The local Realtors president said corporate relocations helped the Bloomington-Normal real estate market play some catchup during an especially busy July.
June and July are typically among the busiest months of the year for buyers and sellers. In June and July, 664 homes were sold in the Bloomington-Normal market, up 8.3 percent from those two months a year ago, the Bloomington-Normal Association of Realtors (BNAR) reported Thursday. After a slow start to 2018, BNAR President John Armstrong expressed optimism about how the year will finish up.
“This was the strongest July I can recall in my 22 years of experience,” Armstrong said. “It's not out of the realm of possibility 2018 could be the best year in the area in the number of homes sold since 2006.”
He added: “July’s numbers are in large part (due) to corporate relocation business coming into Bloomington-Normal. There have been a variety of local employers bringing buyers into the community.”
Despite the busy summer, the overall pace of sales is down 3.8 percent in 2018 through seven months. Sales of existing homes—the bulk of the market—are off 2.1 percent, while the market for newly built homes continues to face a significant slowdown. Those are down 36 percent in 2018, with just 57 sales.
“We look for the (3.8 percent) deficit to be cut even further or units to pass last year due to strong July pending sales numbers,” Armstrong said.
The average price of an existing-home sale is now $171,806, up 1.3 percent from this time a year ago.
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