this number varies greatly throughout the year. Looking at recent months, sales prices appear to be stable for the Champaign-Urbana area.

Learn About Absorption Rates

*Information is deemed reliable, but not guaranteed to be accurate. Statistics are from the Champaign County Association of Realtors®

Champaign County IL Real Estate Market Report, February 2012

February 2012 Home Sales Information Compared to February 2011

The following real estate market information concerns only residential sales in greater Champaign County, IL and includes houses, condos, co-ops, and zerolots

February 2012 Closed Home Sales:

131 units sold
$125,088 average sale price
95.1% sale-to-list price ratio
119 average days on the market

February 2011 Closed Home Sales:

115 units sold
$124,831 average sale price
95.1% sale-to-list price ratio
123 average days on the market

What’s going on in the Champaign County, IL real estate market?

Not surprisingly, sales are up for February 2012 compared to a year ago! For the first couple months of this year, we’ve seen a trend of increased pending sales and the vast majority of pending sales result in closed sales, usually within 45 days. In other words, there’s a very good chance we’ll see sales up for March 2012, too.

Also worth noting is the absorption rate trend in Champaign County (see chart below). Since the end of 2011, the inventory of homes on the market has been lower than what it was a year ago. Lower inventory combined with an increase in sales results in a lower absorption rate, which is good news for sellers and for our market, in general. Currently the absorption rate is at 13.4 months compared to 16.2 months one year ago, and we’ll see this number continue to drop over the coming months as we head towards summer.

What is an Absorption Rate?

*Information is deemed reliable, but not guaranteed to be accurate. Statistics in this report were obtained through the Champaign County Association of Realtors®

Champaign County IL Real Estate Market Report, January 2012

January 2012 Residential Sales Information Compared to January 2011

The following real estate market information concerns only residential sales in greater Champaign County, IL and includes houses, condos, co-ops, and zerolots

January 2012 Closed Sales Statistics:

106 units sold
$135,828 average sale price
93.2% sale-to-list price ratio
100 average days on the market

January 2011 Closed Sales Statistics:

107 units sold
$144,241 average sale price
94.9% sale-to-list price ratio
112 average days on the market

What’s going on in the Champaign County, IL real estate market?

For another month now, the housing inventory for Champaign County has remained at lower levels than a year ago. We ended January 2012 with 1,741 homes on the market compared to 1,903 homes on the market at the end of January 2011. What this means is that home sellers, in general, are starting off the year with a little less competition, though, of course, the amount of competition an individual home seller faces will vary significantly from neighborhood to neighborhood. In addition, homes are currently selling at about the same rate that they were last year, which is good news in that sales were up for Champaign County as a whole in 2011 compared to 2010.

While the average sale price for the month was down a bit compared to the previous year, that doesn’t necessarily mean that prices are still dropping. In fact, considering the other statistics mentioned here, it would logically follow that prices in our area would be stabilizing. 2012 will no doubt be an interesting year! (Look for another article on my blog soon where I’ll break down the county statistics into a few individual cities.)

What is an Absorption Rate?

*Information is deemed reliable, but not guaranteed to be accurate. Statistics in this report were obtained through the Champaign County Association of Realtors®

2011 Champaign IL Real Estate Market Report

Another year has passed us by and we’re off to a fresh, new start! Let’s take one last look at 2011 and see how the year measured up in terms of the real estate market in Champaign IL…

As you can see in the above chart, we ended the year with slightly more total sales in 2011 than in 2010, up by about 4.4%, while average sale price decreased by just over 6%. All year long I’ve been talking about how the number of home sales in the price range of $1 to $50,000 has almost doubled for 2011 compared to 2010, and these sales, largely foreclosures, have certainly played a role in the decrease of average sale price this year.

Worth noting is that while the overall average month-end inventory was higher in 2011 than in 2010, in the last quarter of 2011 things took a turn for the better. Our inventory from October through December remained lower in 2011 than it had in the same months of 2010, meaning simply that home sellers are off to a better start for 2012 because there’s a little less competition. How long the lower inventory will remain is yet to be seen.

Don’t forget, in 2010 we had that crazy first-time home buyer tax credit that expired in June, hence the peak (in blue) above and subsequent drop-off of sales. In 2011, there was no tax credit. Therefore, we have a much saner bell curve in red 🙂 The bell curve for 2011 and lack thereof for 2010 is even more apparent in the graph below…

What Can We Expect in 2012?

