2015 New Construction Stats for the Peoria area

 

The supply of new constructions is still pretty consistent compared to the last 2-3 years. Between 2011 and 2012 there was a major decline in the number of new constructions being built, but for 2013, 2014, and 2015 it was pretty much the same.

Currently, for 2015 at least, there is a 6.6 month supply of new constructions for sale. That means that if no other homes were built in 2016, it would take about 6.6 months at the current rate of sales to deplete the inventory of homes for sale. In 2014 that number was 7.2, in 2013 it was 6.2 and in 2012 it was 4.6. In 2011 it was actually 9.1, which shows that there was an oversupply that year and things came more in line over the last few years with demand.

The areas that had the most amount of new constructions for sale in 2015 was:

Dunlap-23.7%

Edwards (which in reality is homes with an Edwards address, that are actually in Peoria and in the Dunlap school district)-22.4%

Washington-14.1%

Morton-6.7%

Chillicothe-5.9%

Metamora-5.8%

New constructions sold on average at 98% of listing price vs. 90.4% for existing homes. Take note however that many new constructions are listed at one price, and then after a buyer makes additional upgrades and changes that eventual selling price is listed above the listing price, thus a higher listing price to selling price ratio. That being said however, most new constructions do tend to sell closer to their listing price than existing homes.

 

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