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paarFOR RESIDENTIAL REAL ESTATE ACTIVITY IN THE PEORIA REGION
Data is refreshed regularly to capture changes in market activity. Figures shown may be different than previously reported.

In 2015, residential real estate experienced its best year sincethe Great Recession ended in 2009. Although inventory could still use a jolt, demand was healthy throughout the year and there was enough supply to keep the engine strong.

Interest rates did not go up earlier in 2015, as was widely anticipated, but the Federal Reserve finally took action with a short-term rate increase in December and is expected to do more of the same with some consistency in 2016. Housing and the wider economy has proven itself ready for such a move, and rate increases can actually serve to maintain economic balance.

If consumers are unwilling to pay higher rates on borrowed money, 2016 could get off to a slow start. By historical standards, that seems like an unlikely reaction. Even if rates were to reach 4.5 percent, it would still be well below what weaker economic conditions than exist today have easily borne in the past.

While rates may get the most digital news ink, other topics worth attention in 2016 include affordable inventory for new buyers, competition from cash investors for that inventory and the continuing barrier to entry that is student loan debt.

Sales: The biggest news in 2015 was the lack of news on rateincreases, so buyers kept locking in low 30-year fixed rates. Closed sales increased 6.6 percent to 5,479 to close out the year.

Listings: Inventory struggled in year-over-year comparisons.There were 2,416 active listings at the end of 2015. New listings increased by 6.0 percent to rest at 8,632 for the year. Inventory should rise in 2016, but that will depend upon additions from new construction along with would-be sellers tapping into a market already in their favor.

New Construction: Single-family housing starts are still wellbehind average levels, and a lot of new development across the nation is catering to the rental market. Locally in 2015, new construction inventory is down 153 units compared to its peak in April 2011.

Prices: The cost to buy a home rose slightly in 2015. The overall median sales price was up 0.1 percent to $120,000 for the year. Home prices should continue to rise in 2016 but perhaps at a tempered pace as the market approaches a natural balancing point. Price gains should be more in line with historical norms in 2016. Single-Family Detached homes were up 1.3 percent while Townhouse-Condo Attached homes were down 3.6 percent.

List Price Received: Sellers received 90.7 percent of theiroriginal list price received at sale, which is about the same as last year. Sales prices are expected to increase slightly in 2016, which should translate into increases in list price received.

The national homeownership percentage is the lowest its been since 1993. As rental development continues, especially in urban centers, and as rental rates continue to rise, we may begin to gradually see some pushback on paying a lease versus a mortgage. Lending stringency and, you guessed it, interest rates may have an effect on the number of new buyers we see in 2016.

Gross Domestic Product increased at an annual rate near 2.0 percent to close 2015, and chances are favorable to get above 2.5 percent next year. Housing is again considered a cornerstone of the national economy. Contributing factors from within the industry include better lending standards and improved inventory unhampered by foreclosures. Declining unemployment, higher wages and low fuel prices have also nudged buying power forward. Conditions are good for a continuation of positive trends in 2016.

