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Champaign County IL Real Estate Market Report, February 2011

Champaign County IL Real Estate Market Report, February 2011

February 2011 Residential Sales Information Compared to February 2010

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

February 2011 Closed Sales Statistics:

* 115 units sold
* $124,831 average sale price
* 95.1% sale-to-list price ratio
* 123 average days on the market

February 2010 Closed Sales Statistics:

* 106 units sold
* $116,450 average sale price
* 95.0% sale-to-list price ratio
* 98 average days on the market

Champaign IL Real Estate Market Report

What’s going on in our Champaign IL real estate market?

The number of sales are up slightly this month compared to last month while the sales price fell somewhat dramatically. However, given this was also the trend we saw last year from January into February, it doesn’t seem to be cause for concern.

It seems the biggest factor still affecting our local market is the huge inventory of homes for sale. We ended the month of February with 1,865 homes on the market and a 16.2 month absorption rate (see below for explanation). There’s no doubt it’s still a buyer’s market out there. Even so, the sale-to-list price ratio came in at 95.1% which is a little low for this market but still an encouraging number for home sellers. Right now, pricing your home correctly from the moment you put it on the market will have everything to do with how quickly your home sells and whether the sales price is over or under that 95.1%!

Champaign IL Real Estate Absorption Rates

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®

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