CHAMPAIGN IL Real Estate Market Update

Champaign County Home sales continue to surpass last years home sales, during the same time periods, even though mortgage rates have begun rising.

The Champaign County Association of Realtors' Multiple Listing Service reports that 349 homes were sold in June. That's up from 330 sales in June 2012. The Champaign County Association of Realtors' Multiple Listing Service also reported that, the value of those homes sold was $58 million, compared with home sales figures of $56.9 million last June. Again, trending up.

I'm seeing an increase in buyer activity and closed sales even though interest rates have begun climbing. If you are looking to buy a home in Champaign IL, in the near future, you may want to buy now to get more house for your money or to save money due to the cost of higher interest rates.

According to the Federal Home Loan Mortgage Corp.; In June,  the average interest rate for the U.S. North Central region, was;  4.08 percent on a 30-year fixed-rate mortgage.This is up from a rate of 3.55 percent in May.

I believe activity and demand will stay strong until the Fall. June also showed strong numbers for: Pending sales,under contract sales and sales awaiting closing, which were at  318, compared with 233 pending sales last June. Still trending up.

The association reported 1,238 home sales January to June, 2013 This is an increase over the 1,149 sold in  the first half of 2012. This means that sales are 7.74 percent ahead of the same period last year.
2013  sales totaled $191 million, which is up from $184.3 million for the same period last year. June sales volume accounted for 30 percent of that $191 million, showing just how strong June has been this year.

The median home sales price for the Champaign County region was $145,000 in June, down from $155,500 in June 2012. So were selling more but at lower per home purchase prices. The year-to-date median price was $135,000, compared with a median price of $140,000 for the first six months of 2012. Home sale prices was the only category that trended down so far.

Days on the market also continue to go down across Illinois. According to the Illinois Association of Realtors, homes are staying on the market an average of 83 days. Last year homes were on the market roughly 103 days. Again, showing an active Champaign Illinois Real Estate Market. Champaign County Home Buyers and Home Sellers, are coming to terms in the improving Champaign Real Estate Market.

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