The table below shows market trends for single family Lemont homes from February 2011 through February 2012.
The chart below shows the number of Lemont real estate listings in each month over the past year. This shows that the amount of listings has gone down from the high of last March and April. Amount of inventory really dropped last December but is increasing as the new year begins and we head towards the spring and summer selling seasons.
Not all of the listings above have or will sell. Many sellers cannot get what they want or need in price and will either continue trying to find a buyer or will eventually remove their listing until things get better. Below is a chart showing those Lemont homes that actually sold over the last 12 months. You can see home closings spiked in August, which means the homes had accepted contracts around June or July, possibly as early as May. Closing dipped in January but jumped in February of 2012. Let's hope that upward trend will continue.
The chart below shows that average list prices have remained pretty stable. But I really want you to compare this chart to the one below it, which is average sales prices. They're pretty different!
The most important item regarding selling a home is the sales price that the sellers will get. As you can see from the chart above, sellers try to get as much as possible for their homes. However, buyers dictate what prices the market will bear. The chart below shows what the same homes actually sold for. The chart above shows the majority of average list prices were above $400,000. The chart below shows what homes actually sold for, most under $400,000.
Below is a chart showing average days on market for single family Lemont homes over the past year. This is one chart that we want to see low numbers, and it appears that average days on market have been declining, which is good news. No seller wants to keep their home up for sale for any longer than necessary. It's not fun having strangers walking through your home.
The table below shows exact figures for the charts above plus more. Everything is broken down month-to-month. There were 5 more new listings this February vs. last year. More importantly, there were 8 more sold this year. That shows that there is more sales activity. Month-to-month list and sale prices are difficult to compare to as it depends on what kind of homes were listed or sold in any given month. That's when I prefer to wait until the end of the year to see the average trend from the entire year of 2011 vs. 2012. Average days on market is also different from one month to the next. This is determined by listings with realistic list prices and some sellers that reduce prices when necessary.
To search Lemont real estate just click the link. You'll see all single family homes for sale in this popular southwest suburb. The above data is provided by MRED. This article is part of a series of market trends for Active Rain's Recovery or Not post.
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