Peoria Home Sales Highest Since Market Crash
By: Eugene Daniel
Updated: April 17, 2012
PEORIA- Local realtors say more "for sale" signs are coming down as housing market numbers are the best in recent years.
Tim Karmick has tried to sell his Peoria home for the last few years, but with no luck.
"In this cul-de-sac there were three houses and behind us there was another ten houses. It seemed like everyday we'd drive in and there was another sign up and that became frustrating," Karmick said.
He gave up and took his home off the market last year. But recently, some good news has him back in the game. The Peoria Area Association of Realtors says first quarter home sales were through the roof.
More than 900 homes were sold. That's up 22 percent from this time last year. It's also the most homes sold since 2008--right before the housing market crash.
"The consumer confidence is up. And then that kind of generates everything."
PAAR president Laura Martin says more people are looking for homes because of lower prices and warmer weather. She also thinks this could indicate where the economy is headed.
"In the Peoria area, every time a house was sold [or] sells, It generates a little over $18,000 per house that sells into the economy," Martin said.
Karmik hopes the trend remains, so his house can be next.
"We'd love to sell the house, possibly in next month to two months. And then in summer time we can you know seriously look hard at finding a house that would be perfect for our family," he said.
PAAR says it's unsure if this spike will continue. However, along with growth in recent quarters, Martin is encouraged that this could be the start of a good thing.
PAAR says home buyers were also willing to pay more. The average sale price was $138,720 in 2012, compared to $129,500 last year.
Tim Karmick has tried to sell his Peoria home for the last few years, but with no luck.
"In this cul-de-sac there were three houses and behind us there was another ten houses. It seemed like everyday we'd drive in and there was another sign up and that became frustrating," Karmick said.
He gave up and took his home off the market last year. But recently, some good news has him back in the game. The Peoria Area Association of Realtors says first quarter home sales were through the roof.
More than 900 homes were sold. That's up 22 percent from this time last year. It's also the most homes sold since 2008--right before the housing market crash.
"The consumer confidence is up. And then that kind of generates everything."
PAAR president Laura Martin says more people are looking for homes because of lower prices and warmer weather. She also thinks this could indicate where the economy is headed.
"In the Peoria area, every time a house was sold [or] sells, It generates a little over $18,000 per house that sells into the economy," Martin said.
Karmik hopes the trend remains, so his house can be next.
"We'd love to sell the house, possibly in next month to two months. And then in summer time we can you know seriously look hard at finding a house that would be perfect for our family," he said.
PAAR says it's unsure if this spike will continue. However, along with growth in recent quarters, Martin is encouraged that this could be the start of a good thing.
PAAR says home buyers were also willing to pay more. The average sale price was $138,720 in 2012, compared to $129,500 last year.
