Peoria area home sales are up slightly in the second quarter of this year. The Peoria Area Association of Realtors is reporting 12 more homes sold compared to the same period last year. That’s nearly 400 more than the first quarter of this year.
John Purple is the President of the association. He says the slight increase in sales doesn’t show the overall improvement in the Peoria area housing market.
“The two important economic recovery indicators are the increasing prices and the homes are selling in less time. We’re also seeing a number of basements being poured this spring on empty lots, and also there are sections of subdivisions that are being expanded, so that’s another good recovery indicator there.”
The average price of a home was up one-and-a-half percent in the second quarter while the average number of days on the market dropped fifteen percent. That amounts to the average time a house is on the market before it sells being about 85 days. The number of homes on the market also continues to drop, down more than 18-percent in the area compared to the same time last year.