PEORIA, Ill. (WMBD) — In the first quarter of 2023, roughly 100 fewer homes were sold in the Peoria metro area compared to the same period in 2022, the Peoria Area Association of Realtors (PAAR) announced Wednesday.

PAAR said 1,099 homes were sold in the first quarter this year as opposed to 1,198 sold in 2022’s first quarter. Home inventory is also lower. The number of homes for sale is 467, down 28.6% from the same period last year when 654 homes were on the market.

“Sales are down due to the very low inventory,” said PAAR President Robin Simpson.

To put a perspective on inventory numbers, prior to the pandemic, the Peoria-area inventory sometimes exceeded 2,000 homes. But Simpson said the market isn’t stagnant.

“Homes that are priced properly and in good condition are still selling very quickly, many with multiple offers,” she said.

PAAR reported the first quarter’s average home sale price was $153,426, down slightly from $158,648 in the first quarter of 2022. The average number of days on the market was 48, essentially the same as last year when the number of days was 47.

“Unfortunately, the low inventory issue is not going to correct itself quickly. We are hopeful that interest rates are stable or decreasing but, historically, they are midrange. Thankfully, there are many great financing options available,” Simpson said.