Northwest Suburban Housing Forecast
Inventory slightly up - Sales flat. That's pretty much how the market has shaped up for 2010. What is
selling is the low end of every price range which will further pull down the average sales prices in the Northwest Suburbs. On updating the graph below over November, all the average sales prices were adjusted downward between $2000 to $4000 except for Elk Grove which stayed the same.
Northwest Suburban sales figures have been slight through the last quarter of 2010. The year has unfortunately ended without much applause. Even with the added advantage of low interest rates, the sales have just not rebounded as hoped. All these numbers are compared to 2009 so we've had no increases of any kind whether sales totals (number of units vs. 2009) or average prices.
Dissecting the Northwest Suburban December figures actually show that sales totals have not been bad. There might even be some celebrating here for a few towns! Bartlett up by 112.5%; Elk Grove was down by only 1 sale; Hanover Park was down by only 1 sale; Hoffman Estates was up by 41.7%; Schaumburg was down by only 2 sales; Streamwood was a real bummer being down -41.7%. But overall most of the towns did fairly well.
Mortgage rates rose slightly over last month on the average. Every 1/4 percent increase in interest rates just pushes out that many more needed buyers for our area inventory. It's a great time to get into a home affordably between prices and interest rates.
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| Single Family Homes | 2010 YTD Total | 2009 YTD Total | % Change | YTD Avg. Sales Price |
| Bartlett | 204 | 234 | -12.8% | $273,990 |
| Elk Grove Village | 137 | 131 | 5.9% | $241,824 |
| Hanover Park | 168 | 182 | -7.7% | $146,738 |
| Hoffman Estates | 248 | 230 | 7.8% | $275,287 |
| Schaumburg | 212 | 249 | -14.9% | $304,920 |
| Streamwood | 256 | 260 | -1.5% | $172,464 |
| Multi-Family Homes |
2010 YTD Total | 2009 YTD Total | % Change | YTD Avg. Sales Price |
| Bartlett | 76 | 110 | -30.9% | $158,229 |
| Elk Grove Village | 109 | 116 | -6.0% | $129,276 |
| Hanover Park | 151 | 157 | -3.8% | $94,636 |
| Hoffman Estates | 146 | 187 | -21.9% | $122,829 |
| Schaumburg | 427 | 448 | -4.7% | $153,291 |
| Streamwood | 164 | 171 | -4.1% | $125,488 |
| Bartlett | Elk Grove | Hanover Park | Hoffman Estates | Schaumburg | Streamwood |
| 11.5 | 12.8 | 8.4 | 7.2 | 11.6 | 12.7 |
November 2010
October 2010
Looking for an agent that's really a market expert? Let's get your Northwest Suburban home on the market and priced right to sell!
Sources: MRED December Stats 2010
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