Real Estate Market Update - Northwest Suburbs - June 2016
This is the place to get those Northwest Suburban real estate questions answered for Bartlett, Hanover Park, Streamwood, Hoffman Estates and Schaumburg!
Each market segment is faring differently but one notice is that days on the market is down from the previous month of June again.
What are Prices Doing? Average sales prices continue to be relatively stagnant for the Midwest Area overall. Illinois price increases came in modestly at 4.67% which is in the middle range of a national survey. Noticeable monthly gains for July.
Average Days on the Market came in lower again from the previous month due to the pre-summer buying season. One thing that most people forget is that if a house closed in July, the buying process actually started 45 to 60 days earlier. So far April has been the busiest contract month of 2016.
With our low amount of inventory in July we have moved into a sellers market for certain property types or price ranges. Prices should be increasing based on that lack of inventory but that hasn't always been the case. The less inventory we have means prices should begin to increase. The market times do not reflect that low inventory. Listed property is down 6% from 2015 at this same time and months of inventory is less than June's at 3.3 months.
Let's talk Interest Rates - If you haven't been paying attention the 30 year fixed mortgage rates are at a ROCK BOTTOM low near 3.4% with no closing costs. This is a great time to take advantage of these rates by refinancing, moving up or buying that first home. There are many great programs available that I can get you with my valued mortgage partners.
Looking for an agent that's a true market expert? I can zero in to your specific neighborhood and give you the current market details so you can make an informed decision and help your home sell faster and for more money.
My experience plays an important role. I'm one of those unique people that will tell you how the market really is explaining both 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.
June 2016 Report
Sources: MRED July Stats 2016