Tuesday, August 21, 2007

Peoria Real Estate Market: Did the bottom fall out in July?

I wrote an article in the beginning of July which talked about the recent stabilization of the market, and discussing the possibility that we were seeing the beginning of a recovery. (MLS Data: some statistical analysis). You see, after watching the numbers get worse month after month for over a year, I finally saw the numbers leveling off. Well, that call seems a bit premature right now! July saw number of sales decline, price per square foot decline, and days on market increase – all by fairly significant margins.

This graph shows the leveling off in recent months – from February through June our market was fairly consistent. July proved to be a different story. I don't want to fan the flames of panic you hear on the evening news, but it's also hard to ignore a significant drop. What's next? We'll have to stay tuned...

- Chris Butterworth