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
Wednesday, February 15, 2012
2151 Inez in Normal
This 2 story home in family-friendly North Fields subdivision boasts 4 bedrooms, 2 full and 2 half baths. It offers a large eat-in kitchen with center island, a great room with gas fireplace, as well as a 2 story entry with a large hall closet and hardwood floors. The master bath features a whirlpool with ceramic tile surround, and most rooms in the home are freshly painted. The basement is fully finished with daylight windows and a large hardwood wet bar. The home also features a sizeable deck off the kitchen, stamped concrete patio, 2 1/2 car garage with work area and sink. Great home in a great neighborhood! Contact Derek Mead today at (309)-532-5653 or derek@johnarmstronghomes.com for more info or a private showing!
40 Kenfield Circle in Bloomington
This updated ranch offers 3 bedrooms and 2 full baths in Rollingbrook subdivision. Great east side location! Eat-in kitchen with new flooring and pantry area. Partially finished basement with downstairs family room and 2 additional rooms, as well a half bath and plenty of storage. 2 car garage, fenced yard with nice landscaping, covered porch, wood-burning fireplace, new A/C in '09 and so much more! Contact Derek Mead at (309)-532-5653 to set up a showing or for more information!
Tuesday, October 11, 2011
Fall 2011 State of the Market Report
Whether you are in the market to buy or sell now, or just wanting to know what is going on in your local Real Estate market, I believe this report will help you understand what is happening in the Bloomington-Normal area. Of course this data reflects the overall market. If you would like to know more specifically about your subdivision, I encourage you to call my mobile at 309.275.9333, or call my office at 309.661.7068. Please feel free to pass my name along to anyone thinking of buying or selling a home.
Here is the latest edition to my State of the Market report. I wanted to take a few moments and fill you in on what is going on in the Bloomington area housing market:
If you recall last year, in order to qualify for the $8,000 government stimulus, you must have entered into a purchase agreement by April 30, 2010 and close by June 30, 2010. As a result, the first 6 months of 2010 were very active and consequently, the latter half was stagnant. This is where we saw a large inventory build up entering into 2011.
As of May 2011 we were 22% behind in the number of homes sold this year vs. last year. Through August, we are roughly 9% behind the 2010 pace. So we are gaining ground. I believe by the end of this year, we will see an improvement over 2010.
Another encouraging sign that the market is improving is the amount of inventory on the market. In a balanced market (meaning not a buyer or seller's market), we should have 5- 6 months of houses for sale. we currently have about 1050 homes in the Bloomington-Normal area for sale. In August we closed on 126 homes which means we have 8-9 months of inventory currently. This is a major improvement over the 12-13 months that we did have with that figure of 1050 homes on the market! I see this as a great sign that the Bloomington-Normal market is finally stabilizing.
The one negative I see in the current housing market is that new construction numbers are down. As of August this year, there were only 97 new construction permits issued vs. 140 this time last year. Sadly it was not so long ago that we were building over 500 new homes a year...ouch! Obviously with such a high volume of inventory, and at such great prices; it's hard to compete with a "deal" that you can get on an existing house.
If you are interested in more information on the Bloomington housing market, be sure to tune in to my weekly radio show called "On the House" on The Cities 92.9 FM from 8 to 8:30am on Saturday's.
Thanks for taking time to read the September 2011 edition of my State Of The Market report. If you know of anyone looking to buy or sell, please call my office at 309-661-7068.
Here is the latest edition to my State of the Market report. I wanted to take a few moments and fill you in on what is going on in the Bloomington area housing market:
If you recall last year, in order to qualify for the $8,000 government stimulus, you must have entered into a purchase agreement by April 30, 2010 and close by June 30, 2010. As a result, the first 6 months of 2010 were very active and consequently, the latter half was stagnant. This is where we saw a large inventory build up entering into 2011.
As of May 2011 we were 22% behind in the number of homes sold this year vs. last year. Through August, we are roughly 9% behind the 2010 pace. So we are gaining ground. I believe by the end of this year, we will see an improvement over 2010.
Another encouraging sign that the market is improving is the amount of inventory on the market. In a balanced market (meaning not a buyer or seller's market), we should have 5- 6 months of houses for sale. we currently have about 1050 homes in the Bloomington-Normal area for sale. In August we closed on 126 homes which means we have 8-9 months of inventory currently. This is a major improvement over the 12-13 months that we did have with that figure of 1050 homes on the market! I see this as a great sign that the Bloomington-Normal market is finally stabilizing.
