Bartlett Area Real Estate - Bartlett IL Homes for Sale - What's going on with the real estate market?

Real Estate Market Update - Northwest Suburban August 2011

It's good news so let's give the local market a high five!

That's for sales being on an upward trend for the last 5 months. The numbers are showing a distinct improvement for the 5th month in a row for the Northwest Suburban Market!

A few of the towns are down but for the majority sales are up.  Most of the 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 snatching up those deals.  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 have hit another all time low making a home the most affordable it's ever been in the last 50 years.  Get out there and take advantage of a housing opportunity if you can.

Positive Signs .... Upward Momentum ... I have still been in numerous dual or multiple offers working with buyers in certain townhome price ranges.  That price segment of the market is heating 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. This is when a traditional market will return.

If your home is currently on the market it is showing that we are having a slight recovery here in our area for the 5th month in a row.  Single family homes were doing better than the (Multi) condos and townhouses but now the activity is about the same.  As usual there are some anomalies, the high request areas that normally would do well are not and the others are.  Schaumburg Multi-family is still down overall for the year.  Possibly there are just too many other opportunities in other areas for buyers to choose from?  I will tell you that if your house is updated and without extensive remodeling work to do - it is going to sell.

Another positive note for the Northwest Suburbs, the months supply of inventory has dropped overall and is actually more near the regular market range. Six months of inventory is generally called a happy mix but we don't need is a huge amount of inventory going into the slower winter months.

Schaumburg Home supply was 9.8 months for July and then down for August at 7.6 months.

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 to talk about the possibilities.

Sources:  MRED August Stats 2011