Thursday, August 20, 2009

Market Information from the Bloomington Board of Realtors

As of this month, the largest 'back log' of housing inventory priced under $375,000 is in the homes priced from $175,000 to $199,999. As of August 3rd, there was a 12.8 month inventory of homes in this price range. This means that with standard market conditions, it will take 12.8 months to sell these houses.
Homes priced between $350,000 and $374,999 have only a 5.4 month inventory, one of the lowest for the current market.
If we look at homes priced over $600,000, there is a 73.2 month inventory currently available. So yes, if market conditions are typical it will take over six years for all of these houses to sell. Bloomington has a very strong real estate market but it does not excel in high priced home sales. So far for 2009 there have been a total of ten homes sold that were priced over $600,000 in our MLS area.

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