Home Sales in the Champaign County Declined by 4.5 percent in March

CHAMPAIGN, IL (CHAMBANA TODAY)- According to the Champaign County Association of REALTORS® (CCAR), home sales in the Champaign County area during the first quarter of this year declined by 4.5 percent compared to the same period last year. In March alone, CCAR area home sales plummeted by 17.1 percent, totaling 176 units, down from 209 units in March 2023. Statewide, home sales dipped by 11.9 percent in comparison to March 2023.

Despite the decline in sales, home prices saw a notable increase. The median home sale price rose by 10% to $192,500 compared to March 2023, while the average home sale price surged by 17% to $242,445 from the previous year’s $207,042.

As of April 21, 2024, the inventory of homes for sale stood at 635 properties, down from 649 properties last month and significantly lower than the 825 properties recorded on April 15, 2022, marking a 30% decrease.

Jim Waller, president of CCAR, remarked, “With shrinking inventory levels, this spring is poised to be another competitive market with strong competition on behalf of buyers for properties. With these reduced inventory levels, we still have a way to go in terms of building a more balanced market for buyers and sellers. Homeowners who work with a REALTOR® to list their home now can benefit from the popular homebuying season of spring and summer. Sellers who have their home looking its best are in the ideal position to get multiple offers at or above list price.”

In March, the number of newly listed homes for sale experienced a significant decline of 23% compared to the same period last year, with 188 new listings versus 245 previously. Additionally, pending home sales dropped by 6.5% to 200 sales in March, down from 214 sales in March 2023, according to data from Midwest Real Estate Data, LLC for Champaign County. Pending sales for March represent the total number of active listings that have gone under contract and are awaiting closing, typically within 30 to 60 days.

The average rate on a 30-year fixed-rate mortgage, as reported by the Federal Home Loan Mortgage Corporation (Freddie Mac), stood at 6.82% in March, marking an increase from 6.78% in February and 6.54% in March of 2023. For the week ending April 11, the 30-year fixed rate averaged 6.88%, marking the first weekly gain in 2024.

Doug Duncan, Fannie Mae’s Senior Vice President and Chief Economist, observed, “Both our ‘good time to buy’ and ‘good time to sell’ measures continued their slow upward drift this month.” However, consumers exhibited a slightly more pessimistic outlook on mortgage rates, potentially reflecting the recent upward trend in actual mortgage rates.”