Northwest Suburban Real Estate Market Update - June 2011

Real Estate Market Update - Northwest Suburban June 2011

Good news but we are still riding the real estate roller coaster! Things are improving for the 3rd month in a row for the Northwest Suburban Market! A few of the towns are down but for the most part sales are up.  

Most average sales prices are still low but that is because most of the lower priced homes are being bought by first-time home buyers or investors getting a deal.  It will take some time but once the lower price ranges begin to move at a decent pace the move up buyers will also begin their acquisition of that larger home.  Interest rates are still at an all time low. Get out there and take advantage of these great prices!

The Northwest Suburban overall sales from May into June feel sluggish to me and the numbers for year over year change are not there in some towns. I considered 2010 one of the worst real estate years so my hopes are that we at least keep pace with those numbers!  

Positive Signs or Loop the Loop .... I have been in numerous dual or multiple offers working with buyers in certain townhome price ranges.  That price segment of the market is picking up with a glut of buyers all vying for the same foreclosures coming on the market.  Who would have thought we'd have people outbidding each other on a foreclosure?  If this keeps up we will have the 'trickle up' effect where segments or blocks of higher price ranges begin to heat up as a result. So that's my perspective from the 1st car on the recent real estate roller coaster! I'm screaming all right but not with delight!

If your Northwest Suburban home is currently on the market it is showing that we are having a slight recovery here in our area for the 3rd month in a row. Single family homes are doing better than the (Multi) condos and townhouses at this point.  As usual there are some anomalies, the high request areas that normally do well are not and the others are.  

I say things are looking up but keep yourself strapped tightly into your seat during the ride!

Looking for an agent that's really a market expert?  Let's get your Northwest Suburban home on the market and priced right to sell!

Looking for a home in the area? Please give me a call or email me on the right to talk about the possibilities.


Sources:  MRED June Stats 2011