Real Estate in the Northwest Suburbs - August 2015
Let's tally up those Northwest Suburban real estate numbers and see where we stand!
What's been happening in our current real estate market? What's trending? The housing inventory level is now considered extremely low and is trending toward a sellers market. Competition amoung sellers continues to be a factor as we have not recovered as quickly as other larger national markets.
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.
And those Prices? Prices have flat lined during August with marginal increases. Even though our market is considered 'a sellers market', we still have too much inventory for prices to increase. Multi-family homes have been trending higher than Single Family this year.
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 and even lower for the Multi-family sector as the graph indicates. Market times did increase for August.
Foreclosures now have what percentage of our market? Find my study here.
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