The Bloomington-Normal Association of Realtors (BNAR) had a record- breaking year in 2018 for home sales, the best since 2006. There were 2,763 resale homes closed totaling more than $476 million, which reflects a minor increase over our 2017 numbers.
Looking at the number of resale homes sold in 2018, we were up 3.6 percent over the previous year. This increase is attributed to resale home sales, as our new construction has not had a great year, primarily because there are such good values in resale homes.
We have seen a modest 2 percent gain this past year in the average resale price for resale homes.
Despite the decrease in new construction, our overall sales were up 1.6 percent from 2017.
As we head into our busy season, sales are keeping pace with the 2018 numbers. However, the real story is the lack of inventory that has created a stronger seller’s market. During the first two months of 2019, local Realtors listed fewer homes than they did in 2018 during the same time period.
This has resulted in our overall inventory being about two thirds what it was last year. This is following a national trend.
Our pending sales have remained stable compared to last year. Our average sold price of a home that closed in January and February is up more than 5 percent from the same time period last year, which equates to almost a $10,000 gain.
This further indicates that we are currently in a seller’s market for certain price ranges. You should consult with a local Realtor to find out the value of your home in today’s market.
But we do more than sell houses!
Every year, local Realtors advocate for homeowner rights.
On April 30, hundreds of area Realtors will be making a trip to Springfield to lobby at the Illinois State Capitol against laws that, if enacted, would affect your homeowner rights and the real estate industry.
We will meet with our state legislators and let them know why we want and need their vote in either opposing or supporting each particular bill.
On March 5 and March 12, BNAR held forums for Bloomington and Normal city council candidates. The public was invited to hear the candidates discuss why they were running for office, and there was a Q&A session at the end of the evening. There was great discussion about our concerns regarding rising property taxes.
We also were busy this past year raising money and volunteering in our community.
Each year, we volunteer at the Red Cross blood drive in December and with Miracle League in the summer. Additionally, we volunteer for the annual Back to School Backpack event in August, and collect school supplies and backpacks for the event. In September, we hosted a charity event that raised more than $16,000 for Big Brothers and Big Sisters.
Realtors also supported the Front Street Music Festival while raising money for Harmony Park, and participated in the Festival of Trees to benefit The Baby Fold. For many years, we have been supporting children’s safety through the Survive Alive House.
This past year year, we also volunteered and raised funds for Bed Blitz and participated in the Sharin’ of the Green Parade that supports various not-for-profit organizations.
We are looking forward to another great year and will continue to support our fabulous Bloomington-Normal community and surrounding areas!