Real Estate Market Update - Northwest Suburbs - June 2015

By
Real Estate Agent with RE/MAX Suburban
https://activerain.com/droplet/4GCh

Let's get to those Northwest Suburban real estate questions!
 
What's been happening in our current real estate market? What's trending? The housing inventory is now the highest it has been since the recession started. In our area 3 times more listings come on the market than closings. Competition continues to be a factor in our Midwest market as we have not recovered as quickly as other larger markets.


Our Northwest Suburban market is now considered a 'sellers market' based on current inventory levels. Prices should be increasing more rapidly under these conditions but market times show homes are not selling as quickly as the low inventory would suggest.

 

And those Prices?  Prices have increased over May and certainly increased from 2014. The indicators are showing that the prices will continue to increase but only marginally. Our market is considered balanced but my opinion but we have too much inventory for prices to increase. Just the basic market presumption of supply and demand. Multi-family homes have seen higher price increases in June over single family.

 

Average Days on the Market tells homeowners how long it's going to take on the average to sell their home. Each market area and subdivision is selling differently and was effected differently so there is no hard & fast rule here. Market times are now below 90 days and even lower for the Multi-family sector as the graph indicates.

 

real estate northwest suburbs

  

real estate northwest suburbs

 


lyn sims

 

Look for an agent that knows your market.


Contact me to zero in on your specific area and give you the current market details so you can make an informed decision.  Want your home to sell faster?  Let my experience help guide you to that successful move.




April 2015 Report
Sources:  MRED June Stats 2015 

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lyn sims remax suburban  Lyn Sims    Schaumburg IL Area    Northwest Chicago Suburbs  ●  (847)230-7324
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Rainmaker
1,940,134
Ronald DiLalla
Century 21 Discovery DRE 01813824 - Anaheim, CA
No. Orange Cty Real Estate

Hi Lyn, always enjoy viewing stats and chrtgs on oher locations.  Thanks for sharing with us.

Jul 26, 2015 03:31 AM #1
Rainmaker
3,983,315
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Lyn...the market is acting like it should.  My area is increasing in values and sales, but they are modest.

Jul 26, 2015 05:31 AM #2
Rainmaker
1,543,720
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL Real Estate

Bill:  It is so modest compared to other areas of the country. Things take time in the Midwest I guess.

Jul 26, 2015 08:48 AM #3
Rainmaker
771,637
Bob Baesmann
DFW Team Realty - Plano, TX
DFW Team Realty | 972-978-8800

Great Market Report. Thanks for the information on the local community sales!

Nov 27, 2015 02:26 AM #4
Rainmaker
1,543,720
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL Real Estate

Thanks Bob for resurrecting this poor ole' post.

Nov 27, 2015 04:05 AM #5
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Rainmaker
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Lyn Sims

Schaumburg IL Real Estate
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