In 2008, the Peoria Area Association of Realtors released figures showing Peoria’s 2007 housing numbers were a “bright spot” in Illinois.
Michael Maloof, while checking home sales figures for 2008 in the Peoria market, discovered what he considered a noteworthy trend.
“Edgewild is hot,” Maloof, president of Jim Maloof Realtors, said.
Suzanne Miller, an agent with the company, agrees. But, she said it is not just Edgewild that is attracting attention from home buyers.
“You just never know what’s going to be hot,” Miller said. “I take it day-by-day.”


Hot pockets
In the last 14 months, out of 21 residential listings, 15 properties sold, two listings expired and four are still active in Edgewild. Most of the properties sold within $20,000 of the listed price.
“Edgewild is beautiful. It’s full of older homes. People get the homes, gut them and make then what they want,” Miller said.
Re/Max Unlimited Broker/Associate Diane Vespa, likewise, is not surprised at the level of activity in Edgewild.
“Subdivisions like Edgewild have a lot to offer. ‘Walkability’ is the buzzword of the day. Consider it’s location. You can walk to restaurants, a bank, a doctor’s office, businesses and District 150’s top performing schools. Kroger, a car wash and a gas station are a two-minute drive away. It also has the perception of safety, and the properties are well taken care of,” Vespa said. 
Miller said while Edgewild is hot, there are pockets of hot real estate activity citywide.
“There’s Northmoor Hills, the Knolls and Lake of the Woods. People are buying and selling. The people buying know what they want,” Miller said.
“I have no idea why these areas are so hot. There’s no one thing you can list. When people find what they want, they are jumping on it.”
Vespa agreed.
“Properties that are in neighborhoods that have high ‘walkability’ scores and access to parks will definitely have an edge in the real estate market. Sommer Place, right off Koerner Road, has a new  park with tennis courts, bike and walking trails and play systems,” she said.
“It is one of Peoria’s best- kept secrets. Maybe not any more, though. Those properties seem to sell at the top of the market.”
Vespa added that no matter what the economy does, there will always be a real estate market.
“I believe that the trend will be towards families downsizing, and getting used to living with less. I also believe that families will become more accepting of minor deficiencies or datedness in a property. For the last 10 years, the buying public has been very intolerant of imperfect homes—mainly because of the plethora of new construction,” Vespa said.
“Now that builders are scaling back on spec homes and the disposable income of the average family is trending downwards, I believe you will see a resurgence of people that are willing to do home repair and updating in exchange for a lesser price.”
Miller was on the same page. She said one reason real estate activity is going well in Peoria is because it never stopped.
“Here, it didn’t really stop. It slowed during the winter months, but that’s not unusual,” she said. “But, people still want a bigger house or to downsize.”
Miller said she knows this not just because of her job.
“My husband and I are in the process of selling our home and buying one in the Knolls,” Miller said.
Miller said she does not just preach faith in Peoria’s real estate market, but practices it as well because she and her husband jumped on the house of their dreams before selling their home.
“The sale of our home is pending,” Miller said.
Miller said her faith in the market and knowing the level of activity made it easier for her and her husband to go out on a limb.
“It was a great time to buy,” she said.

Past and present
In 2007, Peoria area home sales were the third highest on record. Those numbers reflected sales activity just as the extent of the sub prime mortgage situation became public.
“Several downstate counties, such as Champaign and Peoria, were bright spots in the 2007 Illinois housing market,” said Illinois Association of Realtors president Kay Wirth.
In early 2008, then Peoria Area Association of Realtors president Becky Peterson said Peoria, at that time, was doing well.
“The numbers show that inventory numbers have stayed pretty consistent over the past seven years. A good inventory gives buyers the opportunity to choose from a number of homes in their price range. With interest rates at historical lows, it is a good time for buyers with good credit to buy a home. At the same time, sellers need to have their homes in excellent condition and priced right,” Peterson said.
Miller said all those things Peterson referred to are still in place, which has fueled the activity in Peoria’s real estate market. She said there are low mortgage rates, people pricing to sell and available loan money.
“There are so many pending sales right now because there is a lot of activity,” Miller said.
“There is a lot of talk about Cat. But, there are still people here that have good jobs. It’s not only about Cat. We have new companies in town.”