Home sales in Ashland Park, Champaign IL may finally be heading towards stabilization this year after a few tough seasons for home sellers! When development first began in Ashland Park neighborhood about 6 or 7 years ago, the subdivision quickly gained popularity for its convenient location and low-maintenance, affordable homes with beautiful, modern design. However, a few years later as the economy slowed, home sales slowed, too, and in Ashland Park, resale homes were competing with the next phase of new construction. The result? Many homes lingered on the market and home values dropped.
Buyers have been getting absolutely amazing deals in Ashland Park, Champaign IL for the past 2 years... but it's possible that we're seeing the tail end of this trend.
Just over two years ago (6/19/2010) I wrote a blog about Ashland Park neighborhood complete with statistics about the real estate market for the subdivision. Let's take a look at the numbers back then compared to now:
Keep in mind that April 30th, 2010 was the deadline to have a home under contract to receive the first-time home buyer's tax credit, and June 30th, 2010 was the deadline to close on the sale. Even after those inflated sales of 2010, there were still 31 homes on the market in Ashland Park compared to 24 homes on the market today. That's about 20% less inventory, which is great news for sellers.
Currently the average sale price is still down compared to where it had been, but I suspect that it might be hitting bottom by now. Take a look at the total number of home sales in Ashland Park, Champaign IL over the last 5 years:
- 2008: 40 home sales
- 2009: 43 home sales
- 2010: 39 home sales
- 2011: 33 home sales
- 2012 (to date, through 7/6): 20 home sales
In mid-2010, there were 31 homes on the market and in 2011 there would only be 33 total home sales in Ashland Park. That's really rough! So far for 2012, we already had 20 sales in the first 6 months with another 9 pending. It seems we're on track to have around 40 sales total for the year. And more sales combined with less inventory would mean a more stable market. I'll be keeping watch on the home sales in Ashland Park, Champaign IL and hope that things continue to look up!