We've reviewed the trends that impacted the Champaign County Real Estate market and the most interesting developments are summarized below.
If you don't have time and want the really, really quick recap: Homes sold fast, they sold for more money and we are looking for more properties for our Buyer Clients!
Although this is considered a market with an inventory shortage, our local Realtors sold more homes than ever. Total home sales were up over 8%
from last year
Not only did we have more sales, the average sale price in Champaign County was up 9.9% to $211,121 and the median price was up 5.3% to $180,000
Curious About Your Home's Value?
What does this mean for you? Your homes’ value has likely appreciated tens of thousands more this year than what it was worth last year. We expect
that appreciation to continue into 2022 but at a slower pace.
How long is it taking to sell these homes? The median time on market actually decreased over 70% to 7 days from 23 days in 2020. (This means half the homes that sold accepted an offer in 7 days or less) However, the average time between listing and contract was 35 days down from 63 days last year.
What does this mean? While there are still a fairly large number of homes that take 2-3 months (or much longer) to sell, there have been a large number of
sales that happened in the first 1-3 days of hitting the market. This pushes the median time on market below the average. Our team sold 61% of our listings this year in 7 days or less
by utilizing our Coming Soon Listing Plan. This system allows our team to g
et peak demand from the home buyers currently in the market. Systems like ours have a HUGE impact on the market time and sale price when correctly implemented.
Another reason the average days on market is higher than the median is due to more properties coming to market with a ‘hopeful’ sale price. These may be sellers that did not originally think about moving but decided if someone hits their “Make
Me Move” price, they are ready to start packing. Or it might be someone that did not understand what their home is really worth. In some cases this works out but it typically takes more time.
The Average % of Last List Price (the final sale price divided by the current list price) increased to 99.1%. Up from 97.1% in 2021. For context, this was 96.5% 5 years ago in 2016. But don’t assume you can pick any price and it will work out! The Average % of Original List Price was 97.9% . This shows you that overpriced homes are not selling and needing price reductions to match the market demand. It’s also a great reminder that getting the price right is still one of the most important aspects of selling your home.
The Federal Reserve is expected to raise interest rates multiple times in 2022. This will cause the mortgage rates to rise as well. If you are thinking about buying, now is an excellent time to do so before rates start to creep up.
There won’t be a shocking increase but affordability of homes will change as mortgage rates rise.
If you are thinking about a move this year, we can help talk through the options. Reach out online
or text/call at 217-817-0123.
Note: All of these statistics are provided by the Midwest Real Estate Data Exchange - MRED for short. They deal with home sales reported in Champaign County and the data was collected in late January, 2022.