Elgin IL Townhomes & Condos - What's the market doing?

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Real Estate Agent with Streamwood, Elgin IL Real Estate - RE/MAX Suburban Here's the Blog Dog
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Elgin IL Townhomes - Elgin IL Condos - Housing Market Stats for January to March 2017

Looking for current and concise market information for Elgin IL Townhomes & Condos?  You've come to the right place and I've actually been seeing a constant improvement over the last year.  Interest rates have been low with great affordability and more and more elgin IL townhomes & condospeople realizing that it's cheaper than rent.

Let's talk about a few different market facets here - the months supply of inventory for Elgin IL Townhomes & Condos has been steadily decreasing. We have 48% less in housing inventory then we did a year ago. This is unprecedented. The tables have finally turned in the sellers favor!

Move-up buyers have been watching and waiting to move up to that larger home and also take advantage of these interest rates.  Just one problem - some people still can't sell their current home. Some people are still in the red due to the last few years slow appreciation. Same conditions for people that want to downsize.

elgin IL townhomes & condosAnother indicator that the Elgin IL Townhome & Condo market is improving is the number of homes that go under contract each month. Numbers here are also unprecedented with 37% of homes going under contract in March.  In the first time home buyer price point under $150,000 there have been multiple offer situations on most properties. The market is heating up and buyers can't believe that this is truly happening. Lose out on a few homes and your strategy will have to shift.

I'm positive about the market in Elgin and you should be too!  It's been constantly improving from the number of homes that go under contract each month to the averageelgin IL townhomes & condos sold prices.

Please remember that during the past year we have transitioned from a balanced market neither favoring sellers or buyers to a sellers market. Homes will be flying off the market (don't look at those market times ...) in our full spring selling season. First time and move-up buyers are going to have a rough time with multiple offers which is happening now more and more frequently. Buyers are no longer in control of the market.

elgin IL townhomes & condosWhat about those Days on Market?  That is currently a little confusing at 53 to 45 days. Most homes are selling quickly within 30 days. There will always be some homes that take longer. If your home has not sold within the first 30 days I would say that buyers are telling you your price is too high or they do not like your condition for the price. Buyers do not want to do any work or do the least amount for that price. Does that include your home?

The graph on average prices does indicate that prices are on the rise but can change each month according to obvious sales. 

elgin IL townhomes & condosIf you are thinking of buying a Elgin IL Townhome or Condo, I will act as your advocate and 'buyers agent'  for your purchase. An experienced veteran, like myself, can steer you around all the rough patches, advise a strategy and help you take advantage of current buying trends.

If you are researching this update to possibly sell your Elgin IL Townhome or Condo, please email or call to discuss the advantages of my marketing abilities and getting your home turned to 'SOLD'.



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