Home Showings Up in Peoria; despite restrictions, home sales down only 6% in April.
May 13, 2020 - Peoria, Illinois
The Peoria-area housing market has shown resilience despite limitations dictated by the COVID-19 outbreak.
Figures released this week by the Peoria Area Association of REALTORS® show that the number of showings by PAAR REALTORS® steadily increased after a lull between March 22 and April 11 when shelter-in-place orders first came down from the state.
Showings increased to 1,149 during the week of April 12-18, rising to 1,437 showings for the week of April 19-25 and 1,589 from April 26 to May 2.
“REALTORS® have been mindful of the need for safety during this period, wearing masks and maintaining social distancing,” said Peoria Area Association of REALTORS® president Kendra Sipes, who credited sellers for taking precautions to assure the safety of would-be buyers during this period.
Despite restrictions imposed in order to slow the spread of coronavirus, the Peoria Area Association of REALTORS® reported an increase in home sales for the first quarter of 2020 with 1,134 homes sold over the first three months of the year, an increase of 13 percent compared to the same period in 2019.
While the Peoria area saw an increase in sales in March, the National Association of REALTORS® reported a month-to-month decline of 8.5 percent in nationwide sales.
Sipes said that one thing that Peoria has in common with the rest of the country is an undersupply of homes to sell. “We need inventory badly. Buyers are there. Hopefully, more people in the Peoria area will take advantage of record low interest rates and real opportunities in the marketplace,” she said.
The inventory of homes in the Peoria market dropped to 2,003 in April, down from 2,456 in April 2019.
Home sales in the greater Peoria market in a 12-month period through April 2020 saw 5,845 homes sold compared to 5,850 in the 12-month period that ended in April 2019. The Peoria Area Association of REALTORS® reported that 456 homes were sold last month compared to 486 homes sold in April 2019.
About the Peoria Area Association of REALTORS®
The Peoria Area Association of REALTORS® is the “Voice for Real Estate” in the Greater Peoria area, with over 700 members engaged in all facets of the real estate industry. The Peoria Area Association of REALTORS® advocates for all private property owners.
More information on purchasing a home in the Peoria area can be found at www.309mls.com
Kendra Sipes, Peoria Area Association of REALTORS® President, is available for interviews.
For more information, please contact Steve Tarter, 309-868-9821 stpeoria@yahoo.com
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