Champaign County IL Real Estate Market Report, May 2012
May 2012 Home Sales Information Compared to May 2011
The following real estate market information concerns only residential sales in greater Champaign County, IL and includes houses, condos, co-ops, and zerolots
May 2012 Closed Home Sales:
- 282 units sold
- $152,331 average sale price
- 95.8% sale-to-list price ratio
- 108 average days on the market
May 2011 Closed Home Sales:
- 251 units sold
- $133,423 average sale price
- 95.6% sale-to-list price ratio
- 96 average days on the market
What's going on in the Champaign County, IL real estate market?
Last year in 2011, the Champaign IL real estate market was hurting, and there were a few trends that made it and kept it that way throughout most of the year. For one, we had too much inventory, meaning too many homes on the market competing with one another, and not enough buyers to bring the inventory down to a more stable number. Our absorption rate never fell below about 7 months (5-6 months would indicate a stable market). Another trend was very little movement in the upper price ranges. Homes listed for more than $400,000 or so were, for the most part, not selling.
Why am I bringing up this dreadful past, you might ask? Because so far, for the first 5 months of 2012, things are looking up. Inventory has been down a solid 10% plus, more buyers have been buying, and more homes are selling in the uppermost price ranges. Our real estate market is currently looking a lot more stable than it's looked in recent years. The question remains, will it stay this way. And who knows? What I do know is that May was a good month for the Champaign-Urbana IL real estate market and I'm eager to see what the coming summer months will bring.
Last Month's (April) 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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