August 2023 Market Update
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%
May 2022 Market Update
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.
April 2022 Market Update
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
February 2022 Market Update
For the most recent twelve months (02/01/2021-1/31/2022) the MLS reported 2,121 sales with a median sale price of $180,000 and a reported average marketing time of 44 days. For the prior twelve months (02/01/2020-1/31/2021) the MLS reported 1,945 sales with a median sale price of $172,500 and a reported average marketing time of 83 days. This shows an increase in the number of sales of 176 homes or 9.0%. The median sale prices saw a 4.3% increase. There are currently 138 homes on the market with an average marketing time of 127 days. This results in a 0.7-month supply of homes in inventory, which is a significant shortage relative to historical supply demand relationships in this market.
Buyer Agency and New Construction
The process of building your own home can be difficult and stressful, especially for those who have not done it before. My goal is to employ my knowledge, skills, experience, and contacts to make this is an interesting and rewarding experience for you. Hopefully, when the process is completed, you will feel confident that you made good, informed decisions based upon experienced advice.
How to Get Rich Slowly in Real Estate
I started investing in residential real estate in Champaign over thirty years ago, and I’ve been an owner and manager ever since. Owning and managing rental property is one of the few ways I know that ordinary people can accumulate wealth into the millions of dollars during a 15 or more-year term. I call this “How to Get Rich Slowly in Real Estate.”