Home Sales in Champaign County Dips to 3.9% in May 2017

In Champaign County, sales of homes dipped in May this year compared with the same time last year. In May this year, 271 homes were sold, a decline of 3.9% from 282 last May 2016.

“I think they’re right around where they need to be,” said CCAR President Jim Waller. “Last year was a good year, and we’re not that far down from that.”

“We’re still lacking some inventory,” he said. “We’d love to see some more listings. There’s a lot of buyers, and they’re not all able to find what they want.”

Of the homes sold this May, 124 were in Champaign, 60 in Urbana, 23 in Mahomet and 14 in Savoy. Homes stayed listed for 61 days though as compared to 69 days last year.

The median price of homes currently listed is $155,00 in May, a 5.8% increase from $146,500 in May 2016.

“Low mortgage rates are still triggering more buyer demand in this market but some buyers are finding it taking a bit longer to find the right property that suits their prerequisites. The number of new listings and inventory of homes for sale continue to decrease in the Champaign market area,” said Jim Waller, president of the Champaign County Association of REALTORS®. “REALTORS report inventory sales and strong buyer demand is leading to more multiple offer situations in this hot spring/summer selling market and buyers have to proceed quickly on their offer if they find the home they wish to purchase.”

Sellers should note that buyers are eager to purchase and are searching the market right now. In fact, Waller expounds that Champaign County is a still a viable place to reside despite the dip in sales.

“It’s economically stronger than most of the state,” he said. “And we have some companies in town that are hiring.”

Champaign Country Club View

1020 West Armory, Champaign

This lovely home at 1020 West Armory, Champaign just came on the market and it is one of those perfect vintage west side Champaign homes.

Here are some of the highlights:

Your dream…fulfilled.

Champaign Urbana Real Estate Update

The latest statistics on  Real Estate in Champaign Urbana tells us what we already knew- this market continues to slip slide.  Usually statistics can be used to emphasize something that is minor or unimportant or a bald faced lie. In this case they throw light on the pink elephant in the room.

The feature seller buyer in a News Gazette article this am sold a condo listed for $165,000 for $130,000 (see pointer below for sellers) and bought a super house which is just what they needed in South Champaign and moved. This is so typical these days and at the risk of being beyond trite I’ll say it: “THIS IS A BUYER”S MARKET!”

Here are some of the stats:

-there were 32 more closings this August compared to last (239 to 271)…the good news.

-the average selling price was down almost $20,000 dollars…the bad news…maybe. Got to be that with mondo homes over $500,000 hardly selling at all skews this figure. Better stats are needed to see this for what it truly is.

-the number of homes on the market actually decreased last week from 2,100 to 2,025. But this figure has to be taken like the unemployment figures. Most likely there is a gaggle and a half of “discouraged sellers” who have withdrawn homes because they have been on the market since the Vietnam era. A figure that needs to go with this one is average days on the market.

So…what can we conclude?

First for sellers:

-Price it right, which means low. Possibly less than you paid or owe and certainly less than you want to get. It’s tough but the best advice a realtor can give you is start at a gettable price.

-Be ready to wait…and wait.

-Have the place ready, but get good advice on what to invest in to do that. Like pull down the flowered wallpaper but skip paving the drive.

-Consider selling on contract. Just be sure to use a realtor and a smart real estate lawyer– and no that is not meant as an oxymoron jab. Get one that knows real estate contracts and is reasonably priced. And like get one that went to Mount Holyoke or some such place.

Then for buyers:

-Whoo hoo! Have fun. Shop till you drop and find a cool dream house bargain.

-Be patient…but do not let this down market and low interest rates pass you by. Max Mitchell reminds us that they are “they are the most favorable (he means low) they’ve been since the ’70s”. The Vietnam era again…great days, right Max?

-Remember that sellers pay realtors. So call a realtor today. Shop for one that meets you needs and let them work for you. Believe me, they are hungry.

Fall Events Around Champaign Urbana

Urbana really has the festivals.....here the big stage for the Blues, Brews, and Barbeques in the spring.

Both Champaign and Urbana have various great events during the year. Blues, local bands of all kinds, arts, food- and there is a great weekly farmer’s market in downtown Urbana from spring through fall.

The Urbana Business Association is hosting the 36th Annual Sweetcorn Festival & The Mahomet Area Chamber of Commerce is converting downtown Mahomet into the Sangamon River Music Festival.   Both communities invite you to come out and spend the weekend with them.

Coming up soon is the 36th annual Sweetcorn Festival in downtown Urbana August 26 and 27.

Here is the lineup for this free event.

Friday:

5:30 – 6:45 THE BRAT PACK

7:15 – 8:45 The Tons O’ Fun Band

9:15 – 10:45 Headlining – The Boat Drunks

Saturday:

6:00 – 7:00 Lou Dibello Band

7:30 – 8:15 The Feudin’ Hillbillys

9:00 – 10:30 SURVIVOR

For a complete list of activities, <<click here.

Also coming up is the Sangamon River Festival in Downtown Mahomet…one of the truly local festivals.

Here is part of the lineup…

Friday, August 26:
4:00-7:00pm
5:00-10:00pm
5:00-11:00pm
6:00-8:15pm
6:00-8:00pm
8:45-11:00pm
Raminator Monster Truck Rides
Carnival Rides, $17 Armbands
Booth Vendors & Food Court
“Kings Highway”
Bingo – At the Community Building
“Ryan Ideus & Feudin Hillbillys”

Saturday, August 27:
10:00am
11:00am-11:00pm
11:00am-10:00pm
11:00am-7:00pm
11:30am
12:pm-2:00pm
1:00-3:00pm
2:00-6:30pm
2:45-5:00pm
5:30-8:00pm
6:00-8:00pm
8:30-11:00pm
Parade – Begins at Lincoln Trail School
Booth Vendors & Food Court
Carnival Rides $17 Armbands
Raminator Monster Truck Rides
Ronald McDonald Magic Show at Masonic Lodge
“ApologetiX”
Bingo – At the Community Building
CAR SHOW at Sangamon School Parking Lot
“Renegade”
“Poprocks”
Bingo – At the Community Building
Blooze Brothers

Have fun!!!