Low inventory and severe weather
conditions lead to longer days on market
BLOOMINGTON, IND. — (March 27, 2014) — According to the latest housing data compiled by RE/MAX
of Indiana, Bloomington home sales slipped during the month of February. The
area reported a 39 percent decrease in homes sold with 53 homes, compared to
the same time last year with 87 homes.
“Severe
weather deterred a lot of buyers from getting out early this year and even some
sellers from putting their homes on the market,” said Jim Regester,
Broker/Owner of RE/MAX Realty Professionals. “In addition, there is a shortage
of homes in several price ranges that is keeping some buyers from making offers.”
Although
homeowners in Bloomington saw a significant drop in home sales in February,
sellers saw the average price for homes sold increase moderately by 4.74
percent when compared to 2013 sales transactions, from $187,230 to $196,099.
Further
analysis of the area shows the average number of days on market increased for
Bloomington during the month of February. The average length of time a home sat
on the market rose nearly 21 percent to 104 days, compared to 86 days in 2013.
“This
spring should be fairly active with a lot of pent-up demand on the market,”
said Regester. “We are expecting to see a rebound in overall market activity
and an increase in new construction supply. Sellers should begin to see some
upward pressure on the value of their homes, which will reflect positively on
the Bloomington housing market as a whole.”
|
|
Feb
2013 Homes Sold
|
Feb
2014 Homes Sold
|
%
Change
|
Feb
2013
Avg Sold Price |
Feb
2014
Avg Sold Price |
%
Change |
Feb
2013
Days on Market |
Feb
2014
Days on Market |
%
Change |
|
Bloomington
|
87
|
53
|
-39.08%
|
$187,230
|
$196,099
|
4.74%
|
86
|
104
|
20.93%
|
Source: Data acquired by Bloomington Board of REALTORS®. Not all data may be represented.
