Bartlett IL Real Estate - Housing Report for May 2012
How to describe the current market for Bartlett IL Homes? We have actually been seeing a distinct improvement for the last 12 months. Interest rates have never been lower with affordability being the best it's ever been.
The months supply of inventory for Bartlett has been steadily decreasing and has actually kept our recovery
on an even keel. We have 35% less in housing inventory then we did a year ago. Too many homes on the market makes it more competitive and prices are forced downward.
Another good indicator that our Bartlett IL market is improving is the number of homes that go under contract each month. But as mentioned above, contracts are up then 
down again. Currently we are at 18% for homes and 20% for townhomes/condos which is one of the lower percentages for our surrounding towns. (Compare other towns)
I'm still positive about the market! It's been constantly improving from the number of homes that go under contract each month to the average sold prices.
Please remember that during the past year the lower end homes are selling first which brings down the average prices for the whole market. Foreclosures enter with the lower prices making the cycle continue. Buyers are being 'enticed' by all the REO's and foreclosures because why should they buy the same home for more? Banks are now giving two year home warranties and paying mortgage points as further incentives.
The graph on average prices does not indicate that prices are finally on the rise. It just means that more upper end homes are now selling and are elevating those average prices. There are no price increases at this time.
If you are thinking of buying a Bartlett IL Home, I hope you'll consider me as a 'buyers agent' for your purchase. An experienced veteran, like myself, can steer you around all the pot holes in that home buying highway.
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Bartlett IL Home Foreclosures
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Bartlett IL Townhome Foreclosures
Bartlett Community Overview
Sources: MRED, Agent Metrics, my little pencil.
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