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Champaign County IL Real Estate Market Report, February 2012

February 2012 Home Sales Information Compared to February 2011

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

February 2012 Closed Home Sales:

131 units sold
$125,088 average sale price
95.1% sale-to-list price ratio
119 average days on the market

February 2011 Closed Home Sales:

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

Champaign IL Real Estate Market Report

What’s going on in the Champaign County, IL real estate market?

Not surprisingly, sales are up for February 2012 compared to a year ago! For the first couple months of this year, we’ve seen a trend of increased pending sales and the vast majority of pending sales result in closed sales, usually within 45 days. In other words, there’s a very good chance we’ll see sales up for March 2012, too.

Also worth noting is the absorption rate trend in Champaign County (see chart below). Since the end of 2011, the inventory of homes on the market has been lower than what it was a year ago. Lower inventory combined with an increase in sales results in a lower absorption rate, which is good news for sellers and for our market, in general. Currently the absorption rate is at 13.4 months compared to 16.2 months one year ago, and we’ll see this number continue to drop over the coming months as we head towards summer.

Champaign IL Real Estate Market Report

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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