Schaumburg Real Estate Market Update

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Schaumburg Real Estate Market Update as of April 30, 2009

 

What you need to know.

 

Sales for Single Family Homes in Schaumburg have only declined 5% for the March from 2008 to 2009, however, townhome and condo sales have decreased by 50% from 2008 to 2009.  Median prices decreased by 14.6%  for single family homes and 13.85 from townhomes and condos.

 

Price it Right and Sell it 

 

Homes still sell for 96% of listing price for single homes and 95% for townhomes and condos.  This still shows the importance of pricing your home correctly.  

 

Check out the rest of the statistics below.  Any Questions? 

 

Contact Me

 

John Ziemba

 847-217-0480

Realtor@JohnZiemba.com

www.YourSchaumburgAgent.com

www.JohnZiemba.com

 

For the Month of March 2009

 

Detached Single Family (Houses)

 

In March 2009, 19 properties in Schaumburg were sold as compared to 20 in 2008, a decline of 5%.  The average sales price in Schaumburg declined by 21.7% to 262,495 from 335,240 in 2008.  The median sales price, which represents the half way point in which an equal number of homes sold for both a greater and lesser value, declined by 14.6% to 260,000 from 304,500 in 2008.  

 

Attached Single Family (Townhomes and Condos)

 

In March 2009, 23 properties were sold in Schaumburg as compared to 46 in 2008 a decline of 50%.  The average sales in Schaumburg declined by 12% to 173,279 from 196,856 in 2008.  The median sales price, which represents the half way point in which an equal number of homes sold for both a greater and lesser value, declined by 13.8% to 162,000 from 188,000 in 2008.  

 

Year to Date, January 1^st 2009 thru March 31^st 2009

 

Detached Single Family (Houses)

 

Year to date thru March 2009, the number of detached single family homes sold in Schaumburg declined 12.2% from 41 in 2008 to 36 in 2009.  Average sales price and median sales price decline 23.6% and 25.3% respectively bring the average sales price to 263,490 from 345,102 in 2008 and the median sales price to 239,000 from 319,900 in 2008.   

 

Attached Single Family (Townhomes and Condos)

 

Year to date thru March 2009, the number of attached single family homes sold in Schaumburg declined 59.0% from 122 in 2008 to 50 in 2009.  Average sales price and median sales price decline 11.8% and 13.0% respectively bring the average sales price to 173,469 from 196,712 in 2008 and the median sales price to 160,000 from 184,000 in 2008.   

 

Looking Forward Current Homes Under Contract in March 2009

 

Single Family Detached (Houses)

 

For the period ending March 31^st 2009 there are currently 31 detached single family homes under contract compared to 33 in 2008 a decline of 6.1%

 

Attached Single Family (Townhomes and Condos)

For the period ending March 31^st 2009 there are currently 46 attached single family homes under contract compared to 57 in 2008 a decline of 19.3%

 

Current Active Listing Data Current as of April 30, 2009

 

Detached Single Family (Houses)

Bedrooms	# Active	Avg. LP	Avg. MT
All	223	$432,405	220
2 or Less	1	$339,000	315
3	102	$314,987	195
4	100	$487,831	234
5 or More	20	$758,778	268

 

Attached Single Family (Townhomes and Condos)

Bedrooms	# Active	Avg. LP	Avg. MT
All	556	$197,172	177
2 or Less	431	$176,313	176
3	123	$269,029	180
4	2	$272,950	208

 

Closed Listing Information From March 1^st to March 31^st

 

Detached Single Family (Houses)

Bedrooms	# Sold	% Sold	Avg LP (Sold)	Avg SP	SP:LP Ratio	Avg MT (Sold)
All	19	100%	$273,400	$262,495	96%	227
3	13	100%	$232,692	$223,654	96%	272
4	6	100%	$361,600	$346,650	96%	128

 

Attached Single Family (Townhomes and Condos)

Bedrooms	# Sold	% Sold	Avg LP (Sold)	Avg SP	SP:LP Ratio	Avg MT (Sold)
All	23	100%	$182,661	$173,279	95%	180
2 or Less	19	100%	$168,605	$160,018	95%	171
3	4	100%	$249,425	$236,266	95%	225

 

 

Date Provided by MREDLLC

  Why Should I Buy? Renting vs Owning

Renting vs. Owning

 

Although some renters believe that renting is "maintenance free," they are actually paying for maintenance in their rent - whether they need it or not.  Renting offers you no equity, no tax benefit, and no protection against regular rent increases.  If you're paying rent, you're really just paying someone else's mortgage.  Let's compare.*

 

Rent          vs.            Own
Monthly Payment	$1,000	Monthly Payment	$   855
Insurance	$     30	Insurance	$     50
Taxes	$       0	Taxes	$   260
		MIP Insurance	$     45
Total Payment	$1,030	Total Payment	$1,210
Savings
Interest Deduction	$       0	Interest Deduction	$ 175
Tax Deduction	$       0	Tax Deduction	$   75
		After Tax
Net Monthly Payment	$1,030	Net Monthly Payment	$ 960

 

* Approximate Payment/Cost Comparison based on estimated annual tax results.  Based on 2.5 tax bracket and on estimated first year interest and taxes.  Recommend consulting with tax expert.  Payment based on FHA 30-year fixed rate loan with 7% interest rate, sales price of $125,000 and a loan balance of $121,250.  Interest rate/rental rates, prices, terms, and availability subject to change without notice.  See a qualified tax consultant for more details.