What's going on with the market?
This post is for single family and multi-family sales for Hoffman Estates IL over the last few months. Just for my own curiosity I decided to do this post because it seems that the market has slowed way down to a crawl. In fact, it seems like it's a ghost town out there. Hello, hello wherever you are?
There are many buyers out there that are still shopping but not making any decisions as of yet. But why?
Interest rates are still stable and have not shown any signs of going on the increase. So why the slower activity?
Didn't everyone hear about the $8000 tax credit that must be used by November 30th of this year? I seems that the buyers know, but still the slower activity.
Are these the same people that do their Christmas shopping on December 23rd? Could be.
Either way, I wanted to present what the market has been like for the last 3 months so I decided to show you in these graphs. I'm not going to include any previous sales figures because they just don't count any longer. This is a new infant market that is just learning to walk. So we've got increased sales going into June, July and August. Then in August we've got a bumpy downturn for single family homes of 37%.
What is troublesome is the over $350,000 price range is still very quiet. Hoffman Estates though is an exception with 10 sales in August which is higher than surrounding towns. What that tells me is that the regular move-up buyers that we normally see are still not in the market at this time. Possibly their current homes still have not sold so a move-up is not financially possible at this time. I have many sellers that would love to move if their house would just sell!
The attached home market (townhomes, condos, duplexes, quads) is really zipping along - not like a Ferrari mind you, but at least a perky Jetta. The market is revving up and trying to get out of the slow lane and it has increased by 69% over July's sales.
Over $350,000 Sales - June with 9, July with 7, and August with 10.
Over $250,000 Sales for Multi-Family - June with 0, July with 1, and August with 5.
So are you the interested seller who wishes their house would sell OR the buyer who knows the deadline is looming and is still procrastinating?
Lyn Sims (847)230-7324
at RE/MAX Suburban
I proudly serve and sell real estate in the Northwest Suburbs of Chicago. If you are thinking about purchasing or selling your home in the communities of Schaumburg, Hoffman Estates, Elk Grove Village, Roselle, Palatine, Medinah, Itasca, Bloomingdale, Carol Stream, Bartlett, Hanover Park, Streamwood, Elgin, South Elgin, St. Charles and more importantly, want to work with a local area expert, contact me immediately.
Resources: MRED MLS
Hoffman Estates IL Real Estate Market Update ©2009 Lyn Sims - RealEstateConsumerInfo.com and RealEstateBuyMe.com
Lyn...it appears that you have some movement in your area. That is a good thing!
Thanks Bill, it seems that the townhome market is moving out to the fast lane!