• HOME PAGE
  • MEET OUR TEAM
  • ABOUT US
    • Our Philosophy
    • Our Mission
  • Property Search
  • Our Listings
  • Contact Us
  • Careers

Holdren & Associates Inc.

  • Peggy’s Pointers
  • Subdivisions
    • Jacobs Landing
  • Sellers
    • What Should I Do To Get My House Ready?
    • Ready To Go?
    • How Much is My Home Worth?
    • Am I Priced to Sell?
    • Improvement Means Sale
    • Trendy Bath Upgrades
    • What Do I Do if My House Isn’t Getting Activity?
    • Short Sale
    • Foreclosure
  • Buyers
    • What Can You Afford?
    • Buyers Market Analysis (BMA)
    • Finances In Order
    • Understanding Loan to Value Ratios
    • Your Credit History
    • The Down Payment
    • Closing Costs
    • Different Types of Loans
    • Mortgage Terms
    • Paying Points on a Loan
    • Refinancing Information
    • The Moving Check List
  • Resources
  • Free Market Analysis
  • July 4, 2022
You are here: Home / Newsletters / Champaign County Area December Home Sales Climb Sharply

Champaign County Area December Home Sales Climb Sharply

January 27, 2020 By Office Staff

 

1

Champaign County Area December Home Sales Climb Sharply;

2019 Total Year Sales Dip Slightly from 2018;

Median Prices Remain on the Rise

 

Residential home sale activity in the Champaign County area rose by double digits during the month of December as more buyers were confident that now is the time to make a home purchase. The Champaign County Association of REALTORS® reports a total of 211 residential homes were sold in December, up 19.89 percent as compared to 176 sales in December of 2018. For the month of December of 2019, the median home sale price stood at $166,000 up 14.68 percent from $144,750 from December a year ago. The average home sale price for the month of December was $192,522 up 13.99 percent from December 2018 home sale price of $168,901.

 

There were 2,752 homes sold in 2019, off by 5.23 percent as compared to 2,904 homes sold in 2018. According to CCAR, the median home sale price for 2019 was $156,250, up 3.82 percent from $150,500. The average home sale price for 2019 for the Champaign County area stood at $178,652, up 1.99 percent from $175,171 in 2018.            

 

 

“While buyer demand was up sharply in December, sellers also are recognizing now is a good time to work with a REALTOR® to list their home on the market as new listings are showing positive gains. All combined, December brought a strong finish to the year for home sales in the Champaign County area. Median prices have maintained positive annual growth while sales throughout the year followed an unusually choppy trend before finishing the year with sales gains up near 20 percent for December. The year of 2019 was one of declining interest rates,” said Julie Roth, president of the Champaign County Association of REALTORS®. “With low mortgage rates, low unemployment and continued wage growth, home buyer activity is expected to remain healthy into the new year.”

 

      The average rate on a 30-year fixed-rate mortgage, according to the Federal Home Loan Mortgage Corporation (Freddie Mac) was 3.72 in December versus 4.64 percent in December of 2018 and up from 3.69 percent in November of 2019. The average commitment rate across all of 2019 was 3.94 percent. The 30-year fixed-rate mortgage for the week ending January 23rd dropped to the lowest level in three months to 3.60 percent.

 

       “While the overall outlook for the housing market remains promising in 2020, the biggest hurdle remains increasing housing supply levels to meet ongoing buyer demand. Tighter inventory levels lead to higher home prices and that can mean a struggle for those especially at the lower end of the market. New construction was on the rise in 2019 and is expected to continue into 2020 and that should help to increase inventory levels,” said Roth. “Mortgage rates are expected to settle below 4 percent for 30-year fixed rate mortgage in 2020 which should help buyers from an affordability and purchasing power. From a seller’s standpoint there are several advantages to putting their home on the market as buyers remain motivated in this winter market as December sales demonstrated.”

 

     The inventory of homes for sale declined 6.6 percent in December to 731 listings from 783 listings in December of 2018. While inventory declined, the number of new listings were on the rise up 15.5 percent to 112 new listings in December this year.

Pending sales, a sign of future real estate activity, declined 4.5 percent in December of 2019 from December a year ago. Pending sales for the month of December reflect the total number of active listings that went under contract and are awaiting a closing usually 30 to 60 days in the future.

 

      According to Geoffrey J. D. Hewings, director of the Regional Economics Applications Laboratory at the University of Illinois in the 2020 Housing Price Forecast for Illinois REALTORS®, median prices are forecast to continuously grow in 2020 within a higher and slightly broader range compared with 2019. As for sales, he forecasts overall negative gains in 2020 for Illinois and positive gains for the Chicago area.

 

“The mixed signals from the market are reflected in a housing market that remains positive in terms of prices but with considerable variance in terms of sales,” noted Hewings. “Affordability and limited inventory dampen demand while low interest rates make ownership attractive; the net effect of these forces is reflected is a market that is difficult to forecast.”

