By Adam Studzinski
BLOOMINGTON – Housing sales in Bloomington-Normal continued to hold steady in August.
Overall sales are now up 5.9 percent for the year compared to 2014. Bloomington-Normal Association of Realtors president Amanda Wycoff said even though new construction home sales are up 9.1 percent, she’s a little concerned the average price of a new home has dropped 6.7 percent.
“But I’m not really that concerned about it because the average price of a current pending new construction, we’ve got 28 pending here in the Bloomington-Normal area, and the average price is $306,100,” Wycoff said.
The average price of a new home at the end of August was $287,369.
Existing home sales are up 5.7 percent and the average price is up 3.1 percent to $164,210. That compares to $159,209 in 2014.
“What I really like is the average price of pending homes in the area is $182,536,” said Wycoff. “We don’t know what the full price is because we can’t report that until we close, but I have a feeling we’re going to see average closed price of a resale home increase in the coming months as well.”
Wycoff added there is a “sweet spot” for home sales right now.
“If you’re thinking of selling a home and your house might be priced between $175,000 and $200,000, you have less competition out there right at this moment,” said Wycoff. “You might consider actually putting it on the market and seeing what you get.”
Wycoff was expecting good numbers in September as there are 241 sales currently pending in the Twin Cities.
Adam Studzinski can be reached at [email protected].