The one negative I see in the current housing market is that new construction numbers are down. As of August this year, there were only 97 new construction permits issued vs. 140 this time last year. Sadly it was not so long ago that we were building over 500 new homes a year...ouch! Obviously with such a high volume of inventory, and at such great prices; it's hard to compete with a "deal" that you can get on an existing house.
If you are interested in more information on the Bloomington housing market, be sure to tune in to my weekly radio show called "On the House" on The Cities 92.9 FM from 8 to 8:30am on Saturday's.
Thanks for taking time to read the September 2011 edition of my State Of The Market report. If you know of anyone looking to buy or sell, please call my office at 309-661-7068.
Monday, August 16, 2010
Your July 2010 State of the Market Report
Presented by The John Armstrong Team;
Whether you are in the market to buy or sell now, or just wanting to know what is going on in your local Real Estate market, I believe this report will help you understand what is happening in the Bloomington-Normal area. Of course this data reflects the overall market. If you would like to know more specifically about your subdivision, I encourage you to call my mobile at 309.275.9333, or call my office at 309.661.7068. Please feel free to pass my name along to anyone thinking of buying or selling a home.
HOMES LISTED
Number of homes on the market in B-N July of 2010 1017
Number of homes on the market in surrounding areas July of 2010 402
Number of homes listed in B-N in July 2010 222
Number of homes listed in the surrounding areas in July 2010 84
CLOSINGS & PENDING SALES
Number of homes under contract in B-N in July 2010 104
Number of homes under contract in the surrounding areas in July 2010 39
Average days on the market for homes sold in B-N in July 2010 83
Average days on the market for surrounding area solds in July 2010 96
Average price of homes sold in B-N July of 2010 $191,111
Number of new construction sales in July 2010 15
Number of new construction sales in July 2009 28
*Homes means houses, condos, & zero-lot lines
What does all this mean? It's hard to believe, but our year-to-date sales are only slightly less than in 2009 for the Bloomington/Normal area. The market above $200,000 has been relatively strong the past couple of months. The numbers are trending down however. I project the rest of 2010 sales will be 10% or more behind.
Thanks for taking time to read the July edition of my State Of The Market report. I look forward to sharing August's numbers with you next month. If you know of anyone looking to buy or sell please call my office at 309-661-7068. Visit my web site at http://JohnArmstrongHomes.com & check out my blog at http://johnarmstrongteam.blogspot.com/
Presented by The John Armstrong Team;
Whether you are in the market to buy or sell now, or just wanting to know what is going on in your local Real Estate market, I believe this report will help you understand what is happening in the Bloomington-Normal area. Of course this data reflects the overall market. If you would like to know more specifically about your subdivision, I encourage you to call my mobile at 309.275.9333, or call my office at 309.661.7068. Please feel free to pass my name along to anyone thinking of buying or selling a home.
HOMES LISTED
Number of homes on the market in B-N July of 2010 1017
Number of homes on the market in surrounding areas July of 2010 402
Number of homes listed in B-N in July 2010 222
Number of homes listed in the surrounding areas in July 2010 84
CLOSINGS & PENDING SALES
Number of homes under contract in B-N in July 2010 104
Number of homes under contract in the surrounding areas in July 2010 39
Average days on the market for homes sold in B-N in July 2010 83
Average days on the market for surrounding area solds in July 2010 96
Average price of homes sold in B-N July of 2010 $191,111
Number of new construction sales in July 2010 15
Number of new construction sales in July 2009 28
*Homes means houses, condos, & zero-lot lines
What does all this mean? It's hard to believe, but our year-to-date sales are only slightly less than in 2009 for the Bloomington/Normal area. The market above $200,000 has been relatively strong the past couple of months. The numbers are trending down however. I project the rest of 2010 sales will be 10% or more behind.
Thanks for taking time to read the July edition of my State Of The Market report. I look forward to sharing August's numbers with you next month. If you know of anyone looking to buy or sell please call my office at 309-661-7068. Visit my web site at http://JohnArmstrongHomes.com & check out my blog at http://johnarmstrongteam.blogspot.com/
Tuesday, July 13, 2010
June 2010 State of the Market Report
Your June 2010 State of the Market Report Presented by John Armstrong;
Whether you are in the market to buy or sell now, or just wanting to know what is going on in your local Real Estate market, I believe this report will help you understand what is happening in the Bloomington-Normal area. Of course this data reflects the overall market. If you would like to know more specifically about your subdivision, I encourage you to call my mobile at 309.275.9333, or call my office at 309.661.7068. Please feel free to pass my name along to anyone thinking of buying or selling a home.