Quick Facts

New Listings

new listings

Top 5 Areas: Change in New Listings from 2014

Dahinda

+ 50.0%

Macomb

+ 37.9%

Dunlap

+ 30.1%

Chillicothe

+ 22.1%

West Peoria

+ 15.1%

Bottom 5 Areas: Change in New Listings from 2014

Peoria Heights

- 4.1%

Canton

- 5.7%

Farmington

- 7.3%

Mackinaw

- 13.3%

Marshall County

- 15.9%

Pending Sales

pending sales

Top 5 Areas: Change in Pending Sales from 2014

Dahinda

+ 141.2%

West Peoria

+ 61.2%

Washington

+ 28.4%

Chillicothe

+ 27.1%

Metamora

+ 25.8%

Bottom 5 Areas: Change in Pending Sales from 2014

Germantown Hills

0.0%

Peoria

- 1.0%

Farmington

- 3.6%

Marshall County

- 10.3%

Edwards

- 19.4%

Closed Sales

closed sales

Top 5 Areas: Change in Closed Sales from 2014

Dahinda

+ 129.4%

West Peoria

+ 64.6%

Macomb

+ 29.0%

Metamora

+ 26.3%

Washington

+ 26.3%

Bottom 5 Areas: Change in Closed Sales from 2014

Peoria

- 0.4%

Mackinaw

- 3.7%

Germantown Hills

- 5.6%

Marshall County

- 7.2%

Edwards

- 17.1%

Inventory of Homes for Sale

At the end of the year

inventory of homes for sale

Top 5 Areas: Change in Homes for Sale from 2014

Macomb

+ 30.7%

Dunlap

+ 24.1%

Stark County

+ 13.6%

Bartonville

+ 9.4%

Peoria County

+ 4.4%

Bottom 5 Areas: Change in Homes for Sale from 2014

Metamora

- 24.4%

Mackinaw

- 30.0%

Fulton County

- 32.1%

Canton

- 33.3%

Farmington

- 53.3%

Median Sales Price

median sale prices

Top 5 Areas: Change in Median Sales Price from 2014

West Peoria

+ 27.3%

Farmington

+ 20.0%

Mackinaw

+ 18.6%

Dahinda

+ 10.2%

Marshall County

+ 8.1%

Bottom 5 Areas: Change in Median Sales Price from 2014

Stark County

- 5.9%

Canton

- 6.3%

Morton

- 6.8%

Edwards

- 7.2%

Peoria Heights

- 9.2%

Average Sales Price

average sale prices

Top 5 Areas: Change in Avg. Sales Price from 2014

West Peoria

+ 27.8%

Farmington

+ 23.7%

Marshall County

+ 13.5%

Bartonville

+ 10.8%

Peoria Heights

+ 8.7%

Bottom 5 Areas: Change in Avg. Sales Price from 2014

East Peoria

- 2.9%

Chillicothe

- 4.4%

Macomb

- 5.5%

Canton

- 6.5%

Edwards

- 10.5%

Months Supply of Inventory

monthly supply of inventory

Top 5 Areas: Change in Months Supply from 2014

Edwards

+ 19.0%

Dunlap

+ 10.6%

Macomb

+ 8.4%

Bartonville

+ 7.7%

Peoria

+ 5.5%

Bottom 5 Areas: Change in Months Supply from 2014

Fulton County

- 40.2%

Canton

- 40.5%

West Peoria

- 44.3%

Dahinda

- 50.0%

Farmington

- 55.9%

Percent of Original List Price Receieved

percent of original list price

Top 5 Areas: Change in Pending Sales from 2014

West Peoria

+ 8.0%

Farmington

+ 7.0%

Stark County

+ 3.7%

Marshall County

+ 1.3%

Metamora

+ 0.7%

Bottom 5 Areas: Change in Pct. of Orig. Price Received from 2014

Peoria

- 0.9%

Macomb

- 1.1%

Washington

- 1.3%

Morton

- 1.6%

Edwards

- 2.9%

Property Type Review

106

Average Cumulative Days on Market Single-Family Detached

156

Average Cumulative Days on Market Townhouse-Condo Attached

Months Supply of Inventory

This chart uses a rolling 12-month average for each data point.

