Despite COVID-19, Q3 Stats Prove the Peoria Region is Still Holding Strong, In Fact Breaking Records
Despite some of the most challenging obstacles in recent history, area home sales broke records in the third quarter, totaling 2,210 closed sales; 28% increase from the third quarter of 2019. Each month of Q3 also broke closed sales records going back to 2007 when the Association first started keeping a historical record of them. The last month of the second quarter also surpassed any previous months on record.
In light of these reports, there is also less inventory, which is down nearly 40% from third quarter 2019 with just a three-month supply of homes in the Peoria Region. A balanced market is known to be six months of inventory.
“The Peoria Housing market remains busier than ever with a decrease in listings, we need inventory now more than ever. It is certainly a historic market and if there’s an interest in selling your home, now is a great time”, said Peoria Area Association of REALTORS® President Jason Catton.
The pending sales for the third quarter are also up year-to-date from the past 2 years’ first 3 quarters by 18.2%. The month of September was up 49% from September 2019, showing a good indication that 4th quarter 2020 may also bring good news.
Days on market also fell to just 60 days, making Q3 of 2020 the lowest of any quarter in years.
REALTORS® have found ways to adapt their home marketing and showing procedures during this pandemic. Fortunately, the Association’s early adoption of technology has helped make buying and selling homes a more streamlined process in our region. Digital signatures, better photos, 3D virtual tours, videos, floor plans, live streaming, and the ability to quickly send information to the consumer have been around but are now being used maximize their potential.
Low interest rates are creating opportunities, allowing buyers more purchase power while also creating a larger pool of buyers. The median sales price was also up 5.8% from the Q3 of 2019. According to an analysis provided by RefiGuide, Peoria ranked number six at most affordable places to buy a home during the pandemic.
One thing is for sure: the COVID-19 Pandemic is not slowing down the Peoria Region’s real estate market.