With 9 homes on the market at this time we are looking at a 3 1/4 month supply. This measure of inventory is what is referred to as the absorption rate. It means that at the current rate of sales it would take 3 1/4 months to sell all of the inventory. When the absorption rate is between 5-6 months of supply you are experiencing a balanced market. Less than 5 and the scale tips into “Sellers Market” category. The cyclical nature of the Champaign County real estate market will most likely bring the trend closer to a balanced market in the winter but it looks like Sellers in these neighborhoods are in a great position for price appreciation and market demand.
Over the prior 12 months 33 homes have been reported as closed sales (CCAR mls data) in Timberline Valley and Westlake neighborhoods. For this review I grouped Timberline and Timberline South as one location given most people can’t describe a difference and home buyers seem to have equal preference for the two. This is a large jump from the 23 closed sales for the preceding 12 months. Average home sale prices for this area of Champaign are $167,556.
On average, home values in Westlake are slightly more affordable than Timberline. This is not a reflection of quality; instead, the homes in Westlake are generally smaller than Timberline Valley which directly impacts the sale prices. There are plenty of exceptions though with closed sales as high as $196,000. One of the highest priced sales in Timberline Valley took place this past year at $218,400.
The price point, location and overall neighborhood condition are great assets for homeowners in Westlake and Timberline Valley. A mixture of ranch and 2-story homes also helps draw a diverse set of buyers and opens up possibilities for all age groups and family types. Another big plus is the Powell Park off of Clayton and Crestwood.