What are Hoffman Estates Prices Doing? Average sales price ($323,000) a decrease of 12% from May 2018. Remember that every subdivision is responding & recovering 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. How about you? Let's talk if you are thinking of moving.
With our overall amount of inventory we are still in a sellers market. Inventory is UP slightly 1% over 2018. Homes actually closing is DOWN from 2018 by 15%.
Total homes going under contract have been the highest so far this year. Market time for homes is 56 days. This is definitely confusing isn't it? Low inventory but yet houses are languishing on the market for over 45 days?
Home prices averaged 97% of list in May. This means buyers has been able to negotiate tougher with 3% off list.
Buyers are giving you feedback on your condition, your price, or your location if your 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 Fed has said they will lower interest rates. They did it at a good time of the year when the most purchases will usually be done.
More Homes .... Less Sales .... Less Closings for May 2019. That's the report.
Contact me for questions on your neighborhood and the most current market details so you can make an informed decision.
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