Buying or selling a home in the luxury home category in the Champaign area means you are looking at properties priced over $500,000. Year to date, we’ve seen 24 closed luxury home sales in the Champaign area with an average list price of $646,551.
The luxury market for any given region is defined as the top 10% of home sales with a minimum value of $500,000. In 2013 the top 10% of the Champaign County real estate market starts around $300,000 so our luxury market starts at the $500k level.
We seen 13 closed sales of luxury homes in Champaign so far this year with an average list price of $640,885. This is slightly down from the 18 sales and $706,507 average list price we saw in the same time frame last year. There are currently 2 luxury homes under contract. One great classic home on University avenue listed at $725,000 and a beautiful home on the lake in The Trails at Brittany.
Closed sales of luxury homes have reached a maximum of $889,000 this year and averaged 109 days on the market and an average sale price of $617,919.
Looking at a 5 year time span, 2013 is inline or slightly stronger than the averages of 98 days on market and 21 sales per year. This is a good sign for homeowners and sellers in this price point as it signals supply and demand of luxury homes is relatively consistent.
Average sale price of luxury homes comes in at $633,577 for 2013 with an average list to sale ratio of 97.2%. This is stronger than the overall average of 96.1% of list price that the home sellers are receiving. This is another great sign for luxury home sales but I’d caution that it doesn’t necessarily mean luxury home values are increasing just yet. The max sale price in 2013 was $889,000 and the average sale price was $633,577. Lower than the previous year and approximately 4% less than the five-year average.
One explanation for these numbers could be that some luxury home owners are reducing price to sell after waiting out the last few years of a down market. Luxury new construction homes are also a wildcard in the statistics for high-end homes. Depending on the timeline of when they were listed and what upgrades are included after the initial contract, prices and details can be skewed. (Another great reason to make sure you have a personalized valuation of your property.)
Data in this post is obtained from the Champaign County Association of Realtors. We do our very best to be accurate but this info is not guaranteed. Contact us or your Realtor for a personal evaluation of your real estate before making any decisions.
Many properties are exactly what you would expect, stately homes on University Avenue and Armory Drive or more recent construction in Trails at Brittany, Trails at Abbey Fields or Chestnut Grove subdivisions in SW Champaign. Outside Champaign we’ve seen amazing properties with significant acreage or horse facilities and property styles ranging from cozy log cabins to modern architecture with straight lines and simplistic design.
If you are looking for something specific and you don’t find it online let us know. We have a list of upcoming and “Wanted” properties that we track with fellow Realtors and would be happy to discuss it with you.
If you are planning a sale contact us for a personalized analysis of your neighborhood and home. We’ve helped many luxury home owners in the past and are ready to share those successes and what we’ve learned with you.