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.
In all, the local housing market saw 108 existing homes sold last month, down 26 percent from the 146 sold in January 2017, the Bloomington-Normal Association of Realtors reported Tuesday. Newly built homes were even worse off, with just five sales—three fewer than in January 2017, BNAR reported.
It was the slowest sales month in Bloomington-Normal in at least two years.
Local real estate agents have said that a tight supply of existing homes has restricted the market and driven up prices. Overall sales were down 1.9 percent in 2017, even as prices for existing-home sales—the vast majority of Bloomington-Normal transactions—rose by 4.4 percent, BNAR reported.
That trend continued in the first month of 2018, with the average price of an existing-home sale up 7.5 percent (to $159,161) from year-ago levels as overall sales declined.
Take a closer look at local home sales numbers below:
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