The Peoria Area Association of Realtors reports a strong fourth quarter that resulted in 2017 home sales out-performing the previous year. Home sales grew 10-percent year over year for the quarter that ended December 31st.
Mary Ann Ladendorf is the President of the Peoria Area Association of Realtors. She says the fourth quarter saw a .2 percent increase in sales for the year:
“Our average price home was up. So we finished very strong.”
The average home sale price last year was a little more than 144,250-dollars; up almost 1.5 percent. Ladendorf says the real estate market in the greater Peoria area is on track to be as strong in 2018:
“The mortgage rates have not increased. Our unemployment rate is down. We’ve got a strengthening economy. We’ve got great consumer confidence.”
The luxury home market saw the largest gains last year, growing by more than 13.5 percent. Homes priced 125,000 to 175,000 dollars also showed an 8.5 percent expansion over the previous year.
It took an average of 83 days for a home to sell in the greater Peoria Metro Area. Ladendorf says it looks like a prime year for first-time home buyers to enter the market.