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BN realtors deal with lagging new construction, lower inventory

Thu, 14 Mar 2013 16:59:47 CDT
By: Willis Kern

BN realtors deal with lagging new construction, lower inventory Home sales in Bloomington-Normal edged up 10% last month compared to February last year, but realtors in the community say there's plenty of room for more improvement. Figures from the Realtors Association indicate there were 132 homes sold last month, compared to 120 the same month a year ago. Thom Jones, Association president, says the market is doing fine, but new construction continues to lag.    


"It's still very fragile. It's a struggle right now with new construction. We just have to keep an eye on that to see what's happening there."

Jones says inventory is down a bit.


"Right now we're still below where we should be on active listings. We generally run around 1,200 and we're down under a thousand. We're like 989."

Jones says he's also concerned the recovery in new construction is taking so long to materialize. Only 10 new units sold last month, the lowest total in 25 months. The average price of a home increased from $160,473 in January to $178,119 last month.

   

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