Area home sales continue recovery
- Details
- Published on Thursday, 25 October 2012 12:54
- Written by Paul Gordon
Sales, average and median prices all up in Q3; PAAR installs new officers for 2012-2013
The Peoria-area housing market continued to show improvement during the third quarter, according to the Peoria Area Association of Realtors.
Sales increased more than 12 percent compared with the third quarter of 2011.
Also, PAAR said, the average and median sale prices reached all-time third quarter records.
Real estate sales in the Peoria area continued to improve in the third quarter and local Realtors believe the market will continue to recover in the near-term.
Sales of single-family houses and condominiums reached 1,429 in the third quarter, an increase of 12.8 percent from the 1,267 sold in the third quarter of 2011, according to figures released this week by the Peoria Area Association of Realtors.
It was the third consecutive year that third-quarter sales were higher. It was the highest number of third-quarter sales since 2008, when 1,569 homes were sold in the July-September period.
The association said the median price of a home hit a record high of $139,950 in July, the seventh consecutive month sale prices improved from the previous year.
"While buyer activity was a bit slower in September than it had been in the summer, the quarterly year-over-year statistics show sales going up. On average, homes inventory and days on the market are going down. The numbers of active listings is below 2,500, reminiscent of 2005 levels," the PAAR report said.
The report said the inventory of available homes continues to drop, with 25.3 percent fewer homes on the market than last year. "The month's supply of inventory, an indicator that differentiates between a buyer's and seller's market, is down 35.1 percent to 6.1 month's supply – a neutral territory," the association said, adding that was also 0.5 percent lower than the last quarterly report.
The average sales price in the Peoria area rose by 7 percent in the third quarter of 2012, to $157,160. Median sales price was up 8.1 percent, to $134,000, compared with $124,000 in the third quarter of 2011.
"On average, home prices are up and days on the market are down, but this varies by area. Days on the market are down 6 percent, with homes selling on average in 98 days, six days fewer than last year. But some price ranges and some communities have seen a faster recovery than others, while some are still holding steady or have not seen as fast of a recovery," PAAR said.
The price range of homes that tended, on average, to sell the quickest was the $75,000 and below, at 86 days, and the price range that tended to sell the slowest was, on average, the $300,001 to $400,000 range, at 148 days, but again this still varies greatly, the report said.
John Purple, the newly installed president of PAAR, said, "I want to remind Peoria area homeowners that real estate is local. We are fortunate that the Greater Peoria area has seen a better-than-average economic recovery, unemployment is lower and mortgage rates are still at unprecedented low rates. Plus our housing market never had the extreme highs of other markets, so we avoided the big lows. This is helping fuel the housing recovery in our area. So regardless of what you hear on national news, the Peoria area is a great place to buy or sell a home."
Noting the increase in closed sales and the decrease in inventory, Purple said the Peoria market "is evenly balanced between buyers and sellers. Still, while home sales are improving on average, real estate is local and can vary by community and even neighborhood. Well-maintained homes with curb-appeal that are well priced are selling more quickly, but that can vary depending on price range and the neighborhood."
Purple, an agent with Re/Max Unlimited, is president of the association for 2012-2013. He's had his real estate license since 1986 and a Realtor for 23 years. He owned Purple Realty and Insurance Co. for 19 years before joining Re/Max.
As president of PAAR Purple will be a member of the board of directors of the Illinois Association of Realtors.
Other PAAR officers for the next year are Tonya Burris of Traders Realty Corporation, president-elect, and Phil Harvey of Re/Max Unlimited, treasurer/secretary.
Paul Gordon is editor of The Peorian. He can be reached at 692-7880 or editor@thepeorian.com
