Existing homes overall are currently taking longer to sell than they used to, but the average selling price has gone up an average of 7.4% since 2005/2006Not bad, considering the widespread belief that 2005/2006 was the “peak” of the housing market.
It is a slightly different story for new construction homes, though.They are simply taking longer to sell, and are selling for less than existing homes.
This could be attributed to updates (landscaping/ interior finishes/ finishing basements, etc.) that people have made to their existing homes, which make them stand out from the new construction homes. Existing homes are also more centrally located, since most new construction is being built to the South, away from the Champaign/Urbana area.
A more detailed look: In the past year, 65 homes have sold in . The average listing price was $242,069 and the average selling price was $236,346. The average days on market (DOM) was 86. During the same time, only 7 new-construction homes have sold (included in the 65 above), with an average listing price of $225,271. The average selling price was $217,829. The average DOM was 140.
From May 18th, 2005 until May 17th, 2006, 92 homes sold in Savoy. The average listing price was $220,585 and the average selling price was $220,073. The average DOM was 58. During that period, 29 new-construction homes sold, with an average listing price of $224,520. The average selling price was $224,769. The average DOM was 56.