About Champaign County, IL

2011 Champaign IL Real Estate Market Report

Another year has passed us by and we're off to a fresh, new start! Let's take one last look at 2011 and see how the year measured up in terms of the real estate market in Champaign IL...

As you can see in the above chart, we ended the year with slightly more total sales in 2011 than in 2010, up by about 4.4%, while average sale price decreased by just over 6%. All year long I've been talking about how the number of home sales in the price range of $1 to $50,000 has almost doubled for 2011 compared to 2010, and these sales, largely foreclosures, have certainly played a role in the decrease of average sale price this year.

Worth noting is that while the overall average month-end inventory was higher in 2011 than in 2010, in the last quarter of 2011 things took a turn for the better. Our inventory from October through December remained lower in 2011 than it had in the same months of 2010, meaning simply that home sellers are off to a better start for 2012 because there's a little less competition. How long the lower inventory will remain is yet to be seen.

Don't forget, in 2010 we had that crazy first-time home buyer tax credit that expired in June, hence the peak (in blue) above and subsequent drop-off of sales. In 2011, there was no tax credit. Therefore, we have a much saner bell curve in red :-) The bell curve for 2011 and lack thereof for 2010 is even more apparent in the graph below...

What Can We Expect in 2012?

Our average sale price peaked here in the Champaign area at $152,243 in 2007. Since then we've seen a decrease of just under 9%. Will prices continue to fall? It's entirely possible, largely because there are still a number of foreclosures lined up to hit the market this year. But just like everyone else, I don't have a crystal ball and I can't see the future. Some of the hardest hit areas in the country are seeing prices creeping upward again. Eventually, our prices will start to increase again, too...I just can't say when.

There's no denying that it's a wonderful time to buy if you have the means and it makes sense for you personally. Interest rates are still incredibly low and prices are favorable for buyers. It's still a bit of a tough time for sellers, though for some there can be huge financial advantages to selling now at current prices in order to purchase a new home at a great value. It all just depends on your situation.

Have a wonderful year, everyone, and as always, let me know if you have questions. Leave a comment or see my contact info below...

P.S. We publish market reports here on our blog monthly to help you keep track of the Champaign IL real estate market! Be informed and come back soon!

Champaign IL Housing Market Report 4th Quarter 2011

Once again we've ended another quarter with a few more total sales than we had for the same quarter last year, though average sale price is down slightly and days on the market are up. Interestingly, we've averaged fewer homes on the market for the 4th quarter of 2011 than we were seeing in 2010, and this fact combined with an increase in sales has meant that the absorption rate for the area remains for this last bit of the year at slightly better, lower numbers than last year. (Check out December's market report for a 12-month absorption rate chart and explanation.)

Stay tuned for our 2011 Year-End Market Report to be posted here on our blog later today!

In case you missed it, here are the links to the monthly market reports for this quarter:

October 2011 Real Estate Market Report

November 2011 Real Estate Market Report

December 2011 Real Estate Market Report

And here's the 1st Quarter Housing Report for Champaign, 2nd Quarter Housing Report and 3rd Quarter Report.

*Information is deemed reliable but not guaranteed to be accurate. After all, I'm only human ;-)

Champaign County IL Real Estate Market Report, December 2011

December 2011 Residential Sales Information Compared to December 2010

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

December 2011 Closed Sales Statistics:

• 164 units sold
• $129,688 average sale price
• 95.2% sale-to-list price ratio
• 126 average days on the market

December 2010 Closed Sales Statistics:

• 150 units sold
• $129,087 average sale price
• 95.0% sale-to-list price ratio
• 93 average days on the market

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

Yet another December has passed us by and the month ended up looking a lot like last December...at least in terms of real estate! As you can see above, actual statistics for December 2011 were pretty similar to December 2010. Overall, days on the market has increased this year, yet we ended December with about 5% fewer homes on the market than last year and with a lower absorption rate (see chart below).

What this means is that we're off to a slightly better start for 2012, at least as far as sellers are concerned. As for buyers, keep watch on those interest rates as they've once again reached all-time lows and there's no way of knowing how long it will last.

Look for our Champaign, IL 4th Quarter and Yearly housing market reports here on our blog in the next day or two!

What is an Absorption Rate?

Last Month's (November) 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®

Last year around this time, I searched high and low...literally...to come up with a list of real estate extremes for the previous year. What was the most expensive home sold in and around Champaign IL during the year? Which home had the least square footage? etc. It was such a fun exercise I've decided to do it again!

Let's take a look at real estate extremes for 2011:

Most Expensive Home Sold: Situated in Greencroft subdivision in Champaign, this stately home sold for $1,025,000. A close runner-up located nearby sold for $955,500. Interestingly, there were 8 homes that sold in 2011 for $700,000 or more. In 2010, there were only 2.

Least Expensive Home Sold: A foreclosure in Valier, Illinois in Franklin County sold for $3,400. As you might expect, it was in need of a little TLC. It was one of two homes that sold for under $5,000 and one of 22 that sold for less than $10,000. All of these homes were located outside of Champaign-Urbana city limits.

Most Bedrooms: Sold to a company rather than an individual, this home with 12-bedrooms in west Urbana is surely being used as an investment property. The home is only steps away from the university.

Most Bathrooms: We have a tie! One home had 5 full baths and 2 half baths (also the most expensive home sold) and another had 4 full baths and 3 half baths. 7 total baths each!

Largest Home Sold: Once again, the most expensive home sold wins this round with over 7,000 square feet of finished living space.

Smallest Home Sold: With only 500 square feet of living space, this one-bedroom one-bath home in Valier, Illinois might just be the epitome of low-maintenance!

Oldest Home Sold: Built in 1857, this traditional farmhouse-style home is more than 150 years old. It’s located in Roberts, Illinois in Ford County.

And in case averages are of more interest to you than extremes, a typical home sold in 2011 in and around Champaign County had 3 bedrooms, 2 bathrooms, was purchased using a conventional loan and averaged in sale price just under $140,000.

Guess who I found strolling along Candlestick Lane this evening? None other than Santa Claus!

Candlestick Lane, otherwise known as Grant Place, has for 50 years been an Urbana holiday tradition. It began in the early 1960s when the power company sponsored a house decorating competition. The homes on Grant Place won and ever since have decked their homes with lights, holiday decor and, of course, candlesticks during the weeks leading up to Christmas.

During those weeks, all the homes are lit up from 5pm to 10pm daily and on some evenings, such as tonight, Santa hands out candy in the middle of the street as cars, bumper to bumper, slowly pass by with passengers marveling at the sight.

The light show continues through Christmas day. Be sure to drive by...and please give my kind regards to Santa!