More good news for the Champaign real estate market. Overall trends are towards a Seller's Market and the pace of home sales this spring continues to improve.
St. Joe and Savoy stand out in regards to demand with less than 4 months of inventory in each market. Both areas are currently very low on inventory of available homes. I fully expect the number of homes to
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.
We have a miniscule 2.5 month supply of zero-lot properties in Champaign at this time. This segment of the Champaign real estate market is clearly a "Seller's Market" and looks to be positioned to stay that way for some time.
43 homes sold in Southwood (SW Champaign location) over the last 12 months. An increase of 43% from the 30 home sales the prior year. Average days on market for closed sales stayed basically the same at 120 days (2 days faster than the previous year). The average sale price for a home in Southwood... Continue Reading →