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2020-08-27
Champaign County Area Home Sales Sizzle in July as Summer Heats Up

Champaign County Area Home Sales Sizzle in July as Summer Heats Up; July 2020 Marks the Highest Sales for the Month Since 2007

Champaign County area home sales surged in July as the total number of sales rose 28.62 percent over July 2019 making it a 14-year high for listings sold within the month of July by members of the Champaign County Association of REALTORS®.

For the month of July 2020, there were 364 home sales in the Champaign County area, an increase of 28.62 percent from 283 homes sold in July 2019. Year-to-date home sales through July of 2020 totaled 1,735, an increase of 4.9 percent from the 1,654 sales in the prior year.

The median home sale price in July for the Champaign County area was $167,525 up 6.84 percent as compared to $156,800 in July 2019. The median is a typical market price where half the homes sold for more, half for less.

The average home sale price in July was $199,221, up 12.37 percent from $177,285 in July one year ago.

“With the fact that mortgage rates fell below the 3 percent mark in July and with an ever-growing pent-up demand on behalf of buyers, both contributed to the boost in buyer confidence back to pre-pandemic levels. Home showing activity in July remained substantially higher than last July and multiple offer situations were commonplace due to the eagerness on the part of buyers and the sheer shortage of properties for sale,” said Julie Roth, president of the Champaign County Association of REALTORS®. “Given the delayed start to the homebuying season pushed back to later summer this year, the backlog of demand most likely will mean sales should remain strong in both August and September as well. This competitive market for buyers shows little sign of waning in the near future.”

The pending home sales volume in Champaign County continued to trend upwards. According to Midwest Real Estate Data LLC, there were 277 pending sales in July of 2020, up 27 percent from 218 pending sales in July of 2019. Pending sales for the month of July reflect the total number of active listings that went under contract and are awaiting closing, usually 30 to 60 days in the future. The average number of days on the market stood at 80 days, up 12.1 percent from 71 days reported in July 2019.

The average 30-year fixed rate mortgage rate according to the Federal Home Loan Mortgage Corporation was 3.00 percent in July, down from 3.76 percent in July 2019 and down from 3.16 percent in June of 2020. According to Freddie Mac, the 30-year fixed rate mortgage averaged 2.99 percent for the week ending August 20th.

New listings in the Champaign County area housing market fell by 13 percent in July. Inventory of homes for sale dated August 20, 2020 stood at 954 properties on the market.

“Buyers are examining their new living quarters in a different light. They’re looking for solutions that may include a workspace in their new home or for others it means simply seeking more room than they had before both inside or outside,” said Roth. “Many sellers have simply outgrown their home, giving reason to consider moving and relocating to a bigger house or downsizing. Some are doing so rather quickly and getting top dollar for their existing home. July 2020 home sales were the highest on record for the last 14 years for the month since July 2007.”

Fannie Mae reports the strong rate of economic recovery observed in May and June sets up the third quarter for a substantial rebound. “We believe housing will continue to be a sector with relative strength amid the larger downturn, as long-running supply constraints exacerbate demographic and interest rate demand-side factors that are supporting home price growth,” said Doug Duncan, Fannie Mae Senior Vice President and Chief Economist. “The recently observed increase in purchase demand is largely due to pent-up demand as buyers are acting now after delaying purchases in the spring. We are, however, seeing some early signs of shifting buyer preference to locate to lower density areas, potentially driving some additional purchase activity.”

The Champaign County Association of REALTORS® is a voluntary trade organization serving Champaign County and surrounding areas and is the leading resource for REALTOR® members and an advocate for homeownership and private property rights. Data was compiled by Midwest Real Estate Data, LLC as available on August 14, 2020. The Champaign County Association of REALTORS® is an active participant in promoting equality and inclusion as longtime champions of fair housing with equal access to housing and opportunity for all. CCAR opposes discrimination based on race, color, religion, sex, handicap, familial status, sexual orientation, gender identity, & national origin.

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