Streamwood IL Real Estate - What's going on with our housing market?

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Real Estate Agent with Streamwood, Elgin IL Real Estate - RE/MAX Suburban Here's the Blog Dog
https://activerain.com/droplet/Bs7

Streamwood IL Real Estate - Housing Market for April 2012

How to describe this market for Streamwood IL Homes? streamwood IL real estate,streamwood IL homes,lyn sims,We have actually been seeing an improvement for the last 12 months.  It still feels sluggish with extended market times, erratic movement, 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 steadily decreasing and is an asset for recovery. We have 29% less in housing inventory then we did 12 months ago.  When there are many homes on the market it becomes more competitive and prices are forced downward.  Currently Streamwood has experienced an inventory drop from 4.6 months to only 2.9 months. This has never happened before. We have never had inventory this low without it becoming a sellers market and bidding wars begin.  Is this a sign that balance is coming soon for our market?

Another great indicator that the Streamwood IL market is improving is the number of homes that go under contract each month. Currently we are between 16 to 23%. This is terrific and has never been higher!

Percentage of Listed Streamwood Homes that go under contract each month.

 

Feb 2012 Mar 2012 Apr 2012
16.5% 20.3% 23.3%

 

Average Sold Prices for Streamwood Homes

 

Feb 2012 Mar 2012 Apr 2012
$96,000 $130,000 $107,000



What's positive about the market in Streamwood?  Inventory down - contracts are up. It's been constantly improving from the number of homes that go under contract each month but average prices are bouncing up and down.  It's good to see a forward momentum going into the summer months.


Let me remind you 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.  I can only wonder when the market will turn for these buyers.

Multi-Family Market - Streamwood Homes that go under Contract each month

 

Feb 2012 Mar 2012 Apr 2012
11.3% 13% 20%

 

Multi-Family Market - Average Sold Prices for Streamwood Homes

Feb 2012 Mar 2012 Apr 2012
$130,000 $89,000 $73,000


streamwood IL real estate,streamwood IL homes,lyn sims,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'.


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Sources:  MRED, Agent Metrics, my little pencil.

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Rainer
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Ridhi Raheja
Movement Mortgage (Illinois) - Naperville, IL
FHA, 203k, VA, Jumbo, PreApproval, Jumbo Home Loan

Lynn,

 

Same thing is happening all across different towns . low inventory and quick sales. Now the only thing we need to worry about is how can we increase the number of move up buyers and sellers as they are all cash poor. Once the property values move up higher , more sellers will feel hopeful and sell.

May 06, 2012 11:54 PM #1
Rainmaker
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Lyn Sims and the Blog Dog
Streamwood, Elgin IL Real Estate - RE/MAX Suburban - Bartlett, IL

Ridhi:  Yes, the downpayment is always a hurtle no matter the price range.

May 07, 2012 04:37 AM #2
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