With a 30.4% decline in available inventory in October, 2013 compared to 2012 to say that the market has turned is an understatement. While some buyers were still waiting on the sidelines to "jump" into the market and buy a home, interest rates creeped up and inventory went down.
Sellers are back in control and the numbers say it all. If you happen to live in the Montgomery, Oswego or Yorkville IL area (MOY) you may have noticed the lack of for sale signs in the neighborhood. It's not your imagination - we have a 4.1 month supply of homes across Chicagoland compared to 2012's 7.6 months of inventory and 12.1 months of inventory in 2011.
In some areas the supply is even smaller. So how does MOY* compare in available inventory? Here are the numbers:
Montgomery: Attached - 20 Unattached/SF - 115
Oswego: Attached - 30 Unattached/SF - 167
Yorkville: Attached - 10 Unattached/SF - 124
The two largest cities near MOY are Aurora and Naperville IL and we similar issues in both towns.
Aurora - Attached - 151 Unattached/SF - 396
Naperville - Attached - 160 Unattached/SF - 503
With Aurora's more affordable housing there is even less inventory available as buyers losing buying power due to higher interest rates shift to more affordable markets.
If you are a current homeowner what does this mean to you? If you have been contemplating selling your home its a great time to list! Don't wait for the "traditional" spring market - list now and get a jump start on your competition. With truly motivated buyers searching for a home before interest rates go up again and they lose more "buying power" they are serious and ready to buy! Your home will shine now while its dressed up in its holiday finery!
Call me for a free home evaluation and get a jump on the competition!