monthly supply of inventory

Top Areas: Townhouse-Condo Attached Market Share in 2015

Macomb

13.4%

Peoria

11.5%

Morton

8.7%

Edwards

8.6%

Washington

8.3%

Peoria County

8.1%

Peoria Area

6.0%

Germantown Hills

5.9%

Dunlap

5.0%

Tazewell County

4.8%

Pekin

4.3%

Metamora

3.3%

East Peoria

2.9%

Marshall County

2.6%

Woodford County

2.4%

Chillicothe

2.0%

Canton

1.0%

Bartonville

1.0%

Fulton County

0.9%

+ 1.3%

One-Year Change in Price Single-Family Detached

- 3.6%

One-Year Change in Price Townhouse-Condo Attached

Median Sales Price

median sale prices

90.6%

Pct. of Orig. Price Received Single-Family Detached

92.7%

Pct. of Orig. Price Received Townhouse-Condo Attached

Percent of Original List Price Received

percent of original list price

New Construction Review

Apr '11

Peak of New Construction Inventory

153

Drop in New Construction Inventory from Peak

New Construction Homes for Sale

new construction homes for sale

Top Areas: New Construction Market Share in 2015

Dunlap

23.7%

Edwards

22.4%

Washington

14.1%

Morton

6.7%

Chillicothe

5.9%

Metamora

5.8%

Tazewell County

5.5%

Peoria County

4.1%

Peoria Area

3.8%

East Peoria

3.7%

Woodford County

2.7%

Mackinaw

1.9%

Pekin

1.8%

Germantown Hills

1.5%

Peoria

1.4%

Bartonville

1.0%

Fulton County

0.6%

Canton

0.5%

6.6

Year-End Months Supply New Construction

5.2

Year-End Months Supply Previously Owned

Months Supply of Inventory

monthly supply of inventory

98.0%

Pct. of Orig. Price Received New Construction

90.4%

Pct. of Orig. Price Received Previously Owned

Percent of Original List Price Received

This chart uses a rolling 12-month average for each data point.

percent of original list price

Price Range Review

$125,001 to $175,000

Price Range with Shortest Average Days on Market

$300,001 to $400,000

Price Range with Longest Average Days on Market

Days on Market Until Sale by Price Range

days on market

26.2%

of Homes for Sale at Year End Priced $75,000 and Below

- 10.4%

One-Year Change in Homes for Sale Priced $75,000 and Below

Share of Homes for Sale $75,000 and Below

share of homes for sale

$75,000 and Below

Price Range with the Most Closed Sales

+ 27.4%

Price Range with Strongest One-Year Change in Sales: $400,001 to $500,000

$500,001 and Above

Price Range with the Fewest Closed Sales

- 14.8%

Price Range with Weakest One-Year Change in Sales: $500,001 and Above

Closed Sales by Price Range

closed sales

Area Overviews

 

