Real Estate Market Update - Northwest Suburbs - January 2012
In the month of December I reported that I felt the market was slowing down but I was still
quite optimistic for the end of the year sales. At the final tally, we did well over the 2010 sales year. I still feel that things are taking off too slowly what with the great interest rates we currently have and the mild weather we have been experiencing.
The graphs show that January sales have been down for most towns in our Northwest Suburban?area. This is also validating my market feelings.
Another good statistic is when the market is steady (or going up) with the number of homes that go under contract each month. Currently we are between 10 to 17%. This is terrific!
The?inventory level (absorption rate) has also held steady but we've just really begun the winter months which has been a traditionally slower sales time. If?inventory increases dramatically going into the spring market, prices will surely decline. The inventory level has been low between 4 to 7 months.
I have now been including the highest sales prices for the month in Single Family homes and just introduced it for Multi-Family Homes this month. This is so?we can begin to watch the 2nd tier home sales increase in their sales also. The market will always recover from the 'bottom up' with the lower sales prices showing the largest number of sales until the 2nd tier breaks free. This will be an indication that the 'move up' buyers have finally been able to take advantage of today's prices and the low interest rates. This will be the next trend in the recovery.
| Single Family Homes | January 2012 Total +/- over December | 2012 YTD Total |
% YOY Change | Avg. Sales Price 2012 | Avg. Days on Market |
Highest Sales Price |
| Bartlett | 16 Down |
16 | +33% | $255,682 | 172 | $450,000 |
| Elk Grove Village | 14 Down |
9 | +12% | $223,034 | 229 | $400,000 |
| Hanover Park | 11 Down |
11 | +10% | $116,455 | 91 | $180,000 |
| Hoffman Estates | 16 Down |
16 | 0% | $242,569 | 79 | $467,000 |
| Schaumburg? | 15 Down |
15 | +36% | $221,144 | 145 | $429,900 |
| Streamwood | 17 Down |
17 | +41% | $115,213 | 85 | $356,000 |
| Multi-Family Homes |
?January 2011 YTD Total +/- over December |
2012 YTD Total | % YOY Change | Avg. Sales Price 2012 |
Avg. Days on Market |
Highest Sales Price |
| Bartlett | 6 Down |
6 | +20% | $89,400 | 202 | $155,000 |
| Elk Grove Village | 7 Down |
7 | +16% | $55,200 | 41 | $90,000 |
| Hanover Park | 12 Down |
12 | +140% | $75,384 | 172 | $205,000 |
| Hoffman Estates | 15 UP |
15 | +114% | $71,482 | 138 | $220,000 |
| Schaumburg? | 35 Down |
35 | +75% | $95,366 | 157 | $352,500 |
| Streamwood | 12 UP |
12 | +33% | $108,446 | 247 | $227,000 |
?
Average Days on the Market needs no explanation and you can clearly see the times are agonizing for sellers. None of our Northwest Suburban market areas are lower than 2.5 months of market time.
Yes ... we are recovering here in our area for 10 months in a row. ?Month over month we have seen an increase in closings and year end sales increased over the dismal start of 2011. One of the reasons I show the 'month over month' totals is to show you?we truly are having sales increases - it's not just sales hype!
The number of 'pendings' (mentioned above at 10 to 17% of currently listed homes) has also increased but you can't count on all of these making it to a successful close!
?
Looking for an agent that's really a market expert?? Let's get your Northwest Suburban home on the market and priced right to sell!
Is your current agent showing you any of this information?
Do you feel your current agent is 'flying by the seat' of his or her?pants when answering these questions?
Looking for a home in the area? Please give me a call or email me on the right to talk about the possibilities.
Sources: ?MRED January Stats 2012
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