The number of home sales (houses, condos, zero-lots and coops) is up 61% comparing the Month of May 2012 to 2011. (The May 2012 numbers may change slightly as a few more sales trickle in) This follows a 34% increase for April and 16% increase in March. Great news for the Champaign real estate market.
Remarkably low interest rates, positive buyer sentiment and the season Spring market are all contributing to these increases.
The Average sale price in Champaign for May 2012 was $169,346. This is down slightly from the prior month and May of 2011 but the 3 month average sale price is basically unchanged ($170,726) from the same period last year.
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The start of a come-back in the Champaign real estate market? Probably too early to tell but I’m optimistic. We aren’t seeing an overall increase in pricing but the increased demand is a great sign and most likely the first step towards steady improvement in our market.
