State of the Bloomington Normal Real Estate Market - April 2014

Wednesday, April 9, 2014   /   by RE/MAX Rising

State of the Bloomington Normal Real Estate Market - April 2014

The Bloomington Normal Real Estate Market

April 2014



The Bloomington-Normal Real Estate Market is Booming!


Over the past 30 days over 300 homes have been sold in our MLS, equal to the number of homes we sold last year and 2013 was a record year for Bloomington-Normal Real Estate.  We are seeing homes sell quickly and are back to having multiple offers on the most desirable homes. If you are thinking about listing, now is the time! If you are thinking about buying a home, especially for the first time, there has never been a better time.


If You Are Considering Selling, Now Is The Time!


As of today in Bloomington-Normal there are 690 Active Residential listings. In the past 30 days 233 homes have sold. This means that we have just under a 3 month supply of homes. This indicates a strong SELLERS market. (Typically a 6 month supply of homes is considered a "stable" market.) We are entering the busiest months of the Real Estate year and with a 3 month supply of home, you would expect to see a gradual appreciation in homes value across our market. Some parts of the market are performing better than others. In the $150-$250K price range we are at just over a 2 month supply, a very, very hot market. We desperately need new listings in this price range. In the $250-$350K price range we have a 5 month supply. A 5 month supply of homes heading into April is still a very strong market, just not as strong as homes priced a little bit lower.



If You Are Considering Buying, There Has Rarely Been a Better Time!



Even though inventory is still low, prices have not started to move up quite yet. They will this Summer, trust us. Interest rates are still low and there are so many programs available to help you with your down payment. We have some clients who are getting over $15,000 in grant money to help them purchase their homes. Not all of the programs are for first-time homebuyers either. If you have been thinking about buying a home, but it seems just a little out of reach, call us today. We can put you in touch with a mortgage broker that will take the time to find out if there are programs available for you.



RE/MAX Rising
John Armstrong
1015 Ekstam
Bloomington, IL 61704

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