Prices continue to fall, as evidenced by the lower Average Price per Square Foot for ‘Homes with Contracts’. The same statistic for ‘Homes Sold’ is a lagging indicator, going back 30-60 days prior to actual sold date while ‘Homes with Contracts’ is a more recent indicator.
It’s good to understand that Price per Square Foot for ‘Homes with Contracts’ doesn’t take into account the actual sold price, since this won’t be public record until the sale is actually closed. Therefore, the Price per Square Foot of $84 will likely be even less than the current ‘pending’ amount.
‘Months Required to Sell’ has greatly improved. Not that long ago, it took at least 1 year or more to sell a house in this area.
‘Homes for Sale’ have by far the largest Average Price per Square Foot. Simply put, this means that ‘Homes for Sale’ are OVERPRICED. Since houses sell at approximately 95% of list price, the Price per Square Foot should at least be in line with ‘Homes Sold’ in order to have a fighting chance of finding a buyer.
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Waterford (including Waterford Lakes, Waterford Chase & Waterford Trails)
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Single Family Homes Only
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Homes for Sale
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Homes with Contracts
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Homes Sold in Last 3 Months
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As of 5/17/09
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102
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58
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45
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Average Square Feet
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2444
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2384
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2379
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Average Price per Square Foot
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$96
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$84
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$88
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Average Days on Market
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154
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141
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135
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Foreclosure Homes *
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19
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24
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14
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% Foreclosure Homes
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19%
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41%
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31%
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Average Price of Sold Homes
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$ 202,503
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Months Required to Sell Current Inventory of Homes for Sale
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6.8
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*Homes in a stage of foreclosure (Pre-Foreclosure, In Foreclosure, Foreclosed/Bank-Owned, or Short Sale)
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* * * * *
JUDY CHAPMAN | Live the life you dream
Residential Sales ∙ Luxury Sales ∙ Short Sales
Koenig & Strey | 1925 Cherry Lane | Northbrook, IL 60062
Judy@ChgoNorthShore.com | Office: 847.749.3811
Up until a year ago, I sold real estate in Orlando FL, explaining why you’ll see many, many posts related to the Orlando real estate market. Now I’m back in ‘Sweet Home Chicago’, selling real estate in the North Shore and West of North Shore Suburbs.
If you’re interested in relocating to Florida, contact me for recommendations of some very fine Realtors® all over the state. I can also refer you to some of the hardest working Short Sale real estate agents throughout the country.
;)
;)
;)
