Real Estate Market Update - Northwest Suburbs - July 2015

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

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 level is now unchanged from June levels. The amount of homes that go under contract has also been unchanged from June.  In our area 3 times more listings come on the market than those that go under contract. Competition among sellers continues to be a factor as we have not recovered as quickly as other larger national markets.

northwest suburbs

northwest suburbs

 

Our Northwest Suburban market is still considered a 'sellers market' based on current inventory levels. Prices should be increasing with fewer home selections.  Our average market times show homes are not selling as quickly as the low inventory would suggest.  We need low market times & low inventory levels for prices to increase more rapidly & buyer demand to become frantic.  Overall for this July report days on market has decreased.

 

And those Prices?  Prices have flat lined from June but have certainly increased from 2014. The indicators are showing that the prices will continue to increase but only marginally. Our market is now considered 'a sellers market' but we still have too much inventory for prices to increase.  Multi-family homes have seen higher price increases again in July 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 below 90 days and even lower for the Multi-family sector as the graph indicates.

 


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.

 

 

Northwest Suburbs Report June 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
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Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Lyn, somewhat surprising you have such an inventory supply! Enjoy your day!

Aug 16, 2015 09:19 PM #1
Rainmaker
291,751
Jack Lewitz
IL Real Estate Specialists - Evanston, IL

Lynn your chart shows sales activity but does not show number of homes on market. In order to understand concept of buyer or seller market i would include the number of homes on market and number sold in 1 month this is the true absorption rate and will tell you him many months it will take to sell the current inventory of homes on the market. Otherwise I like your post. 

Aug 26, 2015 10:32 PM #2
Rainmaker
1,543,275
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL Real Estate

Yes Jack, it is broken down by city every month in seperate reports. Didn't want to over complicate things just give a short overview. Kind of like the weatherman - do you want world weather or just your neck of the woods?

How are home selling in Schaumburg?

 

Aug 26, 2015 10:39 PM #3
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Rainmaker
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Lyn Sims

Schaumburg IL Real Estate
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