This is the 'Months Supply of Inventory' for Elgin IL Single Family Homes for 2009
This number is also called the 'Conversion Rate' or the 'Absorption Rate' which is how long and how much inventory is on the market in that particular town. Obviously, the higher the rate, the longer the market time for homes in that community.
Does your agent know the 'Absorption Rate' and will they share that information with you? It shouldn't be kept a secret because it plays a pivotal role in how your home should be marketed.
So we obviously have different levels of 'Absorption' in the market and I've tried a humorous visual demonstration for you.
Q tip Rate - nothing much getting sold.
Toilet Paper Rate - I think a few Buyers are out there but they are just sitting there and spinning their roll.
Empty Toilet Paper Rate - Just OK, nothing terrific, steady as she goes, things are looking up!
Generic Paper Towel Rate - Buyers are remembering about the tax credit deadline, still cautious and mulling over values.
Bounty Towel Rate - This is where Sellers might see a micron of appreciation. The market is faster than this 'picker upper'.
Fluffy Towel Rate - Pretty darn good, feels good too!
Sham Wow Rate - This is the good old days of Real Estate! Homes don't sit on the market at all! Sellers are happy and Buyers are mad during this level. All is right with the world!
Well, let's come back and discuss the current market for Elgin IL homes! The good news is that the inventory is down by 14% over a year ago of December 2008. Either people are not moving and changed their plans, have given up or possibly rented their homes. It could be a variety of circumstances.
Homes under Contract up 119% over December 2008 and another good sign is Closings are up 54% over December 2009. Yipee!
December 2009's sales rate was 79 under contract vs. November's 77. Homes under contract are highest in July 2009 with 91! December and January are anticipated slow months and sometimes even slower depending upon how much snow we get!
If you are thinking of purchasing or selling in Elgin, please consider me your neighborhood expert. I would welcome the opportunity to meet with you and discuss your options in today's marketplace.
Tips for First Time Buyers
Average Closing Costs in Illinois
How to improve your credit BEFORE you purchase a home
REO's and Foreclosures - Think they might be for you?
203K Loan - Know what it is?
Illinois Home Sales - I'm seeing an improvement.
Please contact me Lyn, I need more information!
Lyn Sims and the Blog Dog©
Get the Blog Dog© Pawspective on Elgin!
This darn dog and I proudly sell real estate in the Northwest Suburbs of Chicago. If you are thinking about purchasing or selling your home in the communities of Bartlett, Elk Grove Village, Hoffman Estates, Schaumburg, Roselle, Palatine, Medinah, Itasca, Bloomingdale, Carol Stream, Hanover Park, Streamwood, Elgin, South Elgin, St. Charles and more importantly, want to work with a local area expert, contact me immediately.
Disclaimer: All data and information provided on this blog is for informational purposes only. Lyn Sims makes no representations as to accuracy, completeness, correctness, suitability or validity of any information on this site and will not be liable for any errors, omissions, or delays in information or any losses, injuries, or damages arising from it’s display or use.
Elgin IL Months Supply of Inventory ©2010 TheBlogDog.net and Lyn Sims