Champaign County Homes Sales Up Nearly 10% From Year Ago

A nearly 11 percent increase marks 15 consecutive months of existing home sale growth.

Sales of existing homes in the Champaign County area for the month of May rose by 10.94 percent from the same month last year. 

The Champaign County Association of Realtors reports 294 sales of existing homes in May, up from 265 sold in May of 2012.

Champaign County Association of Realtors President Todd Salen said this latest increase is the sharpest one in months, in what is now 15 consecutive months of improving home sales.

Salen said Champaign County, along with Sangamon and McLean Counties, have “led the charge” when it comes to the revival of home sales in Illinois. He said all three counties have seen sustained periods of improving home sales.

Salen also noted that that May’s higher increase in home sales comes at the beginning of the peak home-buying season.

“When you think about May, June, July being the prime real estate time --- we always have growth in this time frame,” said Salen. “And to have double-digit growth at the beginning of this traditionally hot real estate market is significant.”

The median home sales price for the Champaign County area in May was about $130,437, down 4.09 percent from a year ago.

Salen contends that the median price is lower because of strong interest in lower-cost, starter homes. He said homes in Champaign County will soon start selling at higher prices, due to pent-up buyer demand and a tight inventory.

The Champaign County of Realtors also reports that year-to-date sales dollar volume of home sales in the Champaign County area was at $135,032.591 in May, up 5.90 percent from $127,503,551 a year ago. A total of 888 homes have been sold year-to-date, up 8.42 percent from 819 homes in May of 2012.

There were 219 pending sales in May, a gain of 12.72 percent from the previous year. 47% of homes sold in Champaign County and surrounding areas during May were priced between $100,000-$200,000.

Story source: WILL