HOMES LISTED
Number of homes on the market in B-N June of 2010 955
Number of homes on the market in surrounding areas June of 2010 386
Number of homes listed in B-N in June 2010 215
Number of homes listed in the surrounding areas in June 2010 104
CLOSINGS & PENDING SALES
Number of homes under contract in B-N in June 2010 115
Number of homes under contract in the surrounding areas in June 2010 50
Average days on the market for homes sold in B-N in June 2010 95
Average days on the market for surrounding area solds in June 2010 96
Average price of homes sold in B-N June of 2010 $153,643
Number of new construction sales in June 2010 16
Number of new construction sales in June 2009 45
*Homes means houses, condos, & zero-lot lines
What does all this mean? June numbers are slightly better than May numbers. It is very disappointing to see only 16 new homes sold in June. As we move away from the tax credit deadline (April 30), more 1st time buyers will enter the market. This will give us some much needed help in the under $130,000 price range. Interest rates for 30 year loans are hovering in the 4 1/2% range which should continue to help.
Thanks for taking time to read the June edition of my State Of The Market report. I look forward to sharing July's numbers with you next month. If you know of anyone looking to buy or sell please call my office at 309-661-7068. Visit my web site at http://JohnArmstrongHomes.com & check out my blog at http://johnarmstrongteam.blogspot.com/
Whether you are in the market to buy or sell now, or just wanting to know what is going on in your local Real Estate market, I believe this report will help you understand what is happening in the Bloomington-Normal area. Of course this data reflects the overall market. If you would like to know more specifically about your subdivision, I encourage you to call my mobile at 309.275.9333, or call my office at 309.661.7068. Please feel free to pass my name along to anyone thinking of buying or selling a home.
HOMES LISTED
Number of homes on the market in B-N June of 2010 955
Number of homes on the market in surrounding areas June of 2010 386
Number of homes listed in B-N in June 2010 215
Number of homes listed in the surrounding areas in June 2010 104
CLOSINGS & PENDING SALES
Number of homes under contract in B-N in June 2010 115
Number of homes under contract in the surrounding areas in June 2010 50
Average days on the market for homes sold in B-N in June 2010 95
Average days on the market for surrounding area solds in June 2010 96
Average price of homes sold in B-N June of 2010 $153,643
Number of new construction sales in June 2010 16
Number of new construction sales in June 2009 45
*Homes means houses, condos, & zero-lot lines
What does all this mean? June numbers are slightly better than May numbers. It is very disappointing to see only 16 new homes sold in June. As we move away from the tax credit deadline (April 30), more 1st time buyers will enter the market. This will give us some much needed help in the under $130,000 price range. Interest rates for 30 year loans are hovering in the 4 1/2% range which should continue to help.
Thanks for taking time to read the June edition of my State Of The Market report. I look forward to sharing July's numbers with you next month. If you know of anyone looking to buy or sell please call my office at 309-661-7068. Visit my web site at http://JohnArmstrongHomes.com & check out my blog at http://johnarmstrongteam.blogspot.com/
Monday, June 28, 2010
Real Estate Technology
It's amazing how real estate has changed over the past 15 years. I remember when relocating buyers would give me a list of 40 properties to show them. Now they give me a list of 5 to 8 in most cases. They weed through listings by the pictures they see on the internet. If a house has only 1 picture they automatically assume something is wrong with house. Buyers expect not only an excellent online presentation but even a presentation on their smart phones.
I have made excellent alliances with some of the largest (most viewed) websites in the industry. I have the top enhancements, which means many pictures and virtual tours, available on not only Realtor.com, Zillow.com amd Trulia.com but many many more. Buyers can have property details text messaged to their phones or search on line. I also am happy to introduce my new phone app. text BN4SALE to 87778. The app will GPS you and give you property information on all the closest homes for sale. Also, it can give you what comparable properties have sold for.
15 years ago, advertising your home for sale in the paper used to be good advertising. That has all changed. Marketing your home with the latest tools is more important than ever.
I have made excellent alliances with some of the largest (most viewed) websites in the industry. I have the top enhancements, which means many pictures and virtual tours, available on not only Realtor.com, Zillow.com amd Trulia.com but many many more. Buyers can have property details text messaged to their phones or search on line. I also am happy to introduce my new phone app. text BN4SALE to 87778. The app will GPS you and give you property information on all the closest homes for sale. Also, it can give you what comparable properties have sold for.
15 years ago, advertising your home for sale in the paper used to be good advertising. That has all changed. Marketing your home with the latest tools is more important than ever.
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