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Peoria Area Home Sales Drop In Third Quarter

Alan Ferguson
/
Creative Commons

The Peoria area has recorded an earlier than usual seasonal slowdown in home sales.

Realtors Association President Jana Heffron said third quarter sales dropped more than ten percent, but overall market fundamentals remain sound.

"Inventorywise it's pretty equal to this time last year. It's a balanced market. It's not a buyers market. It's not a seller's market. Median and average sales price, days on the market, again very little change there," said Heffron.

Heffron said Caterpillar, Inc. employment uncertainty may have particularly hit homes priced above 350-thousand dollars. Lower cost homes still seem to be selling well.
     
She also said home sales sometimes drop before balloting in election years, but tend to resume after election day.

"For some consumers, yes. There are consumers who will be a little more cautious than others. And yet, at the end of the day, there are those people who have a need to sell, and there are people who have a need to buy," said Heffron.

Year to date sales are down only two percent.
 

WGLT Senior Reporter Charlie Schlenker has spent more than three award-winning decades in radio. He lives in Normal with his family.
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