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City Sees $8.65 Million In New Construction Though End Of July

By Steve Rensberry, Editor

Year-to-day construction and building permits in Troy shows new construction valued at $9.47 million through July of this year, an amount below the $11.28 million this time last year, but higher than in 2017 when new construction through July was at $8.65 million.

Of this year’s total, residential homes zoned R-1 account for the largest portion, at $6.48 million, with R-2 construction accounting for $404,812, and remodeling and miscellaneous work at $59,355.

New residential R-1 construction for this period in 2018 totaled $4.87 million, with R-3 construction totaling $2.62 million.

New commercial construction through July totaled $1.53 million, with remodeling etc., adding another $786,100. Last year, new commercial construction totaled $2.26 million by now, plus $1.2 million in additions and remodeling work, and in 2017 it was dramatically down at just $15,000, with $144,150 for remodeling.

A recent Maris Home Sold Report, provided by the Greater Gateway Association of Realtors, shows Madison County at the end of July with 2,115 homes sold during the year, with a median value of $155,096, higher on both accounts than in 2018, which saw 2,023 homes sold valued at $146,700 by this time.

The average number of days homes remained on the market was up in the county, at 74 compared to 67 in 2018.

The statewide median price in July, according to Illinois Realtors, was $219,348, an increase of 2.6 percent from July 2018, which was at $213,825.

The average number of days it took to sell a home in July in the county was at 64, noticeably higher than the statewide average of 43 during that month. A total of 380 homes were sold during July in the county, compared to 304 the year before.

Sales tax revenue in Troy for the last reporting period (May 2019), was up compared to last year, at $153,295 compared to $134,412.

Proceeds from video gaming are also higher, at $16,556 compared to $11,849 last year. The city now has 14 sites with video gaming licenses.

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