Let's get to those Northwest Suburban real estate questions!
What's been happening in our current real estate market? What's trending? The housing inventory is now the highest it has been since the recession started. In our area 3 times more listings come on the market than closings. Competition continues to be a factor in our Midwest market as we have not recovered as quickly as other larger markets.
Our Northwest Suburban market is now considered a 'sellers market' based on current inventory levels. Prices should be increasing more rapidly under these conditions but market times show homes are not selling as quickly as the low inventory would suggest.
And those Prices? Prices have increased over May and certainly increased from 2014. The indicators are showing that the prices will continue to increase but only marginally. Our market is considered balanced but my opinion but we have too much inventory for prices to increase. Just the basic market presumption of supply and demand. Multi-family homes have seen higher price increases in June over single family.
Average Days on the Market tells homeowners how long it's going to take on the average to sell their home. Each market area and subdivision is selling differently and was effected differently so there is no hard & fast rule here. Market times are now below 90 days and even lower for the Multi-family sector as the graph indicates.
Look for an agent that knows your market.
Contact me to zero in on your specific area and give you the current market details so you can make an informed decision. Want your home to sell faster? Let my experience help guide you to that successful move.
April 2015 Report
Sources: MRED June Stats 2015