Streamwood IL Homes - Streamwood IL Real Estate - Housing Market for January 2012
How to describe this market for Streamwood IL Homes? We have actually been seeing an improvement for the last 10 months and are now equal to or above the total sales for 2011. It still feels sluggish, erratic, and unpredictable both for buyers and sellers. Interest rates have never been lower with affordability being the best it's ever been. But buyers are still pensive and definitely not pulling the trigger very fast which then frustrates sellers!
The months supply of inventory for Streamwood IL Homes has been very steady and has kept our recovery on an even keel. We have 27% less inventory now than 12 months ago. Too many homes on the market makes it more competitive and prices are forced downward. Obviously some past sellers have decided not to move, given up or have become 'reluctant' landlords in order to continue with their plans. Their housing problem is not solved, only postponed to a future date when the lease expires. Another thought that's a little more tragic. Pre-foreclosures are waiting for the legal process to take place, the property seized and cleaned up and then put on the market again for sale. This hidden part of our market is called 'shadow inventory'.
| Nov 2011 | Dec 2011 | Jan 2012 |
| 9.5% | 10.2% | 14.4% |
| Nov 2011 | Dec 2011 | Jan 2012 |
| $135,000 | $125,000 | $133,000 |
What's positive about the market in Streamwood? It's been very steady from the number of homes that go under contract each month to the average sold prices. In many surrounding towns there are extreme changes in the inventory, sales numbers, average prices each month. Better to be sleepy in Streamwood.
Don't forget that during this past year the lower end homes are selling first which brings down the average prices for the whole market. The more foreclosures entering with the lower prices makes the cycle continue. Buyers are being 'enticed' by all the REO's and foreclosures because why should they buy the same home for $30,000 more? Banks are now giving two year home warranties and paying mortgage points too.
Move-up buyers have been wanting to move up to a larger home and also take advantage of the interest rates and great prices. Just one problem - they can't sell their current home. Same conditions for people that want to down size.
Multi-Family Market - Streamwood Homes that go under Contract each month
| Nov 2011 | Dec 2011 | Jan 2012 |
| 7.5% | 11.6% | 16.5% |
| Nov 2011 | Dec 2011 | Jan 2012 |
| 81,000 | $112,000 | $80,000 |
If you are thinking of buying a Streamwood IL Home, please consider me as a 'buyers agent' for your purchase. An experienced veteran, like myself, can steer you through the 'mine field' on your way to your first or tenth home!
If you are researching this update to possibly sell your Streamwood IL Home, please email or call to discuss the advantages of my marketing abilities and getting your home turned to 'SOLD'.
Search for Streamwood IL Homes
Streamwood IL Home Foreclosures
Streamwood IL Townhomes
Streamwood IL Townhome Foreclosures
Streamwood Community Overview
Sources: MRED, Agent Metrics, my little pencil.
Comments(0)