October 2015 Bloomington Real Estate Market Update

Posted by Kris Lindahl on Monday, October 19th, 2015 at 11:22am.

The latest Bloomington real estate market stats can be summed up in one sentence: new listings are down, closed sales are up and so are prices.

It remains a seller’s market as we enter fall so buyers need to act quickly when they find a home they want to buy.

Let’s take a look at a breakdown of these Bloomington real estate market statistics so you can get a better idea of what’s been happening.

The Bloomington Market Overall

The most significant statistic, at least on a year-to-year basis, is the inventory of available homes. As occurred last month, the number of Bloomington homeowners that decided to list their homes for sale dropped yet again – this month it is down 28 percent over this time last year.

On a month-to-month basis we also saw a decrease. Last month we saw 147 new listings hit the Bloomington market and this month that number dropped to 121 homes.

The number of closed sales increased 9.5 percent over this time last year so we’re faced with a situation, again, of fewer new listings coming on the market and more homes selling, depleting our inventory.

Last year at this time we had a somewhat balanced market, with a 3.7 month supply of homes for sale. We now sit on a puny 2.5 month supply of available homes, down from last month’s 2.7 figure.

Bloomington’s median sales price last year at this time was $209,910 and it’s now at $220,000, an increase of 2.8 percent. But – and this is important to note – prices are down on a month-to-month basis, breaking three consecutive months of rising prices.

East Bloomington Real Estate Market

In August, there were 76 homes for sale in East Bloomington and in September there were only 57.

East Bloomington’s median sales price, $220,000, represents a significant hike over last year’s $180,300 and last month’s $209,000. Homeowners are receiving 98.9 percent of their original list price, down from the 99.2 percent received during the previous month.

West Bloomington Real Estate Market

The number of new listings fell 18.5 percent over this time last year to sit at 88. This represents a decrease over last month as well when 102 homes were listed for sale.

The median sale price is in West Bloomington is up 7.7 percent from last year to $246,000. It’s also an increase over last month’s  $231,500.

Homes here are remaining on the market 62 days (that is up from last month’s 47 days) and homeowners are realizing 96.9 percent, on average, of their original list price. Finally, inventory in West Bloomington is down 15.8 percent from last year. The market offers a 2.9 month supply of homes for sale, indicating a strong seller’s market.

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