Most notably, the first quarter of 2022 saw sales volume return to more average levels, with April and June 2022 having the lowest number of sales in the prior 5 years. This is highlighted in the graph below. Additionally, we are seeing even shorter marketing times as the velocity of the market continues to be very strong.
Most notably, while sales volume is up 3.8% year-over-year, the first quarter of 2022 has seen sales volume return to more average levels
It is most notable that there is a significant shortage of homes in inventory, which is putting upward pressure on sales prices. It is also significant that sales volume is returning to pre Covid-19 levels, though sales prices are still up significantly year-over-year. This could be a potential indicator of the market moving closer to a state of balance as higher interest rates push some buyers out of the market.
Month-over-month sales in Champaign-Urbana saw median sales prices stabilize after two months of decline in August and September. ($181,000 in October and $181,500 in September). Marketing times remain low – below 30 days. Please also note that year-over-year median sales price increases are still above average 6.1%.
This shows a decrease in the number of sales of 50 homes or -2.4%. The median sale prices saw a 5.6% increase. There are currently 204 homes on the market with an average marketing time of 83 days. This results in a 1.2-month supply of homes in inventory, which is a significant shortage relative to historical supply demand relationships in this market.
July 2022 saw the lowest sales volume in the prior 5 years. Additionally, month-over-month Champaign-Urbana saw a 4.9% decline in median sales prices ($203,000 in July and $193,000 in August) However, please note that year-over-year median sales price increases are still above average at 5.1%.
Most notably, July 2022 saw the lowest sales volume in the prior 5 years. Additionally, month-over-month Champaign-Urbana saw a 3.6% decline in median sales prices ($216,000 in July and $224,000 in June). However, please note that year-over-year median sales price increases are still above average at 6.3%.
Most notably, the first quarter of 2022 saw sales volume return to more average levels, with April and June 2022 having the lowest number of sales in the prior 5 years. This is highlighted in the graph below. Additionally, we are seeing even shorter marketing times as the velocity of the market continues to be very strong.