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 :-)

Champaign IL Real Estate Market Report

What is an Absorption Rate?

Last Month's (June) Market Report

*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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About the Author:

Shannon Lewis is a Realtor® and owner/managing broker of Homeplace Advisors, LLC, an innovative real estate company that provides today's home buyers and sellers with a menu of real estate services to address individual needs and budgets. Her goal is to create positive change in the real estate industry through her work, through her community involvement, and through her company,

Homeplace Advisors.

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To contact Shannon with a question, for real estate assistance, or just to say "hey!":

call 217-552-8059, or email Shannon@HomeplaceAdvisors.com

Stop by her website for more information on home buying and home selling in Champaign-Urbana, IL at www.HomeplaceAdvisors.com

 

3 Comments on Champaign County IL Real Estate Market Report, July 2011

AUG
30
2011
454,518 Points 15 Featured Posts Called Shot Master

Shannon, I like the real estate statistics and graphs with the pictures in the background. The number of sales going up is encouraging even though the price and DOM could be better.
10:09pm • #1
AUG
31
2011
209,564 Points 6 Featured Posts Outside Blog Called Shot Master

Hi Shannon, I am just so happy to see the absorption rate drop to 8 months - that's what ours is too. 
1:27am • #2
226,358 Points 2 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Thanks, Maria. I took one of the photos on the University of Illinois campus and the other downtown Urbana, which hopefully makes the presentation of the somewhat dull info a little more interesting :-)

Ellie, me too! I'm hoping we'll see a similar number for August before it starts climbing back up for the winter as usual. I'm guessing in your area (Florida) the absorption rate stays pretty constant throughout the year...though I could be wrong.
1:23pm • #3


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