January 2011 Residential Sales Information Compared to January 2010
The following real estate market information concerns only residential sales in greater Champaign County, IL and includes houses, condos, co-ops, and zerolots.
January 2011 Closed Sales Statistics:
* 107 units sold
* $144,241 average sale price
* 94.9% sale-to-list price ratio
* 112 average days on the market
January 2010 Closed Sales Statistics:
* 88 units sold
* $142,426 average sale price
* 95.7% sale-to-list price ratio
* 95 average days on the market
What’s going on in our Champaign IL real estate market?
What an interesting start to the new year! We had a fairly significant increase in the number of sales for January 2011 compared to January 2010. However, just like last year, we saw a moderate increase in our inventory of homes on the market going from December to January, and we ended the month with 1,876 units for sale. As you can see by the chart below, the absorption rate shot back up! If we continue to see a steady increase in sales over the next few months as we typically do around this time of year, then the absorption rate should gradually fall back to a more manageable number.
As a side note, interest rates have just begun to increase again little by little. There’s no way of knowing whether this increase is here to stay this time, but I for one will be keeping watch!
What is an Absorption Rate?
*Information is deemed reliable, but not guaranteed to be accurate. Statistics in this report were obtained through the Champaign County Association of Realtors®