For the most recent twelve months (04/01/2023-3/31/2024) the MLS reported 1,631 sales with a median sale price of $214,000 and a reported average marketing time of 28 days. For the prior twelve months (04/01/2022-3/31/2023) the MLS reported 1,896 sales with a median sale price of $190,000 and a reported average marketing time of 31 days.
It is most notable that there is a significant shortage of homes in inventory, which is putting upward pressure on sales prices. This is most likely due to the combination of pent-up demand being released as well as buyers pushing to get under contract in anticipation of rising interest rates. It is also significant that sales volume for the month of April is at a 5-year low and the rate at which home values are increasing is slowing. 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 365 homes or -18.3%. The median sale prices saw a 9.7% increase year-over-year. There are currently 72 homes on the market with an average marketing time of 70 days. This results in a 0.5-month supply of homes in inventory, which is a significant shortage relative to historical supply demand relationships in this market. Please note that the average marketing time of active listings is significantly above the average for closed sales in the prior 12 months.
This shows a decrease in the number of sales of 394 homes or -19.4%. The median sale prices saw a 8.4% increase year-over-year. There are currently 173 homes on the market with an average marketing time of 85 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. Please note that the average marketing time of active listings is significantly above the average for closed sales in the prior 12 months.
This shows a decrease in the number of sales of 365 homes or -17.9%. The median sale prices saw a 6.9% increase year-over-year. There are currently 150 homes on the market with an average marketing time of 79 days. This results in a 1.1-month supply of homes in inventory, which is a significant shortage relative to historical supply demand relationships in this market.
While closing volume for August 2023 recovered to a level closer to the average total sales volume is down 12.5% year-over-year.
While sales volume for June was strong, volume for July was the lowest in the prior 6 years with 13.6% fewer closings than July 2022. Overall, sales volume for the year is down 36.4%