How's the Market in Urbana? - Real Estate Market Update - Urbana IL

For a local real estate report covering a broader area, check out our January 2012 Market Report for Champaign County IL. Here's the update specifically for and concerning only the City of Urbana:

Compared to 2010, there were more listings and fewer home sales in Urbana in 2011. With tougher competition, it's easy to understand why the average sale price dropped a little, as well. Interestingly, the neighboring city of Champaign saw fewer listings in 2011 (as well as fewer sales). Champaign also experienced an increase in sales in the highest price range while Urbana saw a decrease, though Urbana also doesn't have nearly as many "luxury homes," in general.

One statistic which can be used to foresee future sales is a measure of the pending sales, meaning homes that are under contract with a buyer. For January 2012, Urbana has fewer pending sales than a year ago. However, look at the numbers for February! Pending sales almost doubled for February 2012 compared to a year ago!

Now, I tend to see numbers that look good and not believe them, so I worried that perhaps foreclosures were up significantly for the month. But after investigating, I discovered that only 3 of these 33 pending sales are foreclosures and in looking at last year's numbers, 2 - 3 foreclosure sales each month in Urbana is typical. It appears as though the substantial increase is pending sales is actually worthy of excitement ;-)

Here's our City of Champaign Market Update which covers the same time period as our Urbana update. Stick around and we'll have the market update for Savoy posted soon!

*Information is deemed reliable, but not guaranteed to be accurate. Statistics in this report were obtained through the Champaign County Association of Realtors®