What are Prices Doing? Average sales price ($323,000) a decrease of 5% from September 2018. Remember that every Hoffman Estates 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 19% from 2018.
Homes actually closing in Hoffman Estates was the same in September as last year.
Homes going under contract have increased over 2018 slightly. Market time for homes going under contract is 98 days. This is definitely confusing isn't it? Low inventory but yet houses are languishing on the market for that amount of time?
List to Sell Prices are all over the board. Not wanting to make this confusing but homes that sell at 96% of list (4% off) sold faster in just an average of 47 days. Homes that sold at 95% of list sold in an extended 106 days. These numbers are telling you that buyers are going to buy the homes in the best condition as they quickly come on the market.
Buyers are giving you feedback on your condition, price, or your location if your Hoffman Estates 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 help sluggish sales this year. They did it at a good time of the year when the most purchases are usually done.
Contact me for questions on your Hoffman Estates 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!