Elgin IL Townhomes & Condos - Is the market picking up?

Elgin IL Townhomes & Condos - Housing Market Stats for April to June 2017

Looking for current 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 people realizing that it's cheaper than rent.

Let's start talking about a few different market facets here - the months supply of inventory for Elgin Townhomes & Condos has been steadily decreasing. We have 57% less in housing inventory then we did a year ago. Inventory levels 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 are still in the red due (negative equity) to the last few years slow appreciation. Possibly the market has recovered in your area enough for you to make your move?

Another indicator that the Elgin market is improving is the number of homes that go under contract each month. In the first time home buyer price point under $175,000 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 average 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. Some selective townhomes or condos have been flying off the market during our 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.

What about those Days on Market?  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. 

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

If you are thinking of buying a Elgin IL Townhome or Condo, I will act as your advocate for your purchase. An experienced veteran, like myself, can advise a strategy and help you take advantage of current buying trends.



See how Elgin Townhomes & Condos have appreciated over the last 3 years
Elgin Townhome & Condo Market from Jan. to March 2017
Elgin Townhome Search