Real Estate Market Update - Northwest Suburbs - December 2011
Well last month 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. Sales are above those levels and I think we can't be stopped from going forward!
The graphs show that December sales have been up for most towns in our area. And even with the towns that came in under 2010 sales levels, I feel it's just a matter of time before the market shakes off the cob webs and gets back down to business.
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 5 to 11.5%.
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 the inventory increases going into the spring market, prices will surely decline.
I have now been including the highest sales prices for the month in single family homes. 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.
| Single Family Homes | December 2011 Total +/- | 2011 YTD Total |
% YOY Change | Avg. Sales Price 2011 | Highest Sales Price |
| Bartlett | 24 UP |
272 | +33.3% | $247,687 | $247,687 |
| Elk Grove Village | 14 UP |
133 | -2.9% | $240,714 | $545,000 |
| Hanover Park | 17 UP |
179 | +6.6% | $131,159 | $230,000 |
| Hoffman Estates | 23 UP |
243 | -2% | $256,421 | $442,500 |
| Schaumburg | 17 UP |
249 | +16.4% | $256,824 | $378,000 |
| Streamwood | 29 UP |
313 | +21.8% | $146,708 | $394,900 |
| Multi-Family Homes |
December 2011 YTD Total +/- |
2011 YTD Total | % YOY Change | Avg. Sales Price 2011 |
| Bartlett | 15 UP |
101 | +32.9% | $151,324 |
| Elk Grove Village | 16 UP |
165 | +51.4% | $104,063 |
| Hanover Park | 16 UP |
166 | +9.9% | $79,036 |
| Hoffman Estates | 13 Even |
180 | +23.3% | $97,472 |
| Schaumburg | 44 UP |
401 | -6.1% | $117,028 |
| Streamwood | 11 Down |
149 | -9.2% | $111,621 |
Yes ... we are recovering here in our area for 9 months in a row. Month over month we have seen an increase in closings and year end sales increased over the dismal 2010. 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' has also increased but you can't count on all of these making it to a successful close! Both housing types have equalized at years end with single family homes doing better at the beginning of the year.
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 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 December Stats 2011
Lyn, our Kansas City real estate market is also moving toward a more balanced market. Some neighborhoods have actually flipped over onto the Seller's side. We'll see what 2012 brings!
Maria: That is great, soon we will hopefully be experiencing that same thing.
Lyn - That's fabulous news! There seem to be an increase in sales across the country.