Real Estate Market Update - Northwest Suburbs - November 2011
Well, I'm still optimistic but the brakes have been slammed on! Let me set the picture for you - we're on the Eisenhower Expressway in the slow lane tootling along at the legal 55 mph (whistling ....) when suddenly we have to screech to an abrupt halt. It also seems that we've had to use two feet! But it's not that dismal because we're still in the slow lane and haven't crashed into the guard rail!
The graph shows that October to November sales have been down for most towns in our area. A good statistic is that we are steady with the number of homes that go under contract each month which is 10%. The inventory level has also held steady but we've just really begun the winter months which has been a traditionally slower sales time.
I have now included the highest sales prices for the month in single family homes. This is so that we can begin to watch the 2nd tier home sales increase in their sales also. The market will always recover from the 'bottom up' with the lower sales prices showing the largest number of sales until the 2nd tier breaks free. This will be an indication that the 'move up' buyers have finally been able to take advantage of today's prices.
| Single Family Homes | November 2011 Total +/- | 2011 YTD Total |
% YOY Change | Avg. Sales Price 2011 | Highest Sales Price |
| Bartlett | 20 Down |
248 | +32% | $250,318 | $487,500 |
| Elk Grove Village | 10 Down |
119 | -4.8% | $241,018 | $330,000 |
| Hanover Park | 11 Down |
162 | +3.9% | $131,445 | $175,000 |
| Hoffman Estates | 16 Down |
220 | -4.8% | $258,286 | $520,000 |
| Schaumburg | 15 Down |
232 | +17.8% | $259,511 | $340,000 |
| Streamwood | 25 Even |
284 | +16.9% | $147,599 | $303,000 |
| Multi-Family Homes |
November 2011 YTD Total +/- | 2011 YTD Total | % YOY Change | Avg. Sales Price 2011 |
| Bartlett | 3 Down |
86 | +17.8% | $152,678 |
| Elk Grove Village | 11 Even |
147 | +48.5% | $105,759 |
| Hanover Park | 12 UP |
150 | +6.4% | $80,119 |
| Hoffman Estates | 12 Down |
167 | +30.5% | $98,307 |
| Schaumburg | 33 Even |
357 | -10.3 | $118,992 |
| Streamwood | 13 Down |
137 | -12.7% | $109,870 |
So
.... If
your home is on
the market it
really is
showing that we are having
a slight recovery here in our area for 8 months
in a row.
Month over month we have seen an increase in closings until
now. That is the reason I show the 'month over month' totals to see if
we truly are having sales increases. (I honestly cannot see
why we should compare today's sales with what has happened last year or
even the year before. Who cares, ancient history!)
The
number of 'pendings' has also increased but you can't count on all of
these making it to a successful close! Single family homes
are still
doing better than the (Multi) condos and townhouses overall.
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! Is your current agent showing you any
of this information?
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 November Stats 2011, YOY = year over year
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