This is of interest to me, as I just sold and purchased homes in Champaign-Urbana:
– 3,093 homes were sold in the year that ended March 31, compared with 3,355 during the previous 12 months.
That was a drop of 7.8 percent.
– It took an average of 76 days for a home to sell during the year that ended March 31. That compares with a 68-day average for the previous 12 months.
– The average sales price was $152,770 during the year that ended March 31. That was up 2.5 percent from the $149,074 average sales price of the previous 12 months.
Discuss.
UPDATE: Here are some statewide numbers.
Aaron Gallager, a local realtor, not only stays on top of the local market quite well, but also posts some interesting tidbits in his blog from time to time.
http://activerain.com/blogs/aarongallagher
those stats are not a good sign. Stuff was pretty slow during that prior year also, so to be down from there shows that even our "insulated" area is feeling some pain.
While our stats are down compared to previous years thats no reason to panic. In fact if you're thinking of buying a home your timing couldn't be better with a large inventory and lower prices. For those of you wanting to sell even if you take a reduced price chances are you'll be buying that next bigger home at a reduced price to. While things could always be better I'm thankful I live here and the signs are showing the bottom has came and left!!
76 Days?!?!? * Jim Mora Voice * Playoffs?!?!? */ jim mora voice *
Although I'm in the 'burbs, my place has been listed for 10 months! And the price has dropped 100K!
Illini Pundit: Thank you for the story link. I like your blog and have added to the Your Two Cents Less Blogroll. DO
With real estate values declining, I am sure our asstute local elected political representatives are planning for the decrease in income from lower valued property. I know I will be protesting my tax bill this year.
After reading the property tax thread yesterday I compared the change in my home's estimated value (according to several free services including Zillow and Trulia) to the change in the assessed value for property tax purposes. My jaw has just unclenched:
Over the last five years the estimated value of my home has increased approximately 10.5%. Granted, this covers a volatile period during which my home's value rose as much as 35% compared to the 2003 benchmark.
However, in that five-year period my property taxes have risen 35.4%. The record seems to indicate that my property was reassessed each year from 2003 to 2008. Does anyone know whether the assessor's office can apply an annual multiplier with reassessing, or does this mean my property was actually reassessed?
If you feel that your assessed value is more than 1/3 of property's value, you should file an appeal.
The process is simple, and you do not need an attorney.
Michael Fuerst
With real estate values declining, I am sure our asstute local elected political representatives are planning for the decrease in income from lower valued property. I know I will be protesting my tax bill this year.
The data don't indicate that it's really a problem - the average sales price increased 2.5%, about 1% below inflation. In real dollars, there's only a 1% decrease in revenue.
Think about this ThoughtPolice. For the cost of an envelope and a stamp you can appeal your tax assessment. Illinois is showing a 2% reduction in home value currently, using the average home cost in CU, an appeal approved by the Board of Review, could save enough money to come close to filling your car with gas or even more. Unless your home is undervalued, say by the Champaign Country Club, appealing your property's assessed value is a good investment now and for the future.
Given the publicity of decrease home values, others may also protest, like me. Most will get the reduction given the statistics from the Board of Review. Our local elected spend everything they get in taxes and what they can project as future income. My earlier post was intended as a warning given their spending habits.
Laura