Record snowfall and frigid temperatures took a toll on the Peoria area housing market.
The Peoria Area Association of Realtors reports a nearly 19-percent decline in home sales in the first quarter of this year compared to the same period in 2013. The number of days homes stayed on the market also increased more than 17-percent.
Tonya Burris is the President of the Peoria Association. She says the good news is that new listings and home inventories increased in March, indicating a possible upward trend as the weather warms. She says it’s a good time for those considering whether to sell their homes.
“You typically hear that in spring, but really, honestly the numbers are indicating that we have less available inventory for the demand we’re anticipating and they should reach out to their professional realtor and get an idea of what they need to do to stage their home and get it up on the market soon,” says Burris.
Burris says the number of listings in March was more than 60-percent higher than in February and the number of homes on the market slightly increased. She says the largest number of homes on the market is in the $75,000 and under range. Homes in the $75,000 to $125,000 range come in second.