So I'm going to consider this an investigative report (wow just like 60 Minutes!) on what is going on in the Schaumburg housing market. Many of the numbers and various reports just don't add up. Many parts are in conflict such as showings on my listings vs. days on market. There are many listings that I've had that flew off the market & others that are just sitting there in the same condition as those that sold. You would say this group of listings are similar in a buyers eye when looking online.
So what's up? Why the differences?
I've noticed that the moving price range group is what we would consider starter homes between $250,000 to $299,000. It's condition, upgrades & space for the money in this price range. There are some houses that are just wonderful & others that are wonderfully 'not' for anybody.
Many more homes have sold over the $300,000 mark after May 1st. Is this the actual push to get into a larger house & get those kids placed firmly in their new school? There was a noticeable increase saying that might be true but again comes problems with the days on market.
How long did it take a home to sell around here?
Days on market was extremely reduced coming out of the winter months going from 73 days down to 45. That does indeed suggest an increase in activity. 45 days does not suggest the inventory level we have which is just about nil.
What got your interest piqued Lyn? Is there a burr under your saddle?
I read a recent post that said July was the slowest month in the Chicagoland area & decided to do my own investigative work as, yes, I do not trust what people tell me. Nothing worse than having people bean count & make market determinations that are not Realtors® & do not sell homes. Actually the market is still doing quite well in the surrounding Schaumburg areas as my post suggests. Some slight downturns for the month but still on the increase.
The market has always gone in waves. I've noticed that each market surge is about 45 days before another one starts. I guess maybe buyers are taking a needed rest but it seems to be playing out that way currently. The frenzy is not there for August either which I'm sure will show in the coming numbers.
Graphs below show total sold to date in Schaumburg Homes & then days on market for those price ranges. (Jan - July 31, 2017)