Almost half way through the year and the strength of the Champaign County (and surrounding area) real estate market continues. Home sales are strong and we are still seeing multiple offers with some frequency and very quick sales. Read on for a quick summary of the actual numbers.
In May we saw improvements in all major categories. The count and volume of home sales through the Champaign County Association of Realtors were up and days on market (DOM) was down, a lot! The Average prices for the month ticked up about 0.5% but YTD they are up a little over 1%.
Total count and volume of sales are consistently up YTD and for the month of May. We expect to see more activity from May through July than the rest of the year but seeing double-digit increases from the prior year is great news for home owners.
You’ll notice that average sale price YTD is only up around 1% but sales are up 16-18%. A major reason for this is that we are seeing a large number of homes priced below $130,000 sell this year. The median sale price dropped from $139,250 to $130,000 for the month of May from 2015 to 2016.
This might signify that we are seeing more first time home buyers enter the market. This is a segment that has been underrepresented since the peaks of the market. As this segment of buyers improves it will support all price points in our market.
What now? We will watch to see how strongly the spring and summer finishes. You can expect to see things slow as we enter August but the local market stays relatively strong year round and there isn’t really a bad time to buy or sell a home in the Champaign County area. With influences as broad as the University of Illinois, Carle, Christie and Presence medical groups, the Research Park and all the other local growth we see moves happening year round.
Thinking of selling your home? Get a quick report on your home value and neighboring home sales at HomeValuesinChampaign.com