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Champaign County IL Real Estate Market Report, January 2011

By
Real Estate Agent with Beringer Realty

Champaign County IL Real Estate Market Report, January 2011

January 2011 Residential Sales Information Compared to January 2010

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

January 2011 Closed Sales Statistics:

  • 107 units sold
  • $144,241 average sale price
  • 94.9% sale-to-list price ratio
  • 112 average days on the market

January 2010 Closed Sales Statistics:

  • 88 units sold
  • $142,426 average sale price
  • 95.7% sale-to-list price ratio
  • 95 average days on the market

 

Champaign IL Real Estate Market Report

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

What an interesting start to the new year! We had a fairly significant increase in the number of sales for January 2011 compared to January 2010. However, just like last year, we saw a moderate increase in our inventory of homes on the market going from December to January, and we ended the month with 1,876 units for sale. As you can see by the chart below, the absorption rate shot back up! If we continue to see a steady increase in sales over the next few months as we typically do around this time of year, then the absorption rate should gradually fall back to a more manageable number.

As a side note, interest rates have just begun to increase again little by little. There's no way of knowing whether this increase is here to stay this time, but I for one will be keeping watch!

Champaign IL Real Estate Market Report

What is an Absorption Rate?

Last Month's (December) 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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Shannon Lewis is a Realtor® and broker at Beringer Realty located in Urbana, Illinois. She and her partner, Debbie Hensleigh, help home buyers and sellers in Urbana, Champaign, Savoy, and many other surrounding communities.

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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

Comments (2)

Ellie Penaranda
239.776.5077 Downing-Frye Realty - Naples, FL
Naples Florida Real Estate - Waterfront & Beach Co

Shannon, I am impressed, 32% cash transactions?  We have a higher percentage in Naples, but it would be expected considering people come to Naples to retire and buy 2nd homes.  When I was in VA I think I only had 2 cash deals in 18 years.  Now 1/2 of my business is in cash.  I wonder if it is going to be a trend?

 

 

Feb 09, 2011 03:19 PM
Shannon Lewis
Beringer Realty - Champaign, IL
Realtor, Broker - Champaign-Urbana, IL

Hi Ellie, 15-20% cash transactions is pretty normal around here so that 32% is high for us. Still we have a higher percentage of cash transactions than most areas and far fewer FHA loans than most areas. I, too, am curious as to if and how these numbers will change this coming year... 2011 is going to be very interesting!!

Feb 10, 2011 01:14 AM