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Champaign County IL Real Estate Market Report, August 2011

August 2011 Residential Sales Information Compared to August 2010

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

August 2011 Closed Sales Statistics:

* 239 units sold
* $149,457 average sale price
* 95.0% sale-to-list price ratio
* 94 average days on the market

August 2010 Closed Sales Statistics:

* 171 units sold
* $169,087 average sale price
* 95.1% sale-to-list price ratio
* 82 average days on the market

Champaign IL Real Estate Market Report

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

As expected, we had significantly more sales in August 2011 than in August 2010, not because the economy is seeing an upswing (wishful thinking!) but because of the lack of a tax credit this year compared to last year. And while things could still change in the next few months, we’re currently on track to see an improvement in total sales overall for 2011 compared to 2010.

It seems the struggle this year has been the marked decrease in average sales price. While the overall decrease in average sales price from 2007 to 2010 was only about 3%, we’ll likely see an even larger drop from 2010 to 2011. What this means for sellers is, you need to price your home right, usually just under market value. When the price trend is heading down, pricing your home AT market value often isn’t good enough.

Any buyers who have been on the fence, now would be a good time to hop off it ­čÖé Interest rates are once again at an all-time low and some real estate markets in the country are beginning to see an upward trend again. Eventually, we will, too. I believe it’s just a matter of time…

Champaign IL Real Estate Absorption Rate Trends

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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