Total
Closed Sales

Change
from 2014

Percent New
Construction

Percent
Townhouse-
Condo

New Listings

Months Supply

Pct. of Orig.
Price Received

Peoria Area

5,479

+ 6.6%

3.8%

6.0%

8,632

5.3

90.7%

Bartonville

100

0.0%

1.0%

1.0%

165

4.2

91.6%

Canton

195

+ 12.7%

0.5%

1.0%

230

4.4

87.4%

Chillicothe

153

+ 15.9%

5.9%

2.0%

243

3.1

92.0%

Dahinda

39

+ 129.4%

0.0%

0.0%

66

8.2

91.1%

Dunlap

241

+ 18.1%

23.7%

5.0%

354

5.2

95.2%

East Peoria

348

+ 3.9%

3.7%

2.9%

538

4.8

92.8%

Edwards

58

- 17.1%

22.4%

8.6%

84

5.0

94.3%

Farmington

29

+ 7.4%

0.0%

0.0%

38

2.6

89.6%

Fulton County

317

+ 17.4%

0.6%

0.9%

405

4.9

87.0%

Germantown Hills

68

- 5.6%

1.5%

5.9%

105

4.0

95.6%

Mackinaw

52

- 3.7%

1.9%

0.0%

78

4.5

93.7%

Macomb

187

+ 29.0%

0.0%

13.4%

240

9.0

92.0%

Marshall County

116

- 7.2%

0.0%

2.6%

196

8.2

84.1%

Metamora

120

+ 26.3%

5.8%

3.3%

158

3.5

94.2%

Morton

254

+ 11.4%

6.7%

8.7%

333

3.7

94.1%

Pekin

493

+ 9.3%

1.8%

4.3%

787

5.2

90.9%

Peoria

1,559

- 0.4%

1.4%

11.5%

2,714

5.8

88.7%

Peoria County

2,493

+ 1.8%

4.1%

8.1%

4,181

5.3

90.1%

Peoria Heights

93

+ 4.5%

0.0%

0.0%

142

4.7

88.1%

Stark County

36

+ 5.9%

0.0%

0.0%

57

7.6

85.9%

Tazewell County

1,755

+ 9.6%

5.5%

4.8%

2,631

4.5

92.5%

Washington

384

+ 26.3%

14.1%

8.3%

561

4.1

94.3%

West Peoria

79

+ 64.6%

0.0%

0.0%

122

3.9

90.7%

Woodford County

339

+ 10.1%

2.7%

2.4%

538

4.9

92.8%

Area Historical Median Prices

 

2011

2012

2013

2014

2015

Change
From 2014

Change
From 2011

Peoria Area

$115,000

$121,900

$115,500

$119,900

$120,000

+ 0.1%

+ 4.3%

Bartonville

$109,500

$95,500

$106,000

$95,000

$99,500

+ 4.7%

- 9.1%

Canton

$63,700

$72,000

$65,625

$72,000

$67,500

- 6.3%

+ 6.0%

Chillicothe

$113,000

$127,700

$124,000

$129,500

$125,000

- 3.5%

+ 10.6%

Dahinda

$235,500

$251,250

$200,000

$245,000

$270,000

+ 10.2%

+ 14.6%

Dunlap

$269,500

$259,900

$265,000

$285,000

$279,900

- 1.8%

+ 3.9%

East Peoria

$126,000

$124,500

$129,000

$134,900

$130,000

- 3.6%

+ 3.2%

Edwards

$286,948

$280,300

$290,538

$306,000

$284,000

- 7.2%

- 1.0%

Farmington

$80,750

$73,750

$45,500

$60,000

$72,000

+ 20.0%

- 10.8%

Fulton County

$68,500

$70,900

$63,500

$70,000

$67,000

- 4.3%

- 2.2%

Germantown Hills

$199,950

$228,500

$213,000

$256,000

$242,500

- 5.4%

+ 21.2%

Mackinaw

$150,000

$149,250

$132,000

$143,500

$170,250

+ 18.6%

+ 13.5%

Macomb

$98,000

$143,000

$98,000

$103,000

$103,000

0.0%

+ 5.1%

Marshall County

$76,250

$90,000

$84,900

$77,500

$83,750

+ 8.1%

+ 9.8%

Metamora

$172,738

$189,000

$181,250

$171,500

$171,900

+ 0.2%

- 0.5%

Morton

$163,000

$170,000

$169,950

$184,600

$172,000

- 6.8%

+ 5.5%

Pekin

$89,500

$92,000

$94,000

$96,400

$101,150

+ 4.9%

+ 13.0%

Peoria

$95,000

$107,500

$99,000

$105,000

$108,000

+ 2.9%

+ 13.7%

Peoria County

$112,900

$121,000

$115,000

$120,000

$120,000

0.0%

+ 6.3%

Peoria Heights

$72,000

$69,900

$61,500

$71,500

$64,900

- 9.2%

- 12.3%

Stark County

$66,250

$64,500

$69,900

$74,950

$70,500

- 5.9%

+ 6.4%

Tazewell County

$120,000

$125,000

$126,900

$129,900

$129,900

0.0%

+ 8.3%

Washington

$158,750

$156,500

$169,000

$174,250

$167,375

- 3.9%

+ 5.4%

West Peoria

$64,500

$61,000

$72,500

$67,950

$86,500

+ 27.3%

+ 34.1%

Woodford County

$151,750

$166,950

$164,000

$170,000

$166,500

- 2.1%

+ 9.7%

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