Our average sale price peaked here in the Champaign area at $152,243 in 2007. Since then we’ve seen a decrease of just under 9%. Will prices continue to fall? It’s entirely possible, largely because there are still a number of foreclosures lined up to hit the market this year. But just like everyone else, I don’t have a crystal ball and I can’t see the future. Some of the hardest hit areas in the country are seeing prices creeping upward again. Eventually, our prices will start to increase again, too…I just can’t say when.

There’s no denying that it’s a wonderful time to buy if you have the means and it makes sense for you personally. Interest rates are still incredibly low and prices are favorable for buyers. It’s still a bit of a tough time for sellers, though for some there can be huge financial advantages to selling now at current prices in order to purchase a new home at a great value. It all just depends on your situation.

Have a wonderful year, everyone, and as always, let me know if you have questions.

P.S. We publish market reports here on our blog monthly to help you keep track of the Champaign IL real estate market! Be informed and come back soon!

Champaign IL Housing Market Report 4th Quarter 2011

Once again we’ve ended another quarter with a few more total sales than we had for the same quarter last year, though average sale price is down slightly and days on the market are up. Interestingly, we’ve averaged fewer homes on the market for the 4th quarter of 2011 than we were seeing in 2010, and this fact combined with an increase in sales has meant that the absorption rate for the area remains for this last bit of the year at slightly better, lower numbers than last year. (Check out December’s market report for a 12-month absorption rate chart and explanation.)

*Information is deemed reliable but not guaranteed to be accurate.

Champaign County IL Real Estate Market Report, December 2011

December 2011 Residential Sales Information Compared to December 2010

The following real estate market information concerns only residential sales in greater Champaign County, IL and includes houses, condos, co-ops, and zerolots

December 2011 Closed Sales Statistics:

164 units sold
$129,688 average sale price
95.2% sale-to-list price ratio
126 average days on the market

December 2010 Closed Sales Statistics:

150 units sold
$129,087 average sale price
95.0% sale-to-list price ratio
93 average days on the market

What’s going on in our Champaign, IL real estate market?

Yet another December has passed us by and the month ended up looking a lot like last December…at least in terms of real estate! As you can see above, actual statistics for December 2011 were pretty similar to December 2010. Overall, days on the market has increased this year, yet we ended December with about 5% fewer homes on the market than last year and with a lower absorption rate (see chart below).

What this means is that we’re off to a slightly better start for 2012, at least as far as sellers are concerned. As for buyers, keep watch on those interest rates as they’ve once again reached all-time lows and there’s no way of knowing how long it will last.

Check out our Champaign, IL 4th Quarter and Yearly housing market reports here on our blog, too!

What is an Absorption Rate?

*Information is deemed reliable, but not guaranteed to be accurate. Statistics in this report were obtained through the Champaign County Association of Realtors®

Champaign County IL Real Estate Market Report, November 2011

November 2011 Residential Sales Information Compared to November 2010

The following real estate market information concerns only residential sales in greater Champaign County, IL and includes houses, condos, co-ops, and zerolots

November 2011 Closed Sales Statistics:

140 units sold
$134,420 average sale price
94.2% sale-to-list price ratio
129 average days on the market

November 2010 Closed Sales Statistics:

121 units sold
$159,324 average sale price
96.1% sale-to-list price ratio
104 average days on the market

What’s going on in our Champaign, IL real estate market?

Winter weather is on its way and we’ve officially entered the holiday season. As you might expect, each year the real estate activity slows down a bit as a result of these factors. However, it’s still important for sellers who keep their homes on the market during this time to continue keeping their homes in showing condition. While fewer buyers are out there shopping, the ones that are out there trudging through the snow to look at homes are quite serious!

For the month of November, the average sale price fell back to a below average number, and we’re still on track to finish 2011 with twice as many sales as last year in the price range of $0 – $50,000. In other words, foreclosures have been a substantial part of the sold inventory this year in Champaign County, primarily outside of Champaign-Urbana city limits.

What is an Absorption Rate?

*Information is deemed reliable, but not guaranteed to be accurate. Statistics in this report were obtained through the Champaign County Association of Realtors®