Home sales are up in the Peoria area, but not at the 8-year highs seen recently in Bloomington-Normal. During the second quarter, there were 1,390 homes sold in the tri-county area. That's up just 12 from the same quarter last year. Peoria Area Association of Realtors President John Purple says weather played a role in the fairly flat results.
"We had a mild winter last winter, and that helped a lot with the sales," he says. "This winter of course, we got hit hard, and then we got hit with the flood also and that kind of had a tendency to slow things. It's kind of leveled off for us. We've gotten through a lot of that pent-up inventory that was out there on the market that had been on for some time."
Purple says inventory is down 18.3% compared to a year ago. He says shrinking inventory along with less time on the market are signs the Peoria housing market is improving.
"The days on the market has dropped quite a bit, about 15 percent down to 85 days from 100 in the second quarter in 2012," he says. "The lack of inventory is also helping increase the prices, but we do need inventory out there."
Purple says he has seen other signs of economic recovery, including more construction projects and work on subdivisions.
The average price of a home in the Peoria area last quarter was $147,123. That's up about $2,500 from year-ago levels.
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