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.”