Eileen's Woodrige Single Family Stats, November, 2007

 

Woodridge Single Family Active Listings, November 25, 2007:

 

There are a total of 132 homes on the market; Average price: $372,254      Days on Market: 135

 

There are 59 3 bedroom homes on the market; average list price $315,866; days on market: 144

 

There are 59 4 bedroom homes on the market; average list price $406,047; days on market: 128

 

There are 14 5 bedroom homes on the market; average list price $467,478; days on market: 126

 

I was showing some of these homes, and 80% of them were vacant! Some were in poor shape, others were in good shape. Yet, very few are selling.

 

And, in Seven Bridges Estates, the only home to close within the past three months sold for $500,000, which is a big drop from their original list price. Seems that buyers are afraid to do anything.

 

 

Stats courtesy of Multiple Listing Service of Northern Illinois
 

2 Comments on Eileen's Woodrige Single Family Stats, November, 2007

Eileen.  Very much to the point. 

The DOM for these homes is getting up there.  80% is a lot of vacant homes.  That doesn't bode well for sellers.  They have either moved away or moved on.  Either way, their price, unless it's third party owned will probably come down more. 

11/26/2007 10:58 AM by Lenn Harley, Homefinders.com, MD & VA Real Estate

Hi Lenn,

Yes...these prices will be coming down. I showed a home listed for $310,000. The buyers "hated" it as it need lots of deferred maintenance.

When the listing agent called I told him that and suggested that he reduce the price. His comment: "Oh, no. We have buyers coming back on Friday for a second look. I CANT reduce the price now."

My comment: why? Why wait? If these buyers are interested it would seem that you'd need to make them more interested and reducing the price would be one way. As of today, the property is still available...and the  price hasn't changed. I suspect that it will sell much closer to $280,000!

Too many agents have never worked in a down market and as such don't understand that you price property based upon selling price...and go down from there.

11/26/2007 11:06 AM by Eileen Landau, ABR, CRS, e-PRO (Realty Executives, Pro/Team)

Leave a response…

Name:
Notify me of new comments:
Comment:
What does the graphic say?
 
Real Estate Agent: Eileen Landau, ABR, CRS, e-PRO (Realty Executives, Pro/Team)
Eileen Landau, ABR, CRS, e-PRO
Naperville, IL
More about me…
Realty Executives, Pro/Team

Office Phone: (630) 515-9500
Email Me
An assortment of odds and ends that may or may not pertain to the greatest city in the Midwest: Naperville. Also some commentary on the Naperville real estate market.

Links

Tags (Tag Cloud)

Archives

RSS 2.0 Feed for this blog
ATOM 1.0 Feed for this blog

Find IL real estate agents and Naperville real estate here on ActiveRain.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
© 2007 ActiveRain Corp. All Rights Reserved