Real Estate Market Update - Northwest Suburbs - December 2015
This is the place to get those Northwest Suburban real estate questions answered!
This month is the year's finally tally and how did we do?
Sales were good across the board in our Northwest Suburbs with total closed numbers increasing between 1% to 20% over the 2014 year. I feel that the market will continue to improve throughout the coming 2016 year.
What about Home Prices? Average sales prices have only increased between 1 to 5% on Single Family and 4 to 14% on Multi-Family. In fact, most of the average prices only varied between a few hundred to $1000 of last months total. Prices are still stagnant.
Average Days on the Market tells homeowners how long it's going to take to sell their home! Each market area is selling differently. Closings made the final push for the end of the year.
With our amount of inventory in December we are still considered a stable market where we don't have too many homes for sale or not enough.
The Fed has increased interest rates and just when doing so we've documented a market slow down across the board. I still believe that the real estate market is at a delicate teetering point and to be honest we really don't need any interference from the Feds. Every 1/4 percent in an interest rate hike will cost buyers money and have a possible effect on our less than enthusiastic sales.
There has also been across the board loan changes that have taken place for borrowers (TRID) and which are making closings longer with the added regulations and time restrictions.
Looking for an agent that's a true market expert? I can zero in to your specific area and give you the current market details so you can make an informed decision and help your home sell faster.
My experience plays an important role. I'm one of those unique people that will tell you how the market really is explaining the good with the bad.
Looking for a home in the area? Please give me a call or email me to talk about the possibilities. You will need current market strategies to get you into that new home.
Sources: MRED December Stats 2015