September 2015 Bloomington Real Estate Market Update

Posted by Kris Lindahl on Monday, September 21st, 2015 at 12:16pm.

I truly pity the homebuyer who wants to buy a home in Bloomington. Our inventory here just gets smaller and smaller. We’re hoping that will change, or at least the slowdown of the summer buying season will help these buyers face less competition and finally find their Bloomington dream home.

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

The Bloomington Market Overall

The most significant change, at least on a year-to-year basis is that stubborn inventory of available homes. It starts with fewer Bloomington homeowners listing their homes for sale. That number decreased nearly 4 percent from this time last year. On a month-to-month basis we also saw a decrease. In July of this year we saw 188 new listings. In August, that number dropped to 147 new listings.

Since more home sales closed this year over last, naturally the inventory of homes for sale has decreased dramatically. We now sit on a puny 2.7 month supply of available homes. This is a clear sign that Bloomington remains a seller’s market.

Bloomington’s median sales price last month was $225,000, an increase of nearly 1 percent over this time last year and an $8,000 increase over the previous month.

East Bloomington Real Estate Market

Last month there were 83 homes for sale in East Bloomington and this month there are only 76.

East Bloomington’s median sales price, $209,000, although lower than last year’s, shows an increase from the previous month’s $199,950. Homeowners are receiving 99.2 percent of their original list price, compared to 98.4 percent in the previous month.

West Bloomington Real Estate Market

In West Bloomington, we see the number of new listings dropping slightly from the previous month, from 105 to 102. The median sales price is down here, both on a year-to-year basis and a month-to-month and now sits at $231,500.

Homes are remaining on the market 47 days and homeowners are realizing 97.3 percent, on average, 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.

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