Illinois Real Estate Market Update – May 2009

median home price
May 2009 Update

IAR (Illinois Association of Realtors) released the housing statistics for the month of May today and things are looking good in Illinois.

May real sales were up over 19% from April.  This statistic compares the number of homes sold in Illinois in the month of May to April (8945 vs 7501).  Last year May witnessed a decrease of 21% from the prior month so it is definitely nice to see the trend back up.  According to IAR’s statistics this is the 4th straight month of increases for Illinois.

Now I’m sure you are asking “What does this mean to me?”  Well, if you live in Champaign County we can give you a comparison…

Champaign’s real estate sales for May 2009 were up almost 30% from the prior month (226 vs 174).  If you are familiar with the local market this won’t come as too much of a surprise.  Last year May sales were up over 48% from the prior month.

The median sale price for a home in Champaign County climbed 7.7% from April to May in 2009.  This compares to a 6.3% increase for the same time frame in 2008

So again, you may be asking yourself “What does this mean to me?”   It means that your local market is what you need to be aware of if you are buying or selling.  Champaign’s real estate market has remained pretty stable.   As a college town, Champaign is going to feel the impact of the school year more so than other areas in Illinois but it is a predictable cycle and something you can use to your advantage in buying or selling a home.  You can see this from the large % increase in sales during the late Spring and early Summer months.

Interested in learning how to use our local market to your advantage?  Contact me, or start at www.ChampaignExperts.comYour Local Real Estate Experts!

Looking for other news about the Champaign market?

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