Champaign IL Housing Market Report 3rd Quarter 2011
While our Champaign IL real estate market continues to face some of the same challenges that we've seen the first two quarters of the year (as well as in previous years), we've had small improvement in other areas. As you can see from the charts below, our inventory has remained just as high this year as it was last year which has made competition tough for sellers but has given buyers plenty of exceptionally priced homes to choose from. This fact, combined with record low interest rates (again!), translates to an ideal situation for home buyers with the financial means to take advantage of it.
Luckily, there's a little good news for sellers, too: this quarter the total number of sales for each month has been strong and it's reasonably likely that we'll end 2011 with more sales total than in 2010.
In the 3rd quarter, the average sale price finally picked up a little compared to the first two quarters of the year, though our average sale price for 2011 has fallen substantially from 2010. As I've pointed out before, the total number of sales for 2011 in the price range of under $50,000 is on track to be TWICE as many as last year, which certainly has helped bring down the average sale price.
Overall, it seems like we're in a better place right now than we were this time last year with a substantially lower absorption rate than we had 12 months ago (only 9 months compared to 13) and a much more gradual slowing of sales heading into the winter months. Personally, I'm excited to see what the last quarter of the year brings...as always, anything could happen :-)
And in case you missed it, here are the links to the monthly market reports for this quarter:
*Information is deemed reliable but not guaranteed to be accurate. After all, I'm only human ;-)