Schaumburg IL Real Estate Market - December thru February 2010

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Real Estate Agent with RE/MAX Suburban
https://activerain.com/droplet/bj

Schaumburg Housing Market - December '09, January and February 2010



What's up with the Illinois and Chicago Market real estate you ask?  

The impact on foreclosures in our market is substantial and their impact on prices since a buyer would obviously prefer to buy a foreclosure that had the same features as one being offered through a regular seller.  It is also having an impact in opposite directions - again, foreclosure sales up and prices go down!  

As a consequence we have 'Two Levels of Pricing':  distressed sales and traditional sales. Foreclosures and short-sales tend to carry prices as much as of 20 percent below traditional homes in the same area.  There are still many distressed sales pulling down market prices.  Good for buyers, bad for sellers right now.

schaumburg IL,schaumburg homes,lyn sims,

What's up with the Schaumburg Market you ask?

Well, sales for all 3 months have not been steady as my chart indicates.  Foreclosures in the Schuamburg area are still few but in the 'overall' market they are suppressing listing prices.

Our supply of homes in Schaumburg or the 'conversion rate' is 18.9.  This means that if every home schaumburg IL real estate,schaumburg agent,schaumburg homes,lyn sims,currently listed for sale, sold, the supply would be exhausted in 19 months.  The lower the supply of homes, the better the market.  The more competition between sellers, prices are suppressed.  Basic supply and demand and Economics 101.  Sellers are gearing up for the 'spring market' and everyone is putting their home on the market in anticipation.  Are the buyers going to nibble?

My research shows that homes over the $350,000 range are now selling again.  Not at a brisk pace but 'move up' buyers are feeling confident enough to go ahead with a purchase in Schaumburg.  The prior 3 month span had sales and then stalled again in February in this price point.  I believe the current tax credit will also inspire move up buyers who need a larger home if their current home goes under contract.


December's Figures - 18 total sales

  • 3 Foreclosures
  • 3 Short Sales
  • Lowest Price was $164,000
  • Highest Price was $570,000


January's Figures - 11 total sales

  • 3 Foreclosures
  • 2 Short Sales
  • Lowest Price was $170,000
  • Highest Price was $550,000


February's Figures - 8 total sales

  • 4 Foreclosures
  • 0 Short Sales
  • Lowest Price was $145,000
  • Highest Price was $340,000


Schaumburg Overview
Business Week's Best Places to Raise your Kids
Tax Credit Info
Every Seller needs to know, what sells a house?
Schaumburg's Stonehenge?
Who sells the most homes in Schaumburg?
Schaumburg Schools - School Report Cards
How long will it take for my Schaumburg Home to sell?

                       

Lyn Sims

 

Sellers Disclosure

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

 

My Email is:  LynSims@msn.com

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I proudly serve and sell real estate in the Northwest Suburbs of Chicago.  If you are thinking about purchasing or selling your home in the communities of Schaumburg, Hoffman Estates, Elk Grove Village, Roselle, Palatine, Medinah, Itasca, Bloomingdale, Carol Stream, Bartlett, Hanover Park, Streamwood, Elgin, South Elgin, St. Charles and more importantly, want to work with a local area expert, contact me immediately.

 

Disclaimer:  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.

Resources:  MRED MLS

Schaumburg Homes - December, January, February 2010  ©2010 Lyn Sims - RealEstateConsumerInfo.com and RealEstateBuyMe.com

 

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lyn sims remax suburban  Lyn Sims    Schaumburg IL Area    Northwest Chicago Suburbs  ●  (847)230-7324
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Rainmaker
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Rebecca Gaujot, Realtor®
Vision Quest Realty - Lewisburg, WV
Lewisburg WV, the go to agent for all real estate

Lyn, nice market report for the Schaumburg area.  Homes listed at $350,000 and over are not moving as fast here.  Mostly under $200,000.

Mar 26, 2010 07:14 AM #1
Rainmaker
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Ray Saenz
Exit Realty Laredo - Laredo, TX
Homes for Sale in Laredo, TX - Texas, Realtor

Lyn,
that's a good market report seems that homes are selling fast and having a lot of movement these days, keep the good work / blog !

 

Mar 27, 2010 12:36 PM #2
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Rainmaker
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Lyn Sims

Schaumburg IL Real Estate
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