Real Estate Market Update - Northwest Suburban September 2011
It's good news and I'm market optimistic! That's for sales being on an upward trend for the last 6 months. The numbers are showing a distinct improvement for the 6th month in a row for the Northwest Suburban Market!
The majority of towns sales are up. Even if the town is showing a negative (YOY Change), the sales are increasing each and every month overall. Most of the average sales prices are still low but that is because most of the lower priced homes are being bought by first-time home buyers or investors snatching up those deals. It will take some time but once the lower price ranges begin to move at a decent pace the move up buyers will also begin their acquisition of that larger home. 
Interest rates have hit another all time low making a home the most affordable it's ever been in the last 50 years. Get out there and take advantage of a housing opportunity if you can.
Foreclosures on the market currently are slashing away at prices to get rid of the inventory going into the winter months. Winter is notoriously when you can get the best deals in real estate if you have the patience to trudge through the snow and ice.
Positive Signs .... Upward Momentum ... Even in little increments we are seeing an increase in sales.
| Single Family Homes | September 2011 Total +/- | 2011 YTD Total |
% YOY Change | Avg. Sales Price 2011 |
| Bartlett | 37 Even |
214 | 40% | $251,308 |
| Elk Grove Village | 15 UP |
97 | -8.5% | $241,925 |
| Hanover Park | 16 Down |
138 | 7% | $132,949 |
| Hoffman Estates | 24 UP |
185 | -5.6% | $259,103 |
| Schaumburg | 25 Down |
196 | 12.6% | $263,554 |
| Streamwood | 25 Down |
237 | 20% | $148,915 |
| Multi-Family Homes | September 2011 Total +/- | 2011 YTD Total |
% YOY Change | Avg.
Sales Price 2011 |
| Bartlett | 10 UP |
74 | 21% | $152,383 |
| Elk Grove Village | 11 UP |
118 | 37% | $107,445 |
| Hanover Park |
7 Down |
123 | 0% | $79,685 |
| Hoffman Estates | 16 Down |
140 | 23% | $97,560 |
| Schaumburg | 33 Down |
287 | -14% | $122,286 |
| Streamwood | 16 UP |
109 | -18% | $113,610 |
If your home is currently on the market it is showing that we are having a slight recovery here in our area for 6 months in a row. Single family homes are still doing better than the (Multi) condos and townhouses overall.
As usual there are some anomalies, the high request areas that normally would do well are not and the others are. Schaumburg and Streamwood Multi-family is still down overall for the year but each month sales make gains to the positive. Possibly there are just too many other opportunities in other areas for buyers to choose from? I will tell you that if your house is updated and without extensive remodeling work to do - it is going to sell.
Schaumburg Home supply was up for September at 11.8 months up from August's 7.8 months. Homes under contract was 6.8% of inventory.
Bartlett Home supply was up for September at 6.6 months also up from August's 5.2 months. Homes under contract was 11.9% of inventory.
Streamwood Home supply was virtually the same for September at 6.8 months and 7.1 for August. Homes under contract was 11.7% of inventory.
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!
Looking for a home in the area? Please give me a call or email me on the right to talk about the possibilities.
Sources: MRED September Stats 2011
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