The final numbers are in for the Peoria Real Estate Market in 2010.  The Chicago Tribune recently  reported that the average sales price of homes in Peoria increased between 2009 and 2010  – from $134,300 to $137,213.
While home prices increased by about 2 percent, local home sales fell by 4.4 percent in 2010, according to data from the Peoria Area Association of Realtors.

The latest data follows a state- and nation-wide trend.  The Peoria Association of Realtors reported that  statewide sales fell 3.8 percent from 2009 and 2010 and that U.S. home sales were down 4.8 percent.

Area Experts Expect a Resurgence in the Peoria Real Estate Market in 2011

Multiple news outlets have reported that home sales are expected to increase in 2011.

The Peoria Journal Star quoted Mark Hoffmire, vice president of mortgage lending at CEFCU, saying that the credit union saw an increase in home loan applications for January.

The newspaper also reported that area experts are optimistic about new construction homes, despite the fact that lot sales have decreased in recent years. According to one expert, however,  Peoria lot sales were up this year from 2009, to 13 percent of area sales.

Local real estate data also showed that the number of homes on the Peoria real estate market at the end of 2010 was 2,560, compared to about 2,446 homes at the end of 2009.

Interested in Entering the Peoria Real Estate Market?

All signs are indicating that this is a great time to enter the Peoria real estate market.  With so much inventory on the market, buyers will not only have plenty of choices for their Peoria dream home, but also leverage to negotiate a fair purchase price.  After all, the more houses on the market, the more likely sellers will be negotiate down a price.

Housing market trends are also indicating, however, that these low home prices won’t be around forever.  As the Chicago Tribune reported, the average Peoria home sales price is  already starting to rise, from $134,300 to $137,213.

If you would like to learn more about the Peoria real estate market or would like to check out any available listings in the area, then contact me, Mary Ann Knell, your Peoria REALTOR.

While you’re at it, I also recommend you check out my FREE buying guide and FREE buyer’s resource – packets of information that will make navigating the Peoria real estate market exponentially easier for you as a Peoria home buyer.