Through March of 2011, closed sales of 3-Bedroom properties in the Champaign County MLS represented 54.5% of total sales. This represents the largest segment of home sales broken down by bedroom.
4 Bedroom homes in Champaign County made up the 2nd largest segment with almost a quarter (23.9%) of overall sales.
Supply and Demand in Balance or Imbalance?
What’s interesting in the sales/bedroom chart above is the difference between the closed sales and the percentage of the homes actively for sale. This chart compares actual sales YTD 2011 to active listings. Comparing actual closed sales to active listings it looks like there is an imbalance of 6% between the demand and supply of 3 bedroom homes (54.5% – 48.6%). This would be good news for the Champaign County owner of a 3-bedroom home looking to sell. The reverse is true for 4 and 5 bedroom properties. For 4-bedroom homes the demand has been approx 24% of sales while supply is around 30%.
None of these differences are drastic but it will be interesting to see how these differences in supply and demand play out in prices throughout the year or if the overall supply changes to balance out the differences.
Check back for a follow-up post on the average prices of 2, 3 and 4 bedroom homes soon.
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