2015 Year End Summary for the Peoria Area Housing Market

 

 

 

New homes coming on the market in 2015 were up about 6% from 2014, for a total of 8,632 homes listed in 2015. Some of this is because our Peoria Area Association of Realtors absorbed another MLS from the western side of the state that included areas like Macomb and Dahinda (Oak Run). In fact the two areas with the greatest increase were Dahinda and Macomb (up 50% and 37% from 2014). Dunlap was the 3rd biggest increase, with an increase of 30% from 2014.

Pending sales were up about the same…about 6.3% compared to 2014. Closed sales were up the most, 6.6%, compared to 2014. There were 5,479 closed sales in 2015 compared to 5,142 in 2014, compared to 5,208 in 2013, compared to 4,931 in 2012 and 4,207 in 2011. Not too shabby. 2012 was the biggest increase percentage wise over the last 5 years when it was up 17% compared to 2011.

The number of homes for sale, what we refer to as the inventory of homes, was down 1% in 2015, after being up the two prior years. In fact, over the last 5 years it looked like this:

2011-2,645 homes for sale

2012-2,307 homes for sale (a 12.8% decrease)

2013-2,349 homes for sale (up 1.8%)

2014-2,441 homes for sale (up 3.9%)

2015-2,416 homes for sale (down 1%)

The number of new construction starts in 2015 was down 153 units compared to the peak of April 2011. There are a lot of things to look into with that figure. Most of the Washington area home construction relate to the tornado was finished already in 2015 compared to the prior year when there were a record number of starts in that area.

The “average” sales price in 2015 for the entire Peoria area was $145,898, pretty much unchanged for 2014’s $145,449.

The months supply of inventory is always something interesting to look at. What this number means basically, is that if no other homes were listed today, how long would it take to sell off the current inventory of homes at the current rate of sales.  A 5-6 month supply of homes is considered a balanced market. Over the last 5 years we have the following data…

2011-7.5 month supply

2012-5.6 month supply

2013-5.4 month supply

2014-5.7 month supply

2015-5.3 month supply.

So….over the last 4 years it has been a pretty balanced market. However, within every market are 50 other markets. For example, this number would be different for homes priced over $400K, as much as it would be different for homes priced on the east side of the river, the west side of the river, a condo, etc, etc, etc. It’s even different neighborhood to neighborhood. With that in mind, it’s good to check with a Realtor….preferably us 🙂 , to see how quickly or slowly things are moving compared to your exact home to get an idea of how to price your home accordingly.

Average days on market, meaning how long it takes to get an offer between when the house is listed and when it gets an offer, is currently 106 days overall. Different market, will have different data however. This is about the same as 2014.

 

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