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Realty

(AP Photo/Charles Krupa)

The COVID-19 pandemic is devastating many industries, but the real estate market is thriving in the Bloomington-Normal area.

Mid-Illinois Realtors Association President Brandon Shaffer said home sales were up more than 21% in 2020 compared with the previous year. Sales of new construction also set records, he said--up 24.5%.

That boom is not expected to slow any time soon, Shaffer said.

Statewide Homesales Up In 2016, Down For December

Jan 24, 2017
Staff / WGLT

Sales of existing homes in Illinois were down in December, but up overall in 2016.

The trade group Illinois Realtors reports that 162,380 houses and condos were sold in the state last year --- up nearly four percent from 2015.  But home sales for the month of December were down 2.8 percent from the previous December.

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Peoria area home sales closed the year up for the fourth quarter, but down marginally for the full year. The Peoria Area Association of Realtors reports fourth quarter sales were up more than a percent and the full year down less than a percent.

Indicators are not always reliable guides to performance though. For instance, Jana Heffron, PAAR President said  there were some negative pressures on the market late last year and then November was up six percent.

Staff / WGLT

The head of the Bloomington-Normal Association of Realtors predicts a strong home-selling climate in 2017, from about mid-year on.

Until then, Ed Neaves said things will be steady. He said about 100 homes are under contract so far this year, about the same as at this point in 2016. Sales last year rose 2.8%.

Neaves said a lot of buyers are out there but they are educated and particular.

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The Peoria area has recorded an earlier than usual seasonal slowdown in home sales.

Realtors Association President Jana Heffron said third quarter sales dropped more than ten percent, but overall market fundamentals remain sound.

Ralph Weisheit

Sales of homes and condos in Bloomington-Normal continued their recent upward trends last month.

According to figures supplied by the Bloomington-Normal Association of Realtors, home sales were up 3.3 percent in August compared to the same month last year, and are up five percent year-to-date. 

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.
 

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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.