Homes sales are down compared to 2013. (WJBC file photo)
By Adam Studzinski
BLOOMINGTON – Bloomington-Normal home sales were down at the end of November compared to this time last year.
However, considering how the year started, Association of Realtors president Amanda Wycoff said being just 6.3 percent behind last year's pace for total homes sold isn't bad.
"It's going to be a fight to the finish to beat last year's year-to-date total homes closed," said Wycoff. "But given the slow start in the first quarter due to the incredibly harsh winter we had, surpassing last year's number would be a wonderful accomplishment for us."
Wycoff said what's concerning to her is the number of new construction homes sold. 32.3 percent less new homes have been sold year-to-date.
"When a new construction home sells that puts $82,000 into our local economy," said Wycoff. "Given that we're down 69 new construction units from what we had in 2013, which was clearly not a good year for home building, that's over $5 million not being put back into our local economy."
The overall average price of a home is down 3.1 percent compared to 2013. But Wycoff explained that doesn't necessarily mean the value of homes is down.
"It could just very well, simply mean that there is a lighter market for more affordable homes," she said.
Wycoff said she would rate the health of the housing market in the Twin Cities as "strong and stable."
Adam Studzinski can be reached at [email protected].
