Time to take a look at a niche real estate market in Champaign – Zero-lot homes in Turnberry Ridge Subdivision. Located East of Staley Rd and between Kirby and Springfield Ave on the West side of Champaign, this neighborhood fits the needs of a variety of homeowners. Sales were consistent in 2012 and appear to be moving strongly in 2013.
The average sale price of a Turnberry Ridge zero-Lot was $138,000 in 2012. This was down almost 4% from 2011. The average size of these properties was 1556 sqft down the same 4% from the prior year. In comparison, the average sale price of zero-lots in Champaign was very similar, $138,922 and size was 1551 sqft. The average SP across Champaign was up over 11% with sqft up 4.3%.
The average Days on Market for zero-lot sales in Turnberry Ridge was 46 days last year vs 76 the year before. This is a huge improvement and not something I would expect to see again in 2013. Across Champaign zero-lot properties sold in 66 days in Champaign, 11 days faster than 2011.
What does this mean? The good news is that home sales have remained consistent in Turnberry Ridge. Days on market are down and average sale prices are relatively steady. For prospective home buyers it looks like a good opportunity to purchase in Turnberry. The prices and sales have lagged behind the Champaign-wide numbers. I would predict that Turnberry will quickly fall in line with the Champaign trend or possibly improve on it in 2013. This neighborhood has held strong demand in the past and has some great amenities for the homeowners. The fact that the size of the average home fell along with the price in 2012 helps justify the decreased values. Keep in mind that the number of homes sold in Turnberry is relatively small compared to the Champaign market as a whole. These numbers will fluctuate more.
For Buyers, if the market continues to improve, values in Turnberry will almost definitely increase and the area has a strong chance of being a “Seller’s Market” this Spring. If you see a property that fits your search, act quickly before mortgage rates increase and the top-quality homes sell. I don’t see much of a chance for home values to drop from this point. Demand is consistent and the supply or inventory of homes for sale has not increased.
For Sellers, market valuation is going to be key right now. There has been steady activity so far this year with 4 homes currently under contract and waiting to close. With only 8 active zero-lot listings there is not a lot of supply for buyers to choose from. Keep your home in A+ condition so it shows better than the competing properties. This makes a huge difference for buyers. I can’t tell you the number of times I’ve taken buyer clients through a messy home followed by a spotless, clean and staged property. The buyer clients always comment on the difference. Consider having the home pre-inspected and offering a home warranty for the buyers peace of mind.
Questions on these selling strategies? Contact Mark or call 217-239-7114 for more info. With a 3 minute conversation we can give you a free estimate of your property’s value.
Starting your home search? Check out one of our Champaign Home Search websites to see the newest listings and schedule your own private showings.