Hoffman Estates Housing Market - December '09, January and February 2010
What's up with the Illinois and Chicago Market real estate you ask?
The impact on foreclosures in our market is substantial and their impact on prices since a buyer would obviously prefer to buy a foreclosure that had the same features as one being offered through a regular seller. It is also having an impact in opposite directions - again, foreclosure sales up and prices go down!
As a consequence we have 'Two Levels of Pricing': Many markets have two levels of pricing – distressed sales and traditional sales. Foreclosures and short-sales tend to carry prices as much as of 20 percent below traditional homes in the same area. There are still many distressed sales pulling down market prices. Good for buyers, bad for sellers right now.
What's up with the Hoffman Estates Market you ask?
Well, sales for all 3 months have not been steady as my chart indicates. Foreclosures in the Hoffman 
Estates area are still few but in the 'overall' market they are suppressing listing prices.
Our supply of homes in Hoffman Estates or the 'conversion rate' is 6.8. This means that if every home currently listed for sale, sold, the supply would be exhausted in 7 months. The lower the supply of homes, the better the market. The more competition between sellers, prices are suppressed. Basic supply and demand and Economics 101. Sellers are gearing up for the 'spring market' and everyone is putting their home on the market in anticipation. Are the buyers going to nibble?
My research shows that homes over the $350,000 range are now selling again. Not at a brisk pace but 'move up' buyers are feeling confident enough to go ahead with a purchase in Schaumburg. The prior 3 month span had sales and then stalled again in February in this price point. I believe the current tax credit will also inspire move up buyers who need a larger home if their current home goes under contract.
December's Figures - 12 total sales
- 3 Foreclosures
- 2 Short Sales
- Lowest Price was $117,500
- Highest Price was $470,000
January's Figures - 12 total sales
- 2 Foreclosures
- 1 Short Sales
- Lowest Price was $135,500
- Highest Price was $481,500
February's Figures - 5 total sales
- 2 Foreclosures
- 0 Short Sales
- Lowest Price was $210,000
- Highest Price was $450,000
How long will it take to sell?
Market Times - October 2009
Who sells the most homes?
Hoffman Estates - Village Profile
Cook County Downpayment Assistance
Northwest Suburban Market - Feb 2010
Lyn Sims (847)230-7324
at RE/MAX Suburban
My Email is: LynSims@msn.com
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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 Homes - December, January, February 2010 ©2010 Lyn Sims - RealEstateConsumerInfo.com and RealEstateBuyMe.com
© 2007 - 2010 Lyn Sims
Lyn,
seems that from december to february the price range has been increased for some, is there any reason for that ? keep the good work / blog !