Wednesday, June 10, 2015 / by RE/MAX Rising
State of the Bloomington/Normal Real Estate Market
The Bloomington/Normal Real Estate Market continues to be strong as we move into June. Sales are up 11.5% (1,001 sales vs. 897) and the median list price of homes gone pending is up to $167,000 from $159,900. Over the last 3 months we have been averaging 230 homes sold per month, with an average inventory of 730 homes. This gives us just over a 3 month supply, clearly a Seller’s market with prices starting to creep up.
Typically there are four (4) big months in the Bloomington/Normal Market. March, April, May and June make up 43% of our total sales. June 2015 should continue this trend and be another big month, with over 200 homes being sold. Inventory is starting to creep up, with over 770 homes currently for sale in B/N. Heading into July and August, we will see sales drop 10-15% with inventory continuing to increase. This is a seasonal norm and NOT a sign of an overall softening of the market.
228 Homes were sold in Bloomington/Normal in May 2015. This is up from 215 in May 2014. ( 6%) Currently there are 771 Homes for sale in B/N with an average list price of $169,000 and a median of 63 days on the market. The median list price for the homes sold in May was $177,450 with a median time on market of 41 days.
What This Means For You
The market continues to be strong with prices moving up. We are seeing the best activity in homes priced between $150,000 and $300,000. You will get the best price for your home if it sells before July. It is important that your home is priced correctly during this time. The market will still be good in July and August, just not as strong as it is right now.
More inventory means more choices and prices that are stable. While waiting may get you a better chance at a “deal” we are forecasting that interest rates will begin to rise in September. This increase will negate any savings you may get on purchase price. If you are serious about buying a home this year, you should do it in the next three months to balance getting the best selection, price and overall cost.