May 2011 Residential Sales Information Compared to May 2010
The following real estate market information concerns only residential sales in greater Champaign County, IL and includes houses, condos, co-ops, and zerolots.
May 2011 Closed Sales Statistics:
* 251 units sold
* $133,423 average sale price
* 95.6% sale-to-list price ratio
* 96 average days on the market
May 2010 Closed Sales Statistics:
* 284 units sold
* $148,248 average sale price
* 96.8% sale-to-list price ratio
* 85 average days on the market
What’s going on in our Champaign IL real estate market?
Things appear to finally be picking up a little this year, though as you can see, the numbers aren’t all that comparable to last year. I’m hopeful that we’ll see some stronger numbers for the coming 2-3 months to help offset a slow start this year. I hate to sound like a broken record, but I think it’s important to mention once again that our numbers this year will look completely different from last year, at least on a month-by-month comparison, and this is because of the tax credit last year which inflated the sales through June.
Compared to last month, the number of sales in Champaign County increased significantly and the average sale price rose, too. Also worth noting is that our absorption rate has dropped to 8.3 months (see chart below). Between 5 and 6 months is considered a stable market; my hope is that we’ll get to see an absorption rate in that range before the end of the summer. Keep your fingers crossed 🙂
*Information is deemed reliable, but not guaranteed to be accurate. Statistics in this report were obtained through the Champaign County Association of Realtors®