Despite the coronavirus lockdown, home sales in the Peoria area were up in 2020's first quarter. But it's definitely made some drastic changes to how houses are sold in the past few weeks.
1,134 homes were sold in the first three months of 2020, compared with 1,001 over the same period last year. The average sale price was $132,787, up from $127,618 over the first three months of 2019.
"We had a great start to the year, we were picking up speed going into the spring. Obviously, mid-March, when we went into more restrictions, things definitely took a slowdown," said Peoria Area Association of Realtors president Kendra Sipes.
Sipes said the stay-at-home order has had an impact on market activity, but there are some positive signs.
"As of the last week, we're seeing an upswing in showings. We're getting back up to early winter numbers," she said. "I think buyers are just getting a little antsy. They've been patient here the last few weeks. Those that need to make moves are starting to get back out and look at houses again."
Realtors are now relying on virtual open houses to show off properties. For necessary one-on-one showings for serious buyers, Sipes said realtors are providing face masks and other precautions. Sellers are also wiping down surfaces, leaving lights on, and keeping doors open to limit touching.
Sipes said the lockdown has led to pent-up buyer demand, and low inventory as sellers wait out the crisis. She expects higher than usual demand in the fall.
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