Sales of homes and condos in Bloomington-Normal last month hit their highest levels since the end of government incentives two years ago. 258 units sold in the twin cities during May, according to the Realtors Association. That's the most since 276 sold in June of 2010, when closings were required to take advantage of the home buyers tax credits. Steve Rader, president of the association, says the market is almost back to where it peaked following the dramatic fall-offs in 2009.
Rader says the number of listings has dwindled by almost 400 from a year ago, meaning inventory is being swallowed up.
Rader says rental properties are so high, it's hard to pass up buying a home.
The number of closings during May represent a 23% increase over May of last year. Rader says he expects to continue seeing twenty-plus percent hikes for the next several months. He says the average sales price of $162,430 is somewhat of a concern but he says that will rise as demand increases.
See the Bloomington-Normal Association of Realtors detailed May 2012 home sales figures.
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