Single Family Short Sales for Palatine, IL

Single Family Short Sales for Palatine, IL December 2012

Single Family Homes Short Sale Activity Palatine, IL

Palatine, IL is a great town that is known for great schools, easy access to the highways, a nice downtown area and metra station that is convenient for commuting into Chicago. This is the short sale information for single family homes in Palatine, IL.In the last 30 days, 12/5/12 - 1/4/2013 there were a total of 42 single family homes that were either active, sold, or are currently under contract. Of the 42, you can see from the pie chart that there are currently only 16 single family homes for sale in Palatine that are available as a short sale. 5 of the homes sold during the last 30 days.  The majority of the homes are still under contract(21).  The homes that are under contract are no longer available to the public because the seller's and buyer have come to an initial agreement and are awaiting final approval from the primary lien holder(s).  It has been a recent trend that there are more homes under contract than there are actively available for purchase. This trend shows that the real estate market is continuing to rebound.

 The five homes that sold sold for an average of $365,000 after being listed for an average of $378,000. This shows us that the homes sold for 96.5% of the final list price of the home.  This stat shows us that banks have been approving offers for homes very close to the list price and have not been negotiating on the price with buyers. The home that sold for the lowest price was, 825 N Williams Palatine, IL, selling for $280,000 and the most expensive home to close,617 S Oak, Palatine, IL, sold for $435,000.  This shows us that the single family homes have a significantly higher sales price than the townhomes and condos. These December short sale stats for Palatine's single family homes also show us that even though homes have a higher price, they will sell quicker if the home is maintained well and is a good value for the home being purchased.  There are home buyers in every price range, but a seller's home needs to show well in comparison to the other homes in a similar price range to sell.

From the charts above, the homes that sold had an average price of $378,000 and closed within 120 days. The next highest average price are the homes that are currently under contract(21 homes with an average of $272,238).  There are currently 21 homes under contract and the average number of days for those properties is 356 days.  This shows us that short sales do present good deals, but can take quite a long time to close. Short sales do have problems closing quickly and with the uncertainty of time, the deal tends to fall apart before completion many times.  This equates to putting the home on the market again and finding another buyer and adding to the total number of days on the market.

The average price of the 16 active homes on the market is $224,362 and have been on the market on average 234 days.  The lowest price single family home is a 2 bedroom house with 1.5 bathrooms for $128,000. To see the single family homes in Palatine that are currently for sale, click here.

Check out current short sales for Palatine, IL single family homes!

Check out current short sales deals in Palatine, IL for condos and townhouses!

Palatine, IL still has quite a few great short sale deals and an active real estate market.  We specialize in helping buyers and sellers through the short sale process and would love to discuss your options now!