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makes a Market
Expert?I’m sure to each of you
reading this it would take a different answer.The dictionary describes an expert as:‘having,
involving, and displaying special skills or knowledge derived
from training or experience.’With that
said, let’s begin talking about the Schaumburg
IL Market Place of which I have been part of for the last 20+
What is going on
post started with
trying to update the consumer with numbers that they can both
use with regard to area home sales.With
all the bad press that the real estate market is getting on the news
and with the mortgage market changing almost every day, most
people want to know what
will happen now?
I don’t know the future market outcomes and how it can effect
marketplace, let’s talk about what I do know - right now -
and what has
happened with market conditions for 2 different
time segments: 6 months ago (3/17 thru 8/31) and over a 1
year period (August 2007 thru August 2008).
always ask me “Lyn,
how many homes are selling?”Well
that seems to make a difference in what area or subdivision you live in.It’s really not
an evasive answer.Each
area and subdivision is totally
makes a difference if you have a single family home, a townhouse or a
condo. Here’s what I do know about
Single Family Homes
Schaumburg now averages about 4
homes sold per week over the last 6 months. The Median Sold Price
over the last 6 months is
up 14% to $316,250 from $276,500.
Family numbers work out to 292 homes on the market
with 26 going under contract for August 2008.That is a little under 9%.This
means that only a little
under 9% of homes on the market have sold
Over the last 1 year period
- Number of homes for sale dropped from August 2007 by 18%.
That means there are 18% less homes on the market than a year
ago. Homes going under contract is up 8% over the last year
offering a slight market improvement. But, the actual
closings are down from August 2007 by 25%.
2008 had 8.6 months of
11.7 months in 2007. This inventory is call the "absorption
rate". That is down 26% which is a good improvement and can
also be contributed to the overall lesser amount of homes on the market.
Average Days on the Market
is 92 for August 2008 vs.
93 for August 2007. So that is a minuscule improvement hardly
worth noting. Let's just say that market time is the same
with less homes for sale on the market now.
– these are the townhomes, quads, coach homes, manor homes
and condos that
everyone is familiar with in our area.
has been a significant
shift over the last few months in this market.
Sold Price over the last 6 months is down 11% to $178,750
from $200,000. There is a definite swing towards lower
priced homes which I attribute to the recent condo conversions in the
There were a total of 641 homes
for sale and 44 went under
contract for August 2008. This means that only
a little under 7% of homes on the market have
sold in Schaumburg!
This is down from my report in June from 9%.
Number of homes for sale increased by 25% over the
last 6 months. Homes that went under contract is also down
50% from 6 months ago.
the last 1 year period - Number of homes for sale
increased by 3% from August 2007. Homes going under contract
are down 29% from August 2007 and homes closing are down 53%.
This is an unfortunate downturn due to the
increased homes on the market and added condo conversions.
So the inventory is increasing and the sales are decreasing
month after month.
August 2008 had 11.8
months of inventory
vs. 7.9 months in 2007 which reinforces my statement
Days on the Market is 102 for August 2008 vs. 62 for August
2007 which is a significant increase of 60%.
My goal every month for all my
clients is to be sure they
are included in that 7 to 9% every month. How
can they do that?
should be priced competitively against their competition!
well with my staging techniques that I provide all my clients!
move quickly if need be – seller flexibility is key!
Can my home really sell?My
answer is – you bet!You
just have to be
a little more flexible and a little more patient in this marketplace
and do a
lot more work!The
buyers are out there!
Suburban Chicago Areas of Schaumburg, Hoffman Estates, Elk Grove
Village, Medinah, Itasca, Roselle, Bloomingdale, Carol Stream,
Bartlett, Streamwood, Hanover Park, Elgin, South Elgin, St. Charles.
compiled from MLSNI/MRED, my accurate little pencil and calculator,
AgentMetrics Market Details.
Lyn Sims ● Schaumburg IL Area ● Northwest Chicago Suburbs ● (847)230-7324
Market comments, updates and news about the surrounding communities of Schaumburg, Hoffman Estates, Elk Grove Village, Roselle, Bloomingdale, Bartlett, Streamwood, and Hanover Park in the Chicago Northwest Suburbs.
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.