If you are a buyer and wondering why you lost out on homes in June, 2018 in the Oswego, IL this will help explain your loss.
Homes in Oswego, IL only stayed on average 45 days on the market compared to June, 2017's 59 days! That is a 23.7% drop!
With only 63 closed sales in June, 2018 compared to 2017's 87 closed ...less inventory and more buyers caused many buyers to be involved in multi-offer situations and get frozen out because of bad advice or inability to pay over list price! Price appreciation shows this effect with a 6% price increase from 2017's median sale price of $276K to the current median price of $292,500!
The current inventory levels are as follows:
Active - 99
New - 18
P/C - 7
Reactivated - 3
Total Available: 127
Under Contract - 81
Closed - 7/1/18 to 7/28/18 - 44
Closed - 7/1/17 to 7/28/17 - 49
We still have two full days left to close on any homes currently under contract or pending so the final numbers look pretty good for July, 2018
This is all great news for sellers but for buyers....not so much. For those homes that are in "move-in" condition in preferred neighborhoods - either they go under contract on the same day they are listed or buyers get involved in "multi-offer" situations which will force some buyers to drop off if they are not financially able to go over list or list.
This is the time when having a full time agent that knows the market and can get those listings as soon as they hit the MLS, make the showing appointment and write that contract as fast as possible the best way to win the home search!