January home sales in Peoria are up by nearly 10 percent.  The good news didn’t stop as the Peoria housing market showed major increases in most categories for the month of January. Home sales in the Peoria area were up for the third consecutive year with 234 homes sold compared to 213 in 2011, an increase of 9.9 percent. Pending sales were also up by a whopping 15 percent compared to a year ago indicating that a housing recovery is on its way. “Peoria is the comeback kid in the housing market,” said PAAR President Laura Martin. “We knew when times were not as favorable that this area would rebound in a shorter amount of time. It says a lot about our economy and the people who choose to live here.” 

Home prices also showed positive gains. The median sale price increased 11.8 percent to $111,750 in January compared to $100,000 in 2011. The average sale price was not as significant, but showed that the average sale price had increased over the last three years. January’s average sale price was up by 3.6 percent to $137,771 compared to $133,025 in 2011 and $131,492 in 2010.

“Recently, Peoria was listed among the top 10 real estate markets in the country to watch in 2012 according to Inman News,” said Martin. “A good local economy goes hand-in-hand with a good housing market. With such positive news on January home sales and sale price, it’ obvious that the Peoria market is worth watching.”