Positive Signs continue in our Northwest Suburban Real
Estate Market for the 8th consecutive month. We are moving ahead with recovery here and sales have successfully reached above the 2010 level of closings. For November, Bartlett Single Family Homes are now 32% above 2010 closings and Bartlett Multi-Family are now up 17% over 2010.
For Bartlett there are still no price gains calculated with foreclosures still leading the way in current sales. What is promising is that in a few different surrounding markets the average sales prices are now going up. If all goes well, our next trend will be for prices to finally level off and slight incre,ases to begin for Bartlett. This also would have to take into account how much inventory we have going into winter and we currently are holding near 8 months supply. We are at a dangerous teetering point here where we can continue to move ahead or have a stall out and slowdown that will continue through our winter.
My summary shows slow growth and first time home buyers or investors have decided to jump in the market to snatch up all those townhouses and condos we've got. It's a good idea for investors as most sales prices will equal a positive cash flow. I've been in multiple offers again for the low end price ranges.
Bartlett Home supply declined (great) for November at 5 months from October's 6.5 months. Homes under contract was 14.5% of inventory.
Looking for an agent that knows this fluctuating market? Give me a call to discuss your housing situation and needs.
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