B-N house sales down slightly from year ago
Wednesday, March 08, 2006
B-N house sales down slightly from year ago
By Chris Andersoncanderson@pantagraph.com
BLOOMINGTON IL-- February house sales remained fairly steady in the Twin Cities, putting 2006 figures just 3 percent behind sales for the same period last year.
During the month, 148 units sold for a total of $23.1 million. That compares to January sales of 137 units, selling for $25 million. Sales of existing homes jumped 20 units to 129 — compared to 109 units in January. New home sales dropped by nine units to 19.
"Our new construction sales are down 11 percent from the same time last year, but that’s only a difference of six units," said John Armstrong, president of the Bloomington-Normal Association of Realtors. "When you look at the overall market, we’re down 3 percent from last year. After four consecutive record years, a small percentage decrease is to be expected.
"Armstrong, with Coldwell Banker Heart of America Realtors, noted pending sales for February increased 10 percent. Closed sales of those 258 units will be reflected in future months.
Armstrong added the industry sees no drastic changes in interest rates for the year. In addition, he pointed to a more balanced local housing market.
"Last year, our house inventory was 1,165 units. Now we’re at 1,072 units. During the first quarter last year, it was a buyer’s market. The balance now is more healthy," said Armstrong.
National industry watchers also are predicting more balance between house supplies and demand. In a buyer’s market, sellers sometimes have to lower their pricing expectations and work harder to attract buyers.
The relocation market in the Twin Cities has been strong so far this year, Armstrong said. Realtors are seeing an influx of State Farm employees and new arrivals tied to both Country Insurance & Financial Services and Illinois State University, he said.
"We are a great, big-small town," he said.
Also in February, 31 houses built before 1940 sold in a range of $16,000 to $250,500. The average sale price was $93,076.
During the month, 148 units sold for a total of $23.1 million. That compares to January sales of 137 units, selling for $25 million. Sales of existing homes jumped 20 units to 129 — compared to 109 units in January. New home sales dropped by nine units to 19.
"Our new construction sales are down 11 percent from the same time last year, but that’s only a difference of six units," said John Armstrong, president of the Bloomington-Normal Association of Realtors. "When you look at the overall market, we’re down 3 percent from last year. After four consecutive record years, a small percentage decrease is to be expected.
"Armstrong, with Coldwell Banker Heart of America Realtors, noted pending sales for February increased 10 percent. Closed sales of those 258 units will be reflected in future months.
Armstrong added the industry sees no drastic changes in interest rates for the year. In addition, he pointed to a more balanced local housing market.
"Last year, our house inventory was 1,165 units. Now we’re at 1,072 units. During the first quarter last year, it was a buyer’s market. The balance now is more healthy," said Armstrong.
National industry watchers also are predicting more balance between house supplies and demand. In a buyer’s market, sellers sometimes have to lower their pricing expectations and work harder to attract buyers.
The relocation market in the Twin Cities has been strong so far this year, Armstrong said. Realtors are seeing an influx of State Farm employees and new arrivals tied to both Country Insurance & Financial Services and Illinois State University, he said.
"We are a great, big-small town," he said.
Also in February, 31 houses built before 1940 sold in a range of $16,000 to $250,500. The average sale price was $93,076.
posted by Brian J. Davis at
3/08/2006 12:47:00 PM
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