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For Sale: $699,900

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Champaign/Urbana Market Update: June 2017

Local Housing Market Report

Note: National Association of Realtors® (NAR) data shown below is from April (most current national data)

 

A persistently low supply of existing homes available for sale slowed April's sales velocity, resulting in a 29-day median number of days that a home remained on the market, a new low according to the National Association of Realtors®.

 

Total existing-home sales (completed transactions for single-family homes, townhomes, condominiums and co-ops), fell 2.3% to a seasonally adjusted annual rate of 5.57 million in April from 5.70 million in March. Despite the decline, sales remain 1.6% higher than a year ago and represent the fourth highest pace for the last 12 months.

Existing Home Sales By Region

 

NAR's chief economist, Lawrence Yun, said that every major region except the Midwest saw a drop in existing sales in April. "Last month's dip in closings was somewhat expected given that there was such a strong sales increase in March at 4.2 percent, and new and existing inventory is not keeping up with the fast pace homes are coming off the market," Yun said. "Demand is easily outstripping supply in most of the country and it's stymieing many prospective buyers from finding a home to purchase."

 

Housing Data Takeaways

 

April's median existing-home price (all housing types) was $244,800, up 6.0% from the same time last year ($230,900). Price gains in April represent 62 consecutive months of year-over-year growth.

 

Total housing inventory nationally at the end of April rose 7.2% to 1.93 million existing homes available for sale, and is 9.0% below one year ago (2.12 million) and has dropped year-over-year for 23 straight months. Nationally, unsold inventory offers a 4.2-month supply at the current sales pace,  down from 4.6 months a year ago.  

 

Freddie Mac data shows the average commitment rate for a 30-year, conventional, fixed-rate mortgage fell for the first time in six months, dipping to 4.05% in April from 4.20% in March. For all of 2016, the average commitment rate was 3.65 percent.

 

 

Champaign Housing Market Statistics

Median Home Price: $194,900

3 Bedrooms/2 Bathrooms

Average Square Footage: 1,893

Price per Square Foot:  $101

Number of Homes on the Market: 361

 
 

Summer Selling Opportunities

Sellers, you have an excellent opportunity to sell your home this season if you have the right pricing strategy in place from the start! Studies show that the longer a property stays on the market, the less the seller will net upon the sale. It is very important to price your property at a competitive market value at the signing of your listing contract. The market today in many places is so competitive that even over-pricing by a few thousand dollars could mean that your house will not sell as soon as it could.

 

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An Overpriced Home:

· Minimizes offers

· Lowers agents response

· Limits qualified buyers

· Lowers showings

· Lowers prospects

· Limits financing

· Wastes advertising dollars

· Nets less for the seller

 

 

When you are ready, contact us today for a personal market value analysis of your home. No hassles or obligation - just honest advice on how to get top dollar for your home!

 

 

 

 

Happy Father's Day!

It's time to celebrate dad in Champaign/Urbana. Looking for something truly unique to do this Father's Day? Beyond taking your dad to out to eat at one of his favorite local spots, check out one of these fun fantastic community events for a Father's Day celebration he will never forget!

 

 

Father's Day Weekend at Monticello Railway

Dates: Saturday, June 17th & Sunday, June 18th

Time: 11:00 am - 4:00 pm

Location: Monticello Railway Museum (992 Iron Horse Place, Monticello)

Hop aboard a vintage train with the family this weekend in Monticello. Each ride runs approximately 1 hour. You may board at the main Museum site (Nelson Crossing) or downtown Monticello (Wabash Depot). After the ride, check out all the fun train exhibits in the museum. The best part? Dads ride FREE this weekend with the purchase on a paid fare!

 

Indiana Jones & The Last Crusade

Dates: Saturday, June 17th & Sunday, June 18th

Times: 11:30 am (Saturday & Sunday), 10:00 pm (Saturday)

Location: The Art Theater Co-op (126 West Church Street, Champaign)

Watch Indiana Jones on a great adventure with his own father during the special Father’s Day screenings of this Steven Spielberg film. Bring your dad and snack on some yummy popcorn during this fun movie.

 

Sholem Father's Day Celebration

Date: Sunday, June 18th

Time: 11:00 am - 7:00 pm

Location: Sholem Aquatic Center (2205 Sangamon Drive)

Enjoy a fun filled day at the pool! Along with all the regular water attractions at the center, this day will feature a “Hop & Flop Daddy Drop” cannonball contest, “Draw your Dad” picture contest, and half priced rootbeer floats! Dads get in FREE with one paid child admission.

 

Sounds at Sunset Concert Series

Date: Sunday, June 18th

Time: 6:00 pm - 8:00 pm

Location: Toalson Park (502 Bardeen Lane, Champaign)

Celebrate dad in beautiful Toalson Park with a fantastic performance by Katie Flynn! This great jazz singer hails from Champaign. Pack a picnic with all of dad’s favorite food and beverages and enjoy a relaxing evening with live music.

 

Champaign Rose wishes all the fathers in the Champaign/Urbana area a very happy Father's Day!