Realtors in Peoria are excited about an expanded home buying market. Figures from the Peoria Area Association of Realtors show sales during the third quarter increased as did the average price. Association President John Purple says the price increased seven straight months.
"Our median price hit a record high in July of $139,950, and that median sales price is up 8.1% compared to the third quarter 2011. Our average sales price rose by 7% in the third quarter to $157,160."
Purple says it will be tough to match last winter's activity caused by extremely mild weather. But he says there are good signs heading into the fourth quarter.
"Our inventory has pulled back quite a bit. But, then as we go into the holidays it's always natural that people are working with family on Thanksgiving and Christmas and whatnot. But I think at the end of the year we will be able to report positive numbers across the year."
That's because third quarter sales were solid, up 12.8% compared to third quarter last year. A total of 1,429 homes or condos changed hands. Housing inventory in the Peoria area continues to drop, with more than a quarter fewer homes on the market compared to a year ago. On average, days on the market are down, although Purple says this varies by area.
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