Real Estate Market Update for Schaumburg - March 2019
What are Prices Doing? Average sales price ($302,500) an increase of .8% from March 2018. Remember that every Schaumburg subdivision is responding & recovering differently. That means "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. How about you? Are you thinking of moving?
With our overall amount of inventory we are still in a sellers market. Inventory has actually decreased from 2018 slightly. Homes actually closing is down from 2018 by 26%.
Homes going under contract have decreased over 2018 by 55% 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 64 days. This is definitely confusing isn't it? Low inventory but yet houses are languishing on the market for over 60 days?
Home prices averaged 96.7% of list in March.
Buyers have giving you feedback on your condition, your price, or your location if your Schaumburg home is on the market over 30 days. 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 more updates for that price. The home with the most updates wins with an offer.
Forecasters hope that the lowering of interest rates will spur sluggish/lackluster sales along. They did it at a good time of the year when the most purchases will be done.
Contact me for questions on your Schaumburg neighborhood and the most current market details so you can make an informed decision. No matter what the market, I'll get the job done!