House Sales Up in March - Local B-N

House sales up in March by Chris Anderson - The Pantagraph BLOOMINGTON -- In March, 98 more homes sold in Bloomington-Normal compared to February, putting year-to-date sales 38 units ahead of 2005. "We keep thinking we can’t continue setting sale records, but at this point I think I’d be disappointed if we didn’t set a record," said John Armstrong, president of the Bloomington-Normal Association of Realtors. "Sales looked great for March. We expect that to continue in April and May when people start to move as school ends." During March, 45 new homes and 204 existing home sold compared to 20 and 131, respectively, in February. The average house sold for $155,850 compared to $155,862 in February. Forty-six houses built before 1940 sold for $24,500 to $260,000 for an average of $86,267. Statewide, single family home sales reached a new high in February. The Illinois Association of Realtors has not yet released March sales. Total Illinois home sales reached 9,936 homes, up 1.8 percent from February 2005. The median price totaled $190,000, up 2.2 percent from February 2005. Armstrong, with Coldwell Banker Heart of America Realtors, noted a lot of March buyers arrived in the Twin Cities due to relocation. He said the market remains active for 25 local companies attracting employees." A lot of people locate here because of the amenities. It’s a great community to raise kids in because of the great schools," said Armstrong. A smaller house inventory has also fueled active buying. Armstrong noted about 1,079 houses and condominiums are for sale compared to 1,111 last year. Demand for new houses remains strong. Many buyers relocating to the Twin Cities want a new home, Armstrong added. Some new houses are being sold for June and July occupancy, he noted. Armstrong reiterated national trends causing house sales to falter on the coasts do not exist locally. Those trends include speculative buying and ownership of a second home. Lack of those buying trends helps the Twin City market remain stable, he said. Appraisal , Real Estate , Appraiser , Bloomington , McLean , Illinois , Realtor