The Bloomington real estate market’s latest statistics are out and, in a nutshell, inventory is down, new listings are down and prices are up. Let’s break down the numbers to get a better idea of exactly what’s going on in the Bloomington market.
Most of the market’s changes over this time last year are slight, with the exception of the number of closed sales (an increase of nearly 17 percent) and the inventory of available homes, which decreased 7 percent to give us a 17 percent decrease in the “month’s supply of inventory.” This figure is commonly used as a market indicator, with a 5 to 6-month supply of inventory signaling a balanced market. Bloomington now has a paltry 2.9-month supply, a clear sign of a seller’s market still in force.
Bloomington’s median sales price last month was $217,000, an increase of 3.8 percent over July of 2014.
East Bloomington Real Estate Market
There are only 83 homes for sale in East Bloomington at this writing. There are 223 in West Bloomington. In June we thought we were seeing an easing of the inventory problem in East Bloomington, but July’s numbers show otherwise.
East Bloomington’s median sales price, $199,950, although lower than June’s, shows an increase of 5.8 percent over July 2014. Homeowners are receiving 98.4 percent of their original list price, compared to 97.8 percent in the previous month.
West Bloomington Real Estate Market
In West Bloomington, we see the same number of new listings as we did in July of 2014, but more closed sales occurred this year. The median sales price is up here, more than 11 percent, to $238,950.
Homes are remaining on the market 45 instead of 50 days and homeowners are realizing 98.2 percent of their original list price.
Finally, inventory in West Bloomington is down just slightly. The market offers a 3.1 month supply of homes for sale.