Category Archives: Real Estate Market Reports

Champaign County IL Real Estate Market Report, October 2010

October 2010 Residential Sales Information Compared to October 2009

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

October 2010 Closed Sales Statistics:

* 162 units sold
* $133,653 average sale price
* 94.5% sale-to-list price ratio
* 100 average days on the market

October 2009 Closed Sales Statistics:

* 205 units sold
* $138,198 average sale price
* 95.7% sale-to-list price ratio
* 78 average days on the market

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

Despite an apparent decline in our market for October 2010 compared to October 2009, the year-end averages for sale price, days on the market, etc. for 2010 at this point are surprisingly comparable to 2009. Of course, we still have two more months to add to the equation, but right now the only significant variation is in the inventory of homes on the market. The 2010 average inventory currently stands at 1,939 while the average for 2009 was 1,691.

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, September 2010

Champaign County IL Real Estate Market Report, September 2010

September 2010 Residential Sales Information Compared to September 2009

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

September 2010 Closed Sales Statistics:

• 150 units sold
• $157,248 average sale price
• 95.8% sale-to-list price ratio
• 80 average days on the market

September 2009 Closed Sales Statistics:

• 191 units sold
• $141,426 average sale price
• 96.5% sale-to-list price ratio
• 79 average days on the market

What’s going on in Champaign’s real estate market?

The number of sales monthly continues to decline into the less active months of the year. Still, the average sale price and days on the market are looking quite good. The fact remains that in most cases the Champaign, IL homes that are in top showing condition and priced compellingly will sell quickly, while many others will sit on the market with little activity.

An interesting statistic this month is the increased number of cash purchases and conventional loans with a decreased number of FHA loans, though in this area, we’ve always had far fewer FHA loans being used than other areas of the country. One reason for this phenomenon in September could be that there were more repeat buyers as opposed to first-time buyers, but that is just speculation on my part.

The absorption rate rose again this month, as expected. It will be interesting to see at what point it levels off this winter going into 2011.

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, August 2010

Champaign County IL Real Estate Market Report, August 2010

August 2010 Residential Sales Information Compared to August 2009

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

August 2010 Closed Sales Statistics:

• 171 units sold
• $169,087 average sale price
• 95.1% sale-to-list price ratio
• 82 average days on the market

August 2009 Closed Sales Statistics:

• 273 units sold
• $160,331 average sale price
• 95.7% sale-to-list price ratio
• 79 average days on the market

What’s going on in Champaign’s real estate market?

The sales statistics for August were quite similar to those for July of this year, and so the disparity between last year’s and this year’s activity decreased a little. As of the end of August, the total number of units sold for the year is just under 100 less than the total number sold this same time last year. Market activity will surely slow and level off leading into fall and winter, but we may end up with total activity for 2010 looking very similar to that of 2009.

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, July 2010

Champaign County Real Estate Market Report, July 2010

July 2010 Residential Sales Information Compared to July 2009

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

July 2010 Closed Sales Statistics:

• 175 units sold
• $164,703 average sale price
• 96.4% sale-to-list price ratio
• 90 average days on the market

July 2009 Closed Sales Statistics:

• 337 units sold
• $157,660 average sale price
• 95.8% sale-to-list price ratio
• 87 average days on the market

What’s going on in Champaign’s real estate market?

For a couple of months now I’ve been pointing out that the number of homes on the market has grown to over 2,000 and has stayed there, and I also noted that the last time we had this many homes on the market was in mid to late 2007. Now, if you take a look at my absorption rate chart below, you’ll see that the rate for July skyrocketed up to 11.7!

What this means is that in the past month, the rate of home sales in Champaign County has slowed so that if sales were to continue at that same rate, it would take 11.7 months to sell all the homes currently on the market. Certainly, what appears to have happened is that many buyers took advantage of the first-time homebuyers tax credit and purchased early. Now that the tax credit is over, the temporary and misleading “growth spurt” in the market has ended and it may take a few months or perhaps until next year for the activity to catch up to the inventory, so to speak.

But don’t think it’s ALL doom & gloom around here! Sales prices have been up, we’re still boasting a 96.4% sale-to-list price ratio, and the homes that sold in July only spent an average of 90 days on the market. As far as general statistics go, that ain’t bad:-) So, chin up if your home is on the market. Homes ARE still selling and yours can, too! If you need help in that department, just give me a call. I’d be happy to come discuss with you what steps need to be taken in order to sell your home here in Champaign County.

What is an absorption rate?

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

Champaign County IL Real Estate Market Report, June 2010

Champaign County Real Estate Market Report, June 2010

June 2010 Residential Sales Information Compared to June 2009

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

June 2010 Closed Sales Statistics:

• 374 units sold
• $154,555 average sale price
• 96.1% sale-to-list price ratio
• 75 average days on the market

June 2009 Closed Sales Statistics:

• 325 units sold
• $166,599 average sale price
• 96.2% sale-to-list price ratio
• 78 average days on the market

What’s going on in Champaign’s real estate market?

One interesting recent trend in our market is the large number of homes for sale. For the second month in a row we’ve ended with over 2,000 homes on the market. This time last year, that number was averaging only 1,700 and the last time we’ve had 2,000+ homes on the market was in autumn of 2007. Even so, based on the increased number of homes selling over the past few months, our market appears to be somewhat stable for now. And of course, low interest rates combined with a large inventory of homes for sale means it’s still a great time to be a buyer in Champaign!

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

Champaign County IL Real Estate Market Report May 2010

Champaign County IL Real Estate Market Report, May 2010

May 2010 Residential Sales Information Compared to May 2009

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

May 2010 Closed Sales Statistics:

• 284 units sold
• $148,248 average sale price
• 96.8% sale-to-list price ratio
• 85 average days on the market

May 2009 Closed Sales Statistics:

• 226 units sold
• $140,838 average sale price
• 96.0% sale-to-list price ratio
• 80 average days on the market

Summary:

The real estate market activity for Champaign County in May 2010 shows improvement over May of 2009. Like I noted in April’s report, the first-time homebuyer tax credit may still be inflating these numbers, and we’ll have a better idea of where things stand starting in July. We ended the month of May with an inventory of 2,000 properties.

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

Champaign County IL Real Estate Market Report April 2010

April 2010 Residential Sales Information Compared to April 2009

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

April 2010 Closed Sales Statistics:

• 239 units sold
• $146,756 average sale price
• 96.2% sale-to-list price ratio
• 105 average days on the market

April 2009 Closed Sales Statistics:

• 174 units sold
• $133,752 average sale price
• 94.8% sale-to-list price ratio
• 104 average days on the market

*Percentages do not add up to 100% because of rounding.

Note: Ordinarily, I would include contract sales in the category “Other”, but because there were so many this month (8 total compared to 1 or 2, if any) it seemed appropriate to list it separately.

Summary:

After a slow start to the year (only 88 units sold in January, 106 in February and 181 in March) the real estate market in Champaign County picked up in April.

While these numbers are an improvement compared to April of last year, I think it’s important to realize that the homeowners tax credit could be artificially inflating these numbers, and may continue to do so for the next two months. We really won’t know with any amount of certainty until much later in the year.

If you have any questions about these statistics or would like more information, please don’t hesitate to contact me.

*Information is not guaranteed to be accurate. The statistics in this market report were compiled by the Champaign County Association of REALTORS®.