By Eric Stock

BLOOMINGTON – Bloomington-Normal homes sales are on pace with last year’s numbers, even though there are fewer homes on the market.

Local inventory is down 14 percent. President of the Bloomington-Normal Association of Realtors Ed Neaves said he suspects lower interest rates are a main factor.

“A lot of people refinanced their houses and did remodeling jobs and proejcts instead of moving across town ad moving up as we call it,” Neaves said.

Lower inventory typically means higher prices, but Neaves noted prices have stayed stable locally.

“What we are seeing in the metro markets of Chicago and New York prices are going up because of that inventory, but in smaller markets, places like Bloomington-Normal, Peoria, Champaign (prices) have remained fairly stable,” Neaves said.

Neaves said the average Twin Cities home in the $100,000 to $250,000 dollar price range is on the market for only six weeks.

Neaves added the average sales price has gone up locally because more people are buying homes in the $500,000-and-up-range.

BNAR reports closed sales for the first five months of 2017 are 1,085 units, totaling $187 million versus last year’s 1,068 units totaling $177 million, for an annual sales volume increase of 5.4 percent.

Eric Stock can be reached at [email protected].