Just Like Weather,
The Housing Market is Not National

Though we are effected by the national economy, it's a mistake to read the national headlines and assume it's the same every where.

May 2008 (updated June)

Today, Peoria's House Market has changed. Peoria Journal Star announced that on May15th that Peoria Illinois is listed as the second best market in the nation. Second to Binghamton, NY. I would not say that the house market is flourishing but it is better than what many think. I researched the real estate stats from the Peoria MLS system. I compared May 2008 to May of 2006 when the market was better. Here are the results:

Homes are on the market 17 days longer compared to 2006 to 79 days(a 22% increase.) Sellers have increased the average price of a home by 5% but average home sold went up only 3% to $144,000. Buyers negotiated a better price this year by 1% to create a 96% list to sale ratio. This means a home that was listed for $250,000 home would now be bought for $240,000 rather than $242,500 in 2006. There where 4% less homes on the market and 14% less homes sold.

Thank you

Tim D. Johnson, Broker, GRI
Homeward Group - Move Beyond Expectation
RE/MAX Unlimited 3622 N. Knoxville, Peoria IL
309 687-4877 Office
309 370-7080 Cell

The chart shows the number of listed compared to sold's in the Greater Peoria Area. Data pulled from the Peoria Area Association of Realtors from May 06 to May 08. Information provided by the NATIONAL ASSOCIATION OF REALTORS®