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Champaign County IL Real Estate Market Report, July 2011

July 2011 Residential Sales Information Compared to July 2010

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

July 2011 Closed Sales Statistics:

* 254 units sold
* $149,187 average sale price
* 96.4% sale-to-list price ratio
* 90 average days on the market

July 2010 Closed Sales Statistics:

* 175 units sold
* $164,647 average sale price
* 96.1% sale-to-list price ratio
* 75 average days on the market

Champaign IL Real Estate Market Report

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

This July there were 254 units sold compared to 175 units sold in July 2010. As I explained last month, it was very likely that we would have a strong month compared to a year ago because of last year’s tax credit. The tax credit expired in June 2010 resulting in a very strong June and a very weak July and August. This year, there’s no tax credit. Therefore, we had no drop-off in sales. I expect that sales for August will be stronger than last year, as well.

The average sale price bounced back up finally, though it’s certainly not where it was a year ago. We had both fewer sales in the lowest price ranges this month and an increase in sales in the upper ranges. At the end of July, we were left with an inventory of 2,100 homes on the market and an absorption rate of 8.3 months. I expect we’ll see inventory at this level for some time to come, probably a number of years. Consider it normal ­čÖé

Champaign IL Real Estate Market Statistics

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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