Home Sales

Two of what are typically the busiest home-selling months of the year were a bit slower in Bloomington-Normal.

While most millennials are preparing to buy their first home, those in Illinois are holding off on joining in the American Dream.

The Bloomington-Normal real estate market is off to a strong start in 2019, with sales and prices up even as low inventory continues to make it a seller’s market.

November home sales rose slightly in Bloomington-Normal, though the average price of a home sold was the lowest since last spring.

Peoria Area Association of Realtors President Suzanne Miller says it’s a good time to get into the housing market.

The local Realtors president said corporate relocations helped the Bloomington-Normal real estate market play some catchup during an especially busy July.

The busy summer homebuying season is off to a slow start in Bloomington-Normal.

The Bloomington-Normal real estate market picked up a little in March, as the pace of sales quickened and prices continued their upward climb.

The Bloomington-Normal housing market continued its sluggish start to 2018, with total sales off nearly 20 percent through February.

The Bloomington-Normal housing market got off to a slow start in 2018, with sales in January—typically one of the slowest months of the year—falling by more than 25 percent from a year ago.

Home sales continue to lag in the Peoria area, despite a strong end to the busy summer sales season.

Bloomington-Normal home sales ticked back up again in August as more buyers closed deals toward the end of the busy selling season.

Bloomington-Normal home sales dipped in July as fewer buyers closed deals during the busy summer selling season.

The realty market amounted to a nearly $486 million chunk of the Bloomington Normal economy last year. That's up more than 2% in dollars.

The number of home sales rose by 2.8%.

Millenials are changing the definition of "starter homes" in the Twin Cities. That's according to Bloomington-Normal Association of Realtors President Ed Neaves. 

Neaves said the traditional "first home" market sits at around $90,000 to $130,000. He said a large percentage of millenials are spending between $100,000 to $280,000 on their first home. 

Sales of newly-constructed single family homes remain down and the head of the Bloomington-Normal Realtor's Association says regulatory issues are mostly to blame.

Ed Neaves, President of BNAR said, a decade ago, as much as 27 percent of the market was new construction. He says that segment has struggled since the great recession of 2008.

"The regulations, the federal banking issues, financing, cost of construction, new construction sales have (dwindled) down to about eight or nine percent of the market," Neaves said.

Home sales in the twin cities increased over the past several months and it is due to an unlikely helper.

Karen Stailey-Lander, president of the Bloomington-Normal Association of Realtors, said the economy actually helped increase real estate sales the first five months of this year.  

"I think buyers out there have much greater confidence in the economy at this point, so we're just seeing an increase in sales, really across the board," said Stailey-Lander.

Bloomington-Normal home sales were unchanged last month compared to last year with 221 homes being sold. That comes despite the loss of a major employer.

Karen Stailey-Lander is president of the Bloomington-Normal Association of Realtors.  She says layoffs at Caterpillar in Peoria, and the closing of the Mitsubishi plant in McLean County are having minimal effects.