The following chart shows single family Orland Park homes activity for the past year. The last time I showed Orland Park real estate sales stats I had a lively "discussion" with an Orland Park home owner that did not believe the data. These charts are produced by a company called Market Dynamics and the data comes from our local multiple listing service. This shows a picture of Orland Park single family homes for sale, under contract and those that sold and closed for 2010.
I have to shrink the chart so it fits in this post, but the colors tell the story. The red columns represent homes that were available for sale in a given month. The blue columns are homes under contract and the green columns are Orland Park homes that sold and closed that month.
Just like 2009, there is a huge disparity between homes up for sale and those that actually received a contract and/or closed. Even if you stack the blue and green together, there's still a lot of Orland Park homes left over, wating for a buyer.
The reason for separting homes under contract and those that sold and closed is because not every home with an accepted contract makes it to closing. Contracts fall apart because of inspection issues, low appraisals, buyers not qualifying and other reasons.
Another way to look at this chart is to see what months had the most Orland Park homes for sale and more importantly, the fact that June had the most closings. April had the most homes under contract, and that's when buyers were rushing to purchase something so they could claim the Home Buyer's tax credit, which expired April 31st, 2010.
It is interesting to me to see how low accepted contracts were in June and August. They were low in January but that's expected, although one year January was my best month - you never know with real estate.
I believe sales were skewed a bit because of the tax credit. It forced many buyers out before they were quite ready. I remember working with some buyers that wanted to buy anything, just to get that credit. I had to tell one buyer just to wait since she wasn't finding anything in her price range. I explained that an $8,000 credit wouldn't make up for the work the homes needed in her price range.
Even with the seemingly low amount of sales that occurred, 2010 was my 2nd best year since I started in 1983 (2007 was my best so far). I am busy in 2011 and hope we can beat these sales stats and continue to recovery.
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