CHAMPAIGN – More homes were sold in the Champaign County area in March than ever before, according to the local real estate association.
265 homes were sold last month, up from 225 last year, according to the Champaign County Association of Realtors, and up from 258 in March 2006.
570 homes have been sold so far this year, up 16 percent from a year ago.
The median home sales price rose 9.6 percent in March from $ 155,000 a year ago to $ 169,900.
“The normal surge in sales activity in the spring, coupled with a relaxation of COVID-19 guidelines, resulted in a very busy property market in March as buyer demand continued to grow despite rising property prices,” said Liz McDonald, president of the association.
McDonald said inventory remains scarce, causing homes to sell quickly.
In March, the average home was sold on the market after 79 days, down from 112 days a year ago.
“As many home builders work to increase production, the cost of lumber and other materials and a lagging supply chain continue to limit and slow down home construction, putting pressure on the inventory of existing home sales,” said McDonald.
“The US real estate market is experiencing a historic boom that was not expected and is likely to continue for a few more months. Sluggish inventories mean that more buyers are competing with one another for houses on the market and thus putting pressure on prices.
“We are confident that stocks will go up and more people will get COVID vaccines. If people get COVID vaccines again, stocks should go up more as sellers are comfortable putting their homes up for sale,” she added added.
Buyers continue to benefit from relatively low mortgage rates. The average 30-year fixed-rate mortgage was 3.08 percent in March after 3.45 in the previous year, according to the Federal Home Loan Mortgage Corporation.
