Schaumburg Homes - How did the real estate market end up for 2011?

Positive Signs continue in our Schaumburg Real Estate Market for the last 9 months. We are moving ahead with recovery here and sales have successfully reached above the 2010 level of closings.  

The December totals for Schaumburg Single Family Homes are now 16% above 2010 closings and Schaumburg Multi-Family are now down 6% over 2010.  So our local market has totally flip flopped (again) between the single family and attached. Homes have taken an extreme slow down and the attached housing is selling steady and finished with a bang!

For Schaumburg 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 communities the average sales prices are now going up. 

If all goes well, our next trend is for prices to finally level off and slight increases to begin for Schaumburg.  The average sales price was $256,800 for December and following the closings you can see that move-up buyers are beginning to find the market more friendly.

Another market condition which is important to consider is how much inventory we have going into winter and we currently are holding near 7 months supply (decreasing).  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 cautious 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 for the low end price ranges.
  
 
Looking for an agent that knows this fluctuating market?  Give me a call to discuss your Schaumburg housing situation and needs.



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