Continuing a trend that has occurred since the start of 2011, home sales in Illinois continued to rise in February when compared to February 2010, according to the Illinois Association of REALTORS report.

In addition, more than half of all the counties in Illinois showed year-over-year median price increases or no change during the month of February.

All of this is undoubtedly great news for interested home sellers as it shows that the Illinois real estate market appears to be stabilizing.

More Positive News on the Peoria Real Estate Market

Other market indicators from the recent report also suggest that the Illinois real estate market is becoming stronger each month, including:

  • The median price has risen steadily across the state in the first two months of 2011 when compared to 2009 and 2010 levels.
  • Statewide total home sales – including family and condominiums -  totaled 5,575 homes in February 2011.  This is an increase of 1.3 percent from  January 2011, which had 5,505 sales.
  • The statewide single family median price was $129,000 in February 2011, which is an increase of 1.6 percent from that same time last year, which saw the median price reach only $127,000.
  • The statewide single family median price is also an increase of 2.8 percent when compared to February 2009, when the median price reached  $125,500.

Meanwhile, year-over-year home sales appears to be down, which experts attribute to the home buyer tax credit incentive, which is no longer available.

Thinking of Listing Your Peoria Home for Sale?

Now is good time to do so!  As indicated by recent Illinois real estate data, more and more people are wanting to invest in Peoria real estate.  As the laws of supply and demand state: when demand is high, sales prices will inevitably rise – especially when you have a limited supply.

Here on the Peoria real estate market, our real estate inventory is shrinking every week as interested Peoria home buyers invest in Peoria real estate.  Thus, you’re more likely to get a great price on your Peoria home for sale.

Contact me, Mary Ann Knell, if you’re interested in learning more about entering the Peoria real estate market as a Peoria home seller.  As your Peoria real estate expert, I’ll provide you with invaluable tools to make your real estate transaction easier, including:

Until next time,

Mary Ann