By Adam Studzinski
BLOOMINGTON – Housing sales are on the rise in Bloomington-Normal.
The Association of Realtors reports overall sales are now up almost 5 percent compared to the same time a year ago. That includes a 6 percent increase in existing home sales.
“That’s a very good number. If we’ve increase by that amount, then we’re doing much better than last year,” Association President Karen Stailey-Lander said.
New construction sales saw a big jump in February after a slow January, but are still down compared to 2015. Stailey-Lander believed more people are taking advantage of some of the good deals in new construction right now.
“There’s definitely a premium between what you would pay for a brand new construction home if you bought the very same house that was built five years ago,” said Stailey-Lander. “Unfortunately, in our market now, that premium is growing.”
Stailey-Lander added although the average price of a home is down about 7 percent, it doesn’t mean the quality is dropping.
“It is simply that more of the lower priced homes are selling,” she said.
Stailey-Lander expected March to be another good month for the market.
Adam Studzinski can be reached at adam.studzinski@cumulus.com.
