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

Recently we published our January 2012 Market Report for Champaign County IL. Here's the update specifically for the Village of Savoy:

Like the city of Champaign, Savoy experienced a drop in total listings and total home sales for 2011 compared to 2010 but saw a substantial increase in average sale price. Also impressive is the steady sale-to-list price ratio for Savoy (this number for both Urbana and Champaign has dropped to around 95%).

But by far the most fun statistic to report (yes, I'm a dork) has been the increase in pending sales. A pending sale is when a seller has agreed on a contract with a buyer, meaning a sale is in process and it will close usually within 30-45 days. In other words, the vast majority of pending sales will become closed sales in about a month. For two months in a row now, Savoy has seen a notable increase in pending sales. The hope, of course, is that this trend will continue throughout 2012.

For more local real estate information, check out our city of Champaign housing update and our city of Urbana housing update.

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