February B-N Home Sales Strong
Home sales in Bloomington-Normal were strong during February, and the head of the realtors' association says there aren't enough homes on the market right now.
According to figures released by the Bloomington-Normal Association of Realtors, there were 140 homes, condos or zero lot-lines with closing transactions in February. The average price was $175,572. That compares to February of 2016, which saw 118 closings with an average price of $149,812.
Ed Neaves, BNAR president, said inventory is low, creating a seller's market. Last year at this time there were 1,041 homes on the market. As of Tuesday, there were 894, Neaves said.
"We have properties (priced) anywhere from $125,000 to $300,000 that are moving with a rapid pace. We have about two-and a half months of market there. We need more houses," said Neaves. He said there are plenty of buyers and the mortgage lending rate is up slightly about about 4.25 percent, which he characterized as "historically low."
"We need houses that are priced right and in good condition, and they will sell very quickly," Neaves continued.
He added homes in the $150,000 to $200,000 price range are most in need with only a two-month current supply. According to figures from the BNAR, there were 300 pre-existing homes sold this year through February. That compares to 260 the same period last year.
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