The gas prices and rising tax prices have adversely affected the market in La Salle county this year. The 2007 over 2005 sales stats show homes are down $28,500 for the period of June '05 to June '07. That is in a market where sales prices have dropped from $142000 in June of '05 to $123,500 in June of this year.
What to make of this. The number of homes that have sold is down in the Chicago market by 28% but here our market is up with number of sold units in '05 at 99, '06 at 92 and this year we had 147 completed sales in June that is a 60% increase in total number of units sold. The patient sellers are becoming very motivated as days on market have increased to 131 days. Typically anything over 90 days is considered a buyers market.
What to take away from this all: the market is soft for sellers and it is unclear as to whether we have seen a bottoming out in the market. The shear volume of units being sold will poitively impact on prices and good inventory is being drained. Buyers now is the time to act. The rates are still under 7%. Sellers remain patient and optimistic, to get top dollar you will need to have an edge over the competition with either better incentives or terms. Now you know the numbers act today for a full marketing study. We look forward to speaking with you.