Turnberry Ridge Subdivision – August 2008, Market Update

Turnberry Ridge Subdivision – Champaign, IL

Turnberry Ridge Real Estate Market Update:

The following data was compiled from the CCAR MLS as of 8/22/2008

Closed Sales of Single Family Homes

Year Average List Price Average Sale Price Median List Price Average Days on Market # of Closed
Sales
List Price to Sale Price Ratio
2005 $209,042 $220,820 $229,900 50 15 98.2%
2006 $223,756 $217,725 $219,900 60 16 97.3%
2007 $224,509 $219,664 $229,900 40 11 97.8%
2008
Closed
YTD
$232,440 $222,500 $222,500 94 11 98.29

Similar to it’s next door neighbor, Glenshire Subdivision, activity in Turnberry Ridge has picked up since our last market report. 5 home sales have closed since 5/23/08 bringing new neighbors and friends to the subdivision.
The average days on market for a home has greatly extended from 2007 but the number of sales, average sale price and LP/SP ratio all remain strong. A home seller in Turnberry Ridge can expect to obtain over 98% of their asking price on average.
The biggest concern for a home seller in today’s market continues to be accurate and effective pricing to entice Buyers to view and make offers on their property.
There are currently 6 actively listed homes in Turnberry averaging 76 days on market at an average sale price of $220,267. This DOM stat has dropped quite a bit from our last update and is influenced by the 5 closings since May.
There is still plenty of time left in the year for homes to sell but the prime window of opportunity is coming to a close as August wraps up. If you are considering a sale you’ll want to get things moving quickly and have your home in top condition as soon as possible.

Interested in suggestions or advice in getting your home ready? Check out these Seller Resources for more info.

More info on the Champaign and Urban Real Estate Market at www.ChampaignExperts.com

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