SO WHAT'S UP WITH THE REAL ESTATE MARKET?

Interested in getting a copy of the best overall market information and real estate sales conditions that I could find recently?  It’s an article from Chicago Magazine’s October Issue "What's your House Worth" that just came out and offers extensive data on each town and neighborhood in the Chicagoland area.   What makes this article important is that it is compiled from the local MLS (MRED) not some of these other hallucinating websites like zillow, yahoo real estate, etc. where they never seem to actually know where their numbers come from.  Accuracy is important to me, it should also be important to you regarding your largest investment - your home.

You're probably curious about what is going on in the area marketplace regarding your homes value or you wouldn't be here.  The ‘talking heads’ tell you everyday the doom and gloom of either the mortgage crisis or another corporate meltdown taking place.   I think when you read the article you will be pleased that your homes value hasn’t tanked but there is a definite glut of homes on the market for sale. 

Prices do not increase when competition to sell is a fierce as it is.  Here are some examples of the 'absorption rates' for our area.  This is fancy speak for 'Hey - how many homes are on the market and how long with it take to sell on the average'.  A 'good market' is normally in the 5-6 month range.  (This is what Realtors go to church on Sunday and pray for!)

Single Family Homes Only

Schaumburg -  9.9 months supply, highest was in 12/2007 at 32.3 months.

Hoffman Estates -   11 months supply, highest was in 12/2007 at 15.5 months.

Elk Grove Village -  12.1 months supply, highest was in 12/2007 at 23.2 months.

Bartlett -   9.8 months supply, highest was in 12/2007 at 22.8 months.

Roselle -  15.6 months supply, highest was in 3/2007 at 26.2 months.

Bloomingdale -  15.1 months supply, down from highest of all in 1/2008 of 86 months.

Streamwood -  11.9 months supply, highest was in 2/2008 of 20.6 months.

Hanover Park -  10.2 months supply, highest was in 10/2007 of 20.8 months.

Elgin -  14.5 months supply, highest was in 12/2007 at 27.6 months.

South Elgin -  10.5 months supply, highest was in 12/2007 at 24.8 months.

Itasca -  13.4 months supply, highest was in 6/2008 at 79 months.  

Carol Stream -  9.3 months supply, highest was in 11/2007 at 21 months.

St. Charles -  14 months supply, highest was in 1/2008 at 28.9 months.

I hope you find this periodic information valuable.  If you need the complete article which also includes the Chicago neighborhoods it will be posted in PDF format on my website.  Go there now please.  

If you have any questions, please feel free to give me a call as I want you to feel you can call me for advice regarding your home and real estate in general.

Lyn Sims (847)230-7324 at RE/MAX Suburban

Real Estate Experience is a necessity in this market!

**MRED MLS of Northern Illinois, Data Compiled on 9/25/08, Agent Metrics, Chicago Magazine.

So what's up with the Real Estate Market?©2008 Lyn Sims - RealEstateConsumerInfo.com  All data and information provided on this blog is for informational purposes only.  Lyn Sims makes no representations as to accuracy, completeness, correctness, suitability or validity of any information on this site and will not be liable for any errors, omissions, or delays in information or any losses, injuries, or damages arising from it’s display or use.