Thursday, August 21, 2014 / by RE/MAX Rising
As we head into the Fall, the housing market in Bloomington-Normal is changing, which is to be expected. Inventory is up, with over 850 houses on the market. Compare that to last year, with roughly 650 houses listed for sale and we see an almost 30% increase in inventory. That sounds worse than it is. Here's why. For two years we had historically low inventories in Bloomington-Normal. In 2012, buyer activity was picking up, but still well below what we had seen in our best years. In 2013, buyer activity picked up dramatically and we had a few crazy months of incrediblly short market times, multiple offers and rapid price inflation in some price ranges.
What we have now is a very healthy balanced market. We currently have a 5 month supply of homes and are selling 6 homes a day in Bloomington-Normal. This is a good, sustainable market for the long term. As we head into the fall we will see the market slow as normal, but inventory will drop as some Seller's pull their homes off the market for the Holiday Season. Here at Armstrong Burns, we are cautiously optimistic about the 12 month forecast in Bloomington-Normal and forecast a continuing stable market with modest price inflation.