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 home ...

 
May was another record month in Bloomington-Normal Real Estate with 217 homes going under contract. This is an increase of 4% from May 2013’s record pace. For the year (through May) the Bloomington-Normal market is down 6% from the same period last year, with the horrendous weather in January and February accounting for most of the difference. The big change from last year is in the number of homes on the market. Last year at the end of May there were approximately 600 homes for sale in Bloomington-Normal, this year it is closer to 800.
 
First-Time Home Buyers Still Pushing The Market
 
With the new underwriting requirements and the abundance of grant programs available for first-time home buyers, the price range for the first-time buyer is moving up. While the price range used to be $125,000 to $150,000, we are now seeing first-time buyers looking at everything up to $200,000. This has altered the market and homes in the $150,000-$200,000 price range are. ...

The Bloomington Normal Real Estate Market
April 2014

 


 
The Bloomington-Normal Real Estate Market is Booming!

 
Over the past 30 days over 300 homes have been sold in our MLS, equal to the number of homes we sold last year and 2013 was a record year for Bloomington-Normal Real Estate.  We are seeing homes sell quickly and are back to having multiple offers on the most desirable homes. If you are thinking about listing, now is the time! If you are thinking about buying a home, especially for the first time, there has never been a better time.

 
If You Are Considering Selling, Now Is The Time!

 
As of today in Bloomington-Normal there are 690 Active Residential listings. In the past 30 days 233 homes have sold. This means that we have just under a 3 month supply of homes. This indicates a strong SELLERS market. (Typically a 6 month supply of homes is considered a "stable" market.) We are entering the busiest months of the Real Estate y; ...

by John Armstrong
 
Should I list my home during the holidays is probably the question I am asked the most by seller during this part of the year.  My answer is always a very firm...maybe. The 2 factors that need to be taken into account are 1- How's the market? and 2-What's your motivation?
 

"How's the market" is the easier question to answer to answer.  Look specifically at your price range. How many homes are on the market in your price range? How many homes sold during the previous 30 day period. This will tell you your chance of selling, assuming you are priced correctly.


"What's your motivation? "  is a little tougher question. Are you moving because you want to? Are you moving because you need to? Are you relocating? Are you trying to maximize your value? Is this a divorce? Did someone die?

In the Bloomington-Normal Real Estate market things don't "shut down" for the holidays. The relocation buyers are still buying in December because theym ...