Prices were up but the pace of sales slowed in May as the Bloomington-Normal housing market entered its busy selling season.
Overall sales are down 5.7% in 2019 through May, the Bloomington-Normal Association of Realtors reported Tuesday. There were 238 homes sold (237 existing and just one new) in the Bloomington-Normal area in May 2019, BNAR reported. That’s down 15% from May 2018 and 25% from May 2017.
But prices continue to rise. The average price for an existing home sold in the Bloomington-Normal market is now $172,235, up 5.3% from this time a year ago.
“Existing sales remain strong due to good values and are showing a slight increase year-to-date over last year,” BNAR President Danell Moberly said in a statement. “Our new construction is still down which is a result of better values in our existing homes.”
The local market mirrors the market statewide. Statewide, year-over-year home sales were down 1.3% while the median price was up 1.9%.
“Currently our inventory remains low,” Moberly said. “This is not because consumers aren't listing their homes. They are listing, and as long as they are priced right and show well, they are selling quickly in certain price ranges due to lack of inventory.”
The market for newly built homes remains very soft. Just 14 new homes have sold so far in 2019, down 65% from the year before.
The average price for a newly built is now $274,818, BNAR reported.
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