Home sales continue decline in Twin Cities

July 04–BLOOMINGTON — Twin City home sales continue to remain behind last year’s pacem according to statistics released by the Bloomington-Normal Association of Realtors.

The hardest-hit area has been new construction, said BNAR President John Armstrong. Through the end of May, 40 new units had been sold this year, a decrease of 22 from last year, a 35.5 percent drop. The average price for a new home is also lower than a year ago. New home sales average $283,873, a drop of $17,408 from 2017.

New home sales for the first five months of the year totaled $11.3 million, a 39 percent decrease from last year’s figure of $18.6 million.

“This is mostly caused by the affordability of existing homes,” Armstrong said. “Existing home prices have held steady in value.”

The average price dropped slightly, from $164,607 to $163,590, a dip of 0.6 percent.

The sales for existing homes are down 9.3 percent, according to BNAR. Through the first five months of the year, BNAR reported 928 sales, a drop of 95 units from this point last year, a decline of 9.3 percent.

“2017 was a great year for the Bloomington-Normal real estate market, so trailing those numbers is not a huge concern,” Armstrong said.

In total, 283 homes changed hands in May, an increase of 58 over April and 34 over May 2017. The average sales price was $173,370, an increase of $5,036 over last year. Of those, only six were newly constructed homes.

This article provided by NewsEdge.