It really took me a while to collect all the data from the MLS and to make an easy to understand chart that reflects the Real Estate Market Trends in Mount Prospect IL.
On the chart below you can compare average sold price, time on the market, and how many homes were sold in the past 5 years.
Here is my a quick summary comparing 2005 with 2009:
• 796 homes were sold in 2005 compared to 399 in 2009. 50% less in volume.
• Average sold price was $309,176 in 2005 compared to $257,893 in 2009 which is 17% less than 2005.
• To sell a home today it would take 3 times longer in current days compared to the 2005 real estate market trend.
Few Stats from National Association of REALTORS®, 2009
Selling a home is a full-time job. And most of today's buyers are online (nearly 9 of 10 recent buyers used the Internet in their home search), and unrepresented sellers have no access to major online marketing avenues such as REALTOR.com and other sites with large pools of listings to which buyers are attracted.
Just 13% of recent sellers sold their home without professional representation. Only 7% of these sales were on the open market (cases where unrepresented sellers were selling to family, friends and neighbors account for 6 percent of all recent home sale activity).
Check here for my regular posts on the local real estate market conditions and other local community events.
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