Real Estate Market Update - Northwest Suburbs - April 2012
Read this report if:
1) You are thinking of selling your Northwest Suburban home and want to see what's really up with our market.
2) You don't know what to believe because there are conflicting reports constantly in the media.
3) You're a future buyer that's beginning to get a feel for purchasing a larger home in the area but you're not sure what to expect.
4) You think your neighbor is lying when he tells you it will take at least a year to sell your home.
5) Your convinced your neighbor is stupid and really never liked him!
So let's start with answering those questions that you might have and dish all the particulars!
I'd like to report that April sales have been up in our area in both housing styles. The best indication that the market is improving is the number of homes that go under contract each month. Currently we are between 15 to 23%. This is terrific! That's a 5% increase in one month.
The inventory level (absorption rate) has decreased and it seems we have quickly rolled into the busier market months. The current inventory level has been low between 2.9 to 4.8 months. This would have been considered a sellers market 'in the good ole' days' of years past. Inventory level has decreased for the last 4 months in a row. This indicates that there are more buyers in the market than housing inventory but is that really the case? I have only experienced multiple bids on lower end foreclosures during this time.
I have been including the highest sales prices in each category for the month so we can watch for the 2nd tier home sales increase. The market will always recover from the 'bottom up' with the lower sales prices showing the largest number of sales until the 2nd tier breaks free. This will be an indication that the 'move up' buyers will been able to take advantage of today's prices and the low interest rates. This will be the next trend in the recovery. So far, not much activity in that upper end but the trend is getting better every month.
| Single Family Homes |
April 2012 Total +/- over March |
2012 YTD Total |
% YOY Change | Avg. Sales Price 2012 |
Avg. Days on Market |
Highest Sales Price |
| Bartlett | 20 Even |
68 | +7% | $242,369 | 136 | $434,000 |
| Elk Grove Village | 15 Down |
48 | +29% | $210,339 | 250 | $332,500 |
| Hanover Park | 21 Up |
62 | +26% | $130,655 | 117 | $276,000 |
| Hoffman Estates | 20 Down |
85 | +23% | $241,763 | 179 | $467,500 |
| Schaumburg | 32 Up |
99 | +80% | $242,453 | 190 | $640,000 |
| Streamwood | 30 Even |
98 | 16% | $130,475 | 111 | $307,500 |
| Multi-Family Homes |
April 2012 Total +/- over March |
2012 YTD Total | % YOY Change | Avg. Sales Price 2012 |
Avg. Days on Market |
Highest Sales Price |
| Bartlett | 14 Up |
36 | +28% | $106,349 | 148 | $225,500 |
| Elk Grove Village | 16 Up |
41 | +2% | $90,695 | 214 | $195,000 |
| Hanover Park | 18 Up |
49 | 0% | $73,064 | 123 | $230,000 |
| Hoffman Estates | 18 Down |
61 | +5% | $88,977 | 108 | $225,000 |
| Schaumburg | 49 Up |
163 | +59% | $104,801 | 199 | $359,000 |
| Streamwood | 17 Up |
58 | +45% | $105,138 | 181 | $192,000 |
Average Days on the Market needs no explanation and you can clearly see the extended times are still agonizing for sellers. Again, none of our market areas are lower than 3 months and for April have had little movement.
I am optimistic that we are recovering here now for a solid year. Month over month we have seen an increase in closings. One of the reasons I show the 'month over month' totals is to show you we truly are having sales increases - it's not just sales hype!
The number of 'pendings' (mentioned above at 15 to 23% of currently listed homes) has also increased but you can't guarantee on all of these sales making it always to a successful close!
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!
Is your current agent showing you any of this information? Do you feel your current agent is 'flying by the seat' of his pants when answering these questions?
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 April Stats 2012
Comments (1)Subscribe to CommentsComment