Real Estate Market Update - Northwest Suburban October 2011

It's good news and I'm market optimistic!  That's for sales being on an upward trend for the last 7 months.  The numbers are showing a distinct improvement for the 7th month in a row for the Northwest Suburban Market!

The majority of towns sales are up.   Even if the town is showing a negative (YOY Change), the sales are increasing each and every month overall.  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.

For the first time doing this report I am seeing an increase or no change in Average Sales Prices!  There is still a lot of lost ground that we need to make up so we won't be passing out the champagne just yet.  Stay tuned!

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.  There has been a distinct increase in mortgage applications.

Foreclosures on the market currently are slashing away at prices to get rid of the inventory going into the winter months.  Winter is notoriously when you can get the best deals in real estate if you have the patience to trudge through the snow and ice.  

Positive Signs .... Increased Sales ... Even in little increments we are seeing an increase in sales.

If your home is currently on the market it is showing that we are having a slight recovery here in our area for the last 7 months.  Single family homes are still doing better than the (Multi) condos and townhouses but in my opinion homes are stalling quickly.

Again this month we have anomalies, the high request areas that normally would do well are not and the others are.  Schaumburg and Streamwood Multi-family is still down overall for the year but each month sales make gains to the positive.  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.


Schaumburg Home supply was down (good) for October at 7.8 months from September's 11.8 months.  Homes under contract was 9.7% of inventory.

Bartlett Home supply unchanged (good) for October at 6.5 months September's 6.6 months.  Homes under contract was 18.3% of inventory.

Streamwood Home supply was way down (even better) for October at 3.8 months from 8.7 for September.  Homes under contract was 11.1% of inventory.

Is your agent showing you this stuff?

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 October Stats 2011