Schaumburg Housing Market - 1st Quarter 2010
What's up with the Chicago Northwest Suburban real estate market 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': 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 specifically with the Schaumburg Market you ask?
Well, sales for all 3 months have not been steady as my chart indicates. Foreclosures in the Schaumburg area are still few but in the 'overall' market they are suppressing listing prices.
Our supply of homes in Schaumburg or the 'conversion rate' is 7.0. This means that if every home currently listed for sale were purchased 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 everyoneis putting their home on the market in anticipation. Are the buyers going to nibble? Or .... is the market going to become oversaturated?
My research shows that homes over the $350,000 range are now selling again slightly. Not at a reliable 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. At this writing we still have until the June 30th closing deadline to see if that is true. Stay tuned.
January's Figures - 11 total sales
- 3 Foreclosures
- 2 Short Sales
- Lowest Price was $170,000
- Highest Price was $550,000
February's Figures - 8 total sales
- 4 Foreclosures
- 0 Short Sales
- Lowest Price was $145,000
- Highest Price was $340,000
March Figures - 16 total sales
- 1 Foreclosures
- 1 Short Sales
- Lowest Price was $169,900
- Highest Price was $830,500
December, January, February 2010
Schaumburg Community Overview
Business Week's Best Places to Raise your Kids
Tax Credit Info
Every Seller needs to know, what sells a house?
Schaumburg's Stonehenge?
Who sells the most homes in Schaumburg?
Schaumburg Schools - School Report Cards
How long will it take for my Schaumburg Home to sell?
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
Schaumburg IL Real Estate Market - 1st Quarter 2010 - ©2010Lyn Sims - RealEstateConsumerInfo.com and RealEstateBuyMe.com
Lyn this is a very nice market update. What are you using for graphing. I really like how that 3d graph looks.
So easy with Create a Graph.