Total home sales in the Peoria area in 2009 showed a 12.9 percent decline from the year before, according to Bill Embry who is president of the Peoria Area Association of Realtors. Embry says low interest rates and the tax credit for first-time buyers were market highlights during 2009. Four-thousand, 477 homes were sold in the Peoria area in 2009 compared to 5,142 in 2008. Embry says the tax credit continues until April 30th so now is still a good time to buy.
A first time homebuyer must buy a home by April 30th and close on the home by June 30th to qualify for the tax credit, which was also extended to homeowners who have owned a home 5 consecutive years of the last 8.
The average sale price in the Peoria area at the end of 2009 compared to 2008 was down 3 percent to $134,485. There were 2,386 homes on the market at the end of 2009 compared to 2,206 in 2008. Embry says that shows inventory numbers are still at a level that gives buyers a number of homes to choose from in their price range.
