What an exciting 1st Quarter in Bloomington/Normal Real Estate! In case you haven't noticed, we have turned the corner. Many people I run into mention all of the sold signs & how quickly homes are selling.
In the 1st Quarter of 2012 we sold 643 homes. 197 of those sold in the 1st 30 days that they were on the market. 11 of those 197 were sold by the John Armstrong Team!
There are some key statistics that I really pay attention to when looking at the 1st Quarter numbers. One main statistic is our current inventory vs. homes sold in the previous 30 days. At the end of March we had approximately 750 homes on the market in Bloomington/Normal, and we sold 215 in March alone. If this trend continues, prices will start to rise. Which leads me to the next key point I see; prices are flat with 2011's numbers. I predict this will change & we will start seeing house values increase slightly. Home values are currently near 2004's values. Bloomington-Normal home values were at an all an time high in 2006. Hopefully 2012 can bring us closer to 2005's market values & will continue to rise from there.
If you'd like to receive my State of the Market report on a regular basis, send me an email at John@JohnArmstrongHomes.com
*Homes means houses, condos, & zero-lot lines
Tuesday, April 17, 2012
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