Record housing stock in Peoria

PEORIA (WEEK) — A new report shows housing inventory in the river city is at an all-time high.

A release from the Peoria Association of Realtors says homes for sale in the first quarter of this year fell nearly 50% from 2021, from 1,097 to 564. The total number of homes sold is also down by 12.2%.

“This is the lowest supply of homes we have ever had in this market,” PAAR Chairman Ryan Cannon said. “Buyers have very little choice at the moment.”

Estate agent Michael Maloof says it’s not for lack of demand, however.

“The desire to sell is not weak,” Maloof said. “So don’t confuse low inventory with the desire to sell. The desire to buy is intense.

The houses that are on the market always go like hot cakes. The average home here sells in 47 days, down 30 days from 2021. They’re going so fast Maloof says it’s deterring sellers, who aren’t finding newer, more expensive homes quickly enough.

“In other words, you put my house on the market, (and) I get a really good price for it. So where do I move?” Maloof says.

PAAR says there is a shortage of homes for sale in the $200,000 to $400,000 range, creating a stalemate in the market. Matt Wilkerson at EZ Mortgage in East Peoria says rising interest rates are also making matters worse.

“Refinancing activity has definitely been wiped out as interest rates rise,” Wilkerson said. “But if our clients find the right house, you’re right, they need to move quickly.”

The two say Peoria remains an attractive and affordable place to live for buyers across the country. Maloof says calls from out-of-state customers doubled to 10% of all calls. Wilkerson says pre-approval numbers remain steady, with good prospects for the summer.

“Over the next six months, we expect a strong market,” Maloof said.

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