Peoria, IL Real Estate Market Update for October
The Peoria real estate market has remained stable and in the last quarter we experienced notable growth!
The Knell Group had the honor of representing nearly $13 Million Dollars worth of real estate sales during the third quarter of 2015!
The Peoria Area Association of Realtors report is in and the news is very promising! Home sales have risen 9.2% over the same quarter last year.
The area experienced an additional 141 homes sold this year for a total of 1,667 area homes sold. Average sales price also rose an additional $588 per home reaching $151,362.
This 8 year record breaking high is great news for the area, but sellers need to take note of the properties that are selling the fastest. Updated homes with neutral decor in the $125K to $175K price range in areas with the most desirable schools have been selling the fastest.
Inventory remains low, almost flat year over year. We need more homes to sell! If you have been thinking about upsizing or downsizing, now may be the perfect time to do it. If you're curious about your own home's value and you are thinking of jumping in to get it sold, visit peoriahomeoffice.com and have one of our local experts put together a pricing report for you with no obligations!
If you are looking to sell or if you are just starting out with your first home purchase, right now could be an excellent time to get financing. According to a recent article in the Peoria Journal Star, Becky Peterson, PAAR Board President stated interest rates have maintained at historic lows and look like they will likely remain that way through the end of the year but its only a matter of time before they begin rising again (See full article here).
Prospective first time home buyers will benefit greatly from visiting the upcoming educational seminar hosted by PAAR. There is a "Buy vs. Rent" seminar for potential home buyers at 6 p.m. Oct. 27 at association offices, 7307 N. Willowlake Court. For more information, call (309) 688-8591.
For all of your real estate needs, there's no other group with as much class and experience as The Knell Group. We have been Peoria's trusted real estate partners for more than 30 years and we are still growing.