Home sales in the twin cities shot up 20 percent last year compared to 2011. The number of dwellings that changed hands was the largest since the market collapsed in 2007. The president of the Bloomington-Normal Association of Realtors, Thom Jones, says a glance at the number of homes on the market is instructive:
"I think the story here with these numbers is 937 units are in inventory, which is a record low, for any time of year. I mean we're usually up around 12 units including staying steady there ,so we're down at 937."
Jones says there were 2,459 homes and condos sold last year, 411 more than in 2011. The average price of a home sold last year was also up, $172,000 in 2012, not much more than the $170,00 average the prior year.
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