Busy September But Home Sales Still Lag In Peoria Area | WGLT

Busy September But Home Sales Still Lag In Peoria Area

Oct 16, 2017

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

In all, 1,518 homes sold in July, August, and September, down 2.3 percent from September 2016, the Peoria Area Association of Realtors reported Monday. Overall sales for 2017 are down 3.6 percent from a year ago. Sales did pick up in September, jumping 8.1 percent over September 2016, the association reported.

“We’re very happy to finish the quarter with strong home sales in September and more activity in the $500,000 price range category. Home sales in the higher price ranges of the market could be in direct correlation to the Caterpillar relocation incentives (Housing Sustainability Program) announced in mid-July,” Mary Ann Ladendorf, president of the Peoria Area Association of Realtors, said in a statement. “It’s also been reported that the program helped the sale of properties not part of the Caterpillar buyer incentive program as well. Buyers came into the market for their home search based on the incentive program and ultimately purchased a home.”

Some areas in the Peoria market fared better than others. Sales in Pekin jumped 14 percent in the third quarter. Morton’s sales rose 2.9 percent, while Tazewell County overall increased 1.4 percent.

The average home sale price in the third quarter rose almost 1 percent, to $147,179. That’s largely due to increased activity in the $500,000 and up price range, according to the Peoria Area Association of Realtors.

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