Long Grove Real Estate: Market Report for August of 2010

The good news for Long Grove Real Estate is we have seen a increase in sales in the past few months. The bad news is we have seen a decrease in prices. Long Grove Single family homes sales are up 29.6% from this time last year (this number all of the 60047 zip code). Long Grove Townhomes sales are down 65.2% from this time last year. Take into consideration only 8 townhomes have sold this year and that is due to the lack of attached homes in this area, so that number does not affect the Long Grove Market. Median sales prices are down 6.7% for detached homes and up .2% for attached homes. We would see a larger increase in numbers but these numbers are a result of the short sales and foreclosures available in almost all the market areas. There are still an abundance of these properties as well as 'shadow properties', properties that are behind 60 days or more in mortgage payments. Currently there are 66 Long Grove Short Sales and Foreclosures.

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