Home Sales | WGLT

Home Sales

Ed Neaves
Illinois Realtors

A Bloomington real estate agent is helping lead a fight against rent control in Illinois.

Home on the market
Carleigh Gray / WGLT

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

Couple in their home
Elaine Thompson / AP

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

For Sale sign outside a home
Carleigh Gray / WGLT

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.

Phillip Taylor / Flickr

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

Sold sign
Credit Brandi Michel / Facebook via Creative Commons

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

Home with For Sale sign
Carleigh Gray / WGLT

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

Carleigh Gray / WGLT

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

Carleigh Gray / WGLT

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

Ralph Weisheit / WGLT

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

Staff / WGLT

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.

Ralph Weisheit / WGLT

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

Ralph Weisheit / WGLT

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

Ralph Weisheit / WGLT

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

Shelby Dietz and boyfriend Drew Ison
Courtesy

Like many couples who decide to buy their first house, Shelby Dietz and her boyfriend, Drew Ison, were sick of throwing away their money on rent.

Now in their mid-20s, secure in their jobs at ISU, and ready to build some equity in a starter home, Dietz and Ison were eager to buy in Bloomington-Normal. But they ran into an unexpected problem: There weren’t a lot of options.

Ralph Weisheit

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%.

Staff / WGLT

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. 

Staff

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.

Ralph Weisheit

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.

March B-N Home Sales Defy Corporate Cutbacks

Apr 19, 2016
Brandi Michel / Facebook via Creative Commons

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.

City of Bloomington

Alderman voted 6-1 to approve changes to the City of Bloomington's rental inspection program. The change in fees will pay for an additional inspector. Mayor Tari Renner joined Mike McCurdy on Sound Ideas to talk more about the changes to the ordinance. He calls the change in the fee structure "minor."

During Sound Ideas, the Mayor also talked about his State of the City remarks and options to manage or divest golf courses.

City of Bloomington

The Rental Property Inspection Program in Bloomington is now more than a dozen years old, but has never really worked well. 85% of the city’s rental units have a failing grade, meaning the property has one or more issues that pose a risk to health or safety.

Clarification: Since this interview, City of Bloomington officials pointed out that 85% of only the property inspected gets a failing grade. The city's inspector is currently inspecting 50% of units in Bloomington.

Home Prices Go Up

Nov 27, 2015

Home prices are on the rise in Illinois. IPR's Sean Crawford looks at the latest numbers.

 

Home sales in Bloomington Normal were up 21% last month from September of a year ago. The Association of Realtors also says through three quarters of the year, home sales are up 7.6%. Growth for the third quarter slowed from previous quarters this year. Third quarter sales increased just under 4% as the area absorbed news of the coming Mitsubishi plant shutdown.

The average price of a home sold has increased slightly for the year and for the month.

Sales of new homes remain a very small part of the total. All of the growth last month was in sales of existing homes.
 

Licensed under Creative Commons

Worries about layoffs at Caterpillar have yet to take energy out of the Peoria home sales market. Becky Peterson is the President of the Peoria Area Association of Realtors.

"It has been the highest level in the past eight years. It is not since 2007 that we have had as many homes sold. Sales gained 9.2% from sales a year ago."

Home Sales Slow Seasonally

Sep 16, 2015

More homes are changing hands compared to a year ago, according to the latest twin city numbers. So far this year, 1,911 homes sold. That's up more than a hundred from a year ago. The increase is nearly 6%.  Amanda Wycoff, president of the Bloomington-Normal Association of Realtors, says inventory on the market is shrinking.

The price of a new home is about $325,000. That's a price decline of about 7% from a year ago. The price of an existing home is up slightly.