Champaign County Real Estate Market Report, July 2010

By
Real Estate Agent with Beringer Realty

Champaign County Real Estate Market Report, July 2010

July 2010 Residential Sales Information Compared to July 2009

The following real estate market information concerns only residential sales in greater Champaign County, IL, and includes houses, condos, co-ops, and zerolots.

July 2010 Closed Sales Statistics:

  • 175 units sold
  • $164,703 average sale price
  • 96.4% sale-to-list price ratio
  • 90 average days on the market

July 2009 Closed Sales Statistics:

  • 337 units sold
  • $157,660 average sale price
  • 95.8% sale-to-list price ratio
  • 87 average days on the market

 

Financing Types July 2010

 

What's going on in Champaign's real estate market?

For a couple of months now I've been pointing out that the number of homes on the market has grown to over 2,000 and has stayed there, and I also noted that the last time we had this many homes on the market was in mid to late 2007. Now, if you take a look at my absorption rate chart below, you'll see that the rate for July skyrocketed up to 11.7!

What this means is that in the past month, the rate of home sales in Champaign County has slowed so that if sales were to continue at that same rate, it would take 11.7 months to sell all the homes currently on the market. Certainly, what appears to have happened is that many buyers took advantage of the first-time homebuyers tax credit and purchased early. Now that the tax credit is over, the temporary and misleading "growth spurt" in the market has ended and it may take a few months or perhaps until next year for the activity to catch up to the inventory, so to speak.

But don't think it's ALL doom & gloom around here! Sales prices have been up, we're still boasting a 96.4% sale-to-list price ratio, and the homes that sold in July only spent an average of 90 days on the market. As far as general statistics go, that ain't bad:-) So, chin up if your home is on the market. Homes ARE still selling and yours can, too! If you need help in that department, just give me a call. I'd be happy to come discuss with you what steps need to be taken in order to sell your home here in Champaign County.

 

Absorption Rate Trends July 2010

What is an absorption rate?

Last Month's (June) Real Estate Market Report

June 27-July 3, July 4-10, July 11-17, July 18-24, July 25-31

*Information is deemed reliable, but not guaranteed to be accurate. Statistics in this report were provided by the Champaign County Association of Realtors®.

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Shannon Lewis is a Realtor® and broker at Beringer Realty located in Urbana, Illinois. She and her partner, Debbie Hensleigh, help home buyers and sellers in Urbana, Champaign, Savoy, and many other surrounding communities.

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To contact Shannon with a question, for real estate assistance, or just to say "hey!":

call 217-552-8059, or email Shannon@HomeplaceAdvisors.com

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Topic:
Real Estate Market Trends
Location:
Illinois Champaign County
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champaign county illinois real estate market report

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