Bloomington Indiana Home Sales Slip, Prices Remain Strong in February

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.