Real Estate Market Update for Schaumburg - February 2018
What are Prices Doing? Average sales price ($344,517) an increase of 2.2% from February 2017. Remember that every subdivision is responding differently if and 'when' a home in the area goes on the market. Sellers are now pretty happy with prices or have decided that now is a good time to move. Are you thinking of moving?
With our overall amount of inventory we are in a sellers market. Inventory has decreased from 2017 overall by 39%. With this overall low (supply & demand) inventory price increases have to be expected.
Homes going under contract have decreased over 2017 by 31% just because there isn't a good enough supply or the home and buyer are not a good match . Market time for homes going under contract is 83 days. This is definitely confusing isn't it? Low inventory but yet houses are languishing on the market for over 60 days?
Homes have sold for 98% of list in February.
If your home is currently on the market for 30 days or more, buyers have given you feedback on your condition, your price, or your location. With inventory this low there is no reason not to get an offer but buyers are not going to pay your price if you've got too much work or deferred maintenance. They will gravitate towards another home with a better price or more updates for that price.
Look for an agent that can connect the dots.
Look for an agent that knows the market.
Contact me with questions on your neighborhood and the most current market details so you can make an informed decision.
Hey, want your home to sell faster? Let my experience help guide you along the way.
January 2018 Report