July 24

Tri County Housing Report

By Eric Shangraw

July 15, 2010 Updated Jul 24, 2007 at 5:17 PM CDT

Is it a good time to buy or a tough time to sell? The Peoria housing market is slowing down with the rest of the country.

Second quarter home sales in the Tri-County area are down by nine-percent for the first time in seven years. According to the Peoria Area Association of Realtors President, Shara Manning, the numbers are still positive compared to what's happening statewide.

Manning says Peoria ranks 33rd in the country for home affordability.
1,697 homes sold in the second quarter of this year... down from the eighteen hundred and sixty one homes sold in the second quarter of 2006.

Years to date sales are down six percent from the same period a year ago. And the number of homes sitting on the market waiting for a buyer is higher.

There are more than 2,700 homes listed "for sale" by realtors in the Tri-County area.

Manning said, "We're comparing this to a record year of 2005 and I think that for the Peoria area and everything that's going on with our marketplace, we're doing very well. Statewide, they're down anywhere from 15-to-20%. So, we're very happy that Peoria's only down 9%."

The average sale price of area homes for the second quarter rose slightly to more than $138,000. Manning says with unemployment under four percent, this market is still very strong.

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