February Market Update: Pekin

In February the number of homes for sale was drastically less than each of the two years prior, which is similar to most of the general market area. The spring market (April & May) tend to see a big shift in inventory most years so the outlook is positive that more homes will hit the market in the coming weeks. This inventory issue has driven down the average days on market in Pekin to just just 41 in February which is great news for home sellers.

The number of showings per listing in February continued to rise over 2021 and even 2020’s numbers. Once again this has a lot to do with inventory issues in this sellers market.

Pending sales in Pekin are up slightly over 2021 numbers but still very reflective of the last two years.