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.
"So November of 2016 we had a Presidential election going on. We had some job layoffs happening here in our local area that really affected consumer confidence," said Heffron.
Heffron said inventory is down 2.3% for the year, which may have slowed sales in December. She said there is often an assumption that houses are constantly on the market. But having the right inventory is just as important as having buyers.
Heffron said she believes now is a good opportunity for buyers under thirty-five to look at homes in the Peoria area. And she said there are national and local indicators that suggest millenials may be moving into home buying after some years of sitting on the sidelines.
"These millenials are coming out of school. hey have solid jobs. They have been waiting. They have been paying off debt. They have been saving money. It's making them stronger buyers," said Heffron.
Heffron said millennials are expected to make up 33% of the market in 2017 while baby-boomers are expected to make up about 30%.
Heffron said she expects 2017 to be a steady year as well.
