About Peoria County, IL

2008 Off to a Great Start!

02-23-08

Jim Sikes, Managing Broker, e-PRO®: Real Estate Agent in Peoria, IL

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Office: (309) 347-5540

Mobile: (309) 264-8933
Secondary: (309) 264-8933

The numbers are in and they are good again for those who are wise enough to price their homes sensibly. The average number of days on market for January ‘08 is 72. That is an 8.9% decrease from the the same time last year (79 days). The average price of a residential single family home is up 3.8% to the same time last year($137,989 vs. $132,886).The big gains go to the 3-4 bedrooms (+4.8%) and 5+ bedrooms (+9.25%). Pricing right and marketing well are still key factors in selling quickly and profitably as always, but as you can see the market in the Peoria area is far from the doom and gloom predictions of the national media. Real estate is local, consult your local Realtor, not the national news before determining your local market conditions. Statistics for: Class=MULTI AND Date Range=1/2008-1/2008; As Of: 2/23/2008. Statistics for: Class=MULTI AND Date Range=1/2007-1/2007; As Of: 2/23/2008

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Chicken Little, the Sky May Not Be Falling

01-21-08

Jim Sikes, Managing Broker, e-PRO®

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Office: (309) 347-5540

Mobile: (309) 264-8933
Secondary: (309) 264-8933

Contrary to what the national and local media may want to tell you, the Central Illinois real estate market is not all bad news. Although there was a drop in 2007 of the number of homes sold -5.12% to 2006, the rest of the news is pretty darn good. Homes only spent an average of 4 more days on market in 2007 than in 2006 (67 vs. 63). The average price of a home rose again in 2007, +2.71% to 2006. There were significant price increases in the 2 bedroom or less (+5.66%) and the 5+ bedroom (+6.61%) homes. All of these numbers indicate to me the market is still strong if your home is priced right. This is not the market you want to go "fishing' for a price in. Price your home properly, market it well, allow buyers access, and you will sell. Remember real estate is very local, the national numbers you hear on the news may have very little to do with your local market. Always consult your local Realtor for the numbers in your market.

Statistics for: Class=RE AND Date Range=1/2007-12/2007; As Of: 1/21/2008,Statistics for: Class=RE AND Date Range=1/2006-12/2006; As Of: 1/21/2008

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