The following article was taken from the Peoria Journal Star 10/18/2011
By STEVE TARTER (starter@pjstar.com)
PEORIA —
Third-quarter sales totaled 1,252 homes compared with 1,028 in 2010. The average sale price of a home in the third quarter was $147,167, compared with $140,384, an increase of 4.8 percent.The median sale price for the third quarter of 2011 was $124,000, compared with $115,000 in 2010, an increase of 7.8 percent. The median is a typical market price in which half the homes sold for more and half for less. "This last quarter we started to see how the market is changing again. After all the stimulus money was done, there was a quiet time after that," said Martin, referring to federal tax credits provided to homeowners in 2009 and 2010.
"Long-term real estate recovery is dependent on jobs, consumer confidence and favorable lending qualifications. Right now, we have Realtors saying that it's hot. September and October have been busy after some slow months," she said.
But area home sales are still down 4 percent for the year, comparing the first three quarters of 2011 with 2010. While a big fourth quarter could push 2011 into positive territory, that's a quarter fraught with unknowns, said Martin."You just don't know about the fourth quarter. With weather changes and holidays, things tend to slow down," she said.
A combination of factors favor buying a home right now, said Martin. "Interest rates are at historic lows. Home prices are competitive and there is a good inventory of properties on the market," she said.
The inventory of homes in the Peoria area was 3,033 at the end of September, a decline from the 3,288 that were on the market in September 2010. "That's what happens when a market is in recovery. The inventory starts going down a little," said Martin.
PAAR CEO Dallas Hancock said a seller needs to make sure that a home is priced right. "Otherwise, they won't even get a showing. The first showing is now done online. A seller won't get a walk-through unless the price is right," she said."I know people get tired of hearing that this is the time to buy a house, but it is. When you consider that you make the same payment on a $200,000 home at 4 percent interest that you'd make on a $100,000 home with 8 percent interest, you're really shopping your money right now," said Hancock.
Steve Tarter can be reached at 686-3260 or starter@pjstar.com.
By STEVE TARTER (starter@pjstar.com)
PEORIA —
Area home sales were up by 22 percent in the third quarter of 2011 - compared with the same period last year - but the president of the Peoria Area Association of Realtors isn't ready to celebrate yet."We are encouraged by the numbers but we remain cautiously optimistic," said Laura Martin, the PAAR president.
Third-quarter sales totaled 1,252 homes compared with 1,028 in 2010. The average sale price of a home in the third quarter was $147,167, compared with $140,384, an increase of 4.8 percent.The median sale price for the third quarter of 2011 was $124,000, compared with $115,000 in 2010, an increase of 7.8 percent. The median is a typical market price in which half the homes sold for more and half for less. "This last quarter we started to see how the market is changing again. After all the stimulus money was done, there was a quiet time after that," said Martin, referring to federal tax credits provided to homeowners in 2009 and 2010.
"Long-term real estate recovery is dependent on jobs, consumer confidence and favorable lending qualifications. Right now, we have Realtors saying that it's hot. September and October have been busy after some slow months," she said.
But area home sales are still down 4 percent for the year, comparing the first three quarters of 2011 with 2010. While a big fourth quarter could push 2011 into positive territory, that's a quarter fraught with unknowns, said Martin."You just don't know about the fourth quarter. With weather changes and holidays, things tend to slow down," she said.
A combination of factors favor buying a home right now, said Martin. "Interest rates are at historic lows. Home prices are competitive and there is a good inventory of properties on the market," she said.
The inventory of homes in the Peoria area was 3,033 at the end of September, a decline from the 3,288 that were on the market in September 2010. "That's what happens when a market is in recovery. The inventory starts going down a little," said Martin.
PAAR CEO Dallas Hancock said a seller needs to make sure that a home is priced right. "Otherwise, they won't even get a showing. The first showing is now done online. A seller won't get a walk-through unless the price is right," she said."I know people get tired of hearing that this is the time to buy a house, but it is. When you consider that you make the same payment on a $200,000 home at 4 percent interest that you'd make on a $100,000 home with 8 percent interest, you're really shopping your money right now," said Hancock.
Steve Tarter can be reached at 686-3260 or starter@pjstar.com.
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