 

On a full-year basis, the National Association of REALTORS® reports total existing-home sales ended at 5.34 million, the same level as in 2018, as sales in the South region (+2.2%) offset declines in the West (-1.8%) and Midwest (-1.6%), as the Northeast remained unchanged.

 

      Realtor.com reports inventory will struggle to grow in 2020 and could instead reach a historic low level. For the first time ever, Millennials (born between 1981-1997) share of mortgage originations will surpass 50 percent in the spring, outnumbering Gen X and Baby Boomers combined. First time buyers will continue to struggle with affordability, even with mortgage rates in an approachable range, as entry-level inventory is expected to remain constrained.

 

      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. Statistics are from residential sales within the Champaign County area. Data compiled by Midwest Real Estate Data, LLC as available on January 14, 2020.

Filed Under: Newsletters

User Goodies

Property Search Alerts

Click on the image above and complete the questionnaire, then Holdren & Associates will provide you with an email alert based on your personalized search criteria.

Click on the image above and complete the questionnaire, then Holdren & Associates will provide you with an email alert based on your personalized search criteria. We will set up a search with your personalized search information which will be emailed to you daily as changes are added to the Champaign County MLS (Multiple Listing Service) for instant, up to date information. This search function gives you access to new listings, price changes, sale pendings, expired, and withdrawn listings at the same instant that those property updates become available to area REALTORS®. Your favorite properties can be saved to your inbox so you can monitor pertinent changes for example a price reduction. All this information at your fingertips.

Find Your Home

Quick Search of the Champaign County Association of Realtors Multiple Listing Service (MLS)

Click the image above to begin performing a "QUICK SEARCH" of the Champaign County Association of REALTORS® Multiple Listing Service (MLS). This search function gives you access to all properties via MLS number, street address, property type, price, town, and even style of home. All this information is accessible to you at the same instant the properties become available to area REALTORS®.

Free Market Analysis

Curious to know what your home would sell for in today's market? What you see online may be wrong.

Curious to know what your home would sell for in today's market? What you see online may be wrong. Click on the above image to get started, Holdren & Associates would be happy to provide you with a professional and detailed analysis. Allow us to help you start the listing process today.

Mortgage Calculators

How much can I borrow?
How much will my payments be?
What house can I afford?
Which is better: 15 or 30 year term? Click on the image above for a very thorough group of calculators to help you decide.

Have you ever asked yourself these questions? How much can I borrow? How much will my payments be? What house can I afford? Which is better: a 15 or 30 year term? Click on the image above for a very thorough group of calculators to help you decide.

Help Me Relocate

Whether you are moving to or from the Champaign County and surrounding areas, we will work closely with all lenders, attorney's and inspectors to facilitate the timing of your home sale or purchase so that your transaction will be effortless.

Click on the image above and complete the questionnaire. Whether you are moving to or from the Champaign County and surrounding areas, we will work closely with all lenders, attorney's and inspectors to facilitate the timing of your home sale or purchase so that your transaction will be effortless. Even if you are moving out of the area, we can assist by hand selecting your new destination realtor to ensure quality service. Let us help take the angst out of relocation!

Ask Us...

You got Questions? We got Answers...

You got Questions? We got Answers... Want to know about the real estate process, how to begin your search, closing costs, buyers costs, how to get prequalified, what about lenders, attorneys, inspectors, painters, moving companies etc., etc...We have all the answers to ensure a smooth transition whether you are coming or going in the Champaign County and surrounding areas. Simply click the image above to get started!

Upcoming Open Houses

Click the image to view our most current open house listings.

Click the image to view our most current open house listings. We invite any and all to take a look at some of our beautiful homes, one of them could be the one for you!

Our Newsletter

Subscribe to our newsletter by clicking here.  You will be taken to a short form to enter your information...

Subscribe to our newsletter by clicking here. You will be taken to a short form to enter your information...

Find Us

Holdren & Associates Inc.
1902 Fox Drive, C5
Champaign, IL 61820
Tel: 217-398-3100
Fax: 217-398-3105

CONNECT WITH US

  • 
  • 
  • 
  • 
  • 
  • 
  • 

HOME PAGE | ABOUT US | CONTACT US | FIND US | SITE MAP | PROPERTY SEARCH | TERMS AND PRIVACY POLICY

Copyright © 2022 HOLDREN & ASSOCIATES INC. | Designed by Illinois Internet Development



Holdren & Associates Inc. 1902 Fox Drive, C5, Champaign, IL 61820
Tel: 217-398-3100
Fax: 217-398-3105

Holdren & Associates Real Estate
You are here: Home / Newsletters / Champaign County Area December Home Sales Climb Sharply