July 2015 Bloomington Real Estate Market Update

Posted by Kris Lindahl on Friday, July 17th, 2015 at 1:47pm.

Oh what fun the Bloomington real estate market is! Last month we saw smoke rising from what we assumed was a market on fire. This month, although the smoke has dissipated, the market hasn’t exactly cooled completely.

New listings have increased 20.2 percent over this time last year, showing us that Bloomington homeowners may be regaining some confidence in the market, and equity they lost during the crash.

More homes sold last month as well, with that number rising to 158, a 20.6 percent increase over this time last year.

Unfortunately, at least for home sellers, is that the median sales price fell last month, 6.5 percent to $215,000. It was $229,000 just last month. Bloomington homeowners are averaging 97.6 percent of their original list price, a decrease from this time last year. If you’re planning on selling your Bloomington home, price it appropriately or it will end up sitting on the market and you may eventually end up with less than market value.

The statistics for those hoping to buy a house in Bloomington tell us that because inventory is shrinking you’ll still find competition for homes in decent shape and in popular neighborhoods.

East Bloomington Real Estate Market

Although you’ll find more homes for sale in West Bloomington, here in the east there was a nearly 22 percent increase in the number of homes hitting the market.

East Bloomington’s median sales price inched up to $205,000, a 6.8 percent increase over last year’s figure, but homeowners are receiving 97.8 percent of their original list price, down from last year’s 99.5 percent.

Homes in East Bloomington are selling much quicker this year over last, with the number of days a home spends on the market before selling dropping to 55 – a 28.6 percent reduction.

That is one of the lowest inventories in the Twin Cities. A “balanced” market offers a 6-month supply of homes. The inventory of available homes in Bloomington shrunk even more than it did last month, leaving us with a 2.2 month’s supply. This is one of the tightest inventories in the Twin Cities.

West Bloomington Real Estate Market

West Bloomington also saw an increase in the number of new listings of homes for sale to hit the market. There were, in fact, nearly 20 percent more listings this June over last.

Unlike East Bloomington, here in the west we saw a 3.3 percent decrease in the area’s median sales price, from $248,100 in 2014 to $239,900 this year. This is down substantially from last month’s $249,950 median sales price.

Homes are remaining on the market longer than they did last year and homeowners are realizing 97.6 percent of their original list price. This is a clear signal from buyers that West Bloomington homeowners are overpricing their homes.

Finally, inventory in West Bloomington increased again last month, nearly 2 percent.

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