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Peoria Area Homes Sales Growth Slows In 2013

Tue, 28 Jan 2014 04:09:59 CST
By: Willis Kern

Home sales in the Peoria Area slowed considerably last year compared to 2012. Figures released by the Peoria Area Association of Realtors shows sales last in 2013 were less than a half a point (.4%) above the year before, which saw a 17% increase. President-elect Phil Harvey says last year's slow down wasn't unexpected.

"This recovery is not something that's just going to take one quarter or half a year to put us back to 2007 levels. But I think for the next few years, we're going to climb out of this hole and have a good, bustling real estate market."

Harvey says he expects the coming year to see about a one and a half percent increase in sales over last year. He says the year will be helped by an increase in new construction in Tazewell County, which was hit hard by the November tornadoes. Fourth quarter sales last year were up about a percent compared to the year before, while December saw an 18% increase.

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