SO WHAT'S UP WITH THE REAL ESTATE MARKET?
Interested in getting a copy of the best overall market information and real estate sales conditions that I could find recently? It’s an article from Chicago Magazine’s October Issue "What's your House Worth" that just came out and offers extensive data on each town and neighborhood in the Chicagoland area. What makes this article important is that it is compiled from the local MLS (MRED) not some of these other hallucinating websites like zillow, yahoo real estate, etc. where they never seem to actually know where their numbers come from. Accuracy is important to me, it should also be important to you regarding your largest investment - your home.
You're probably curious
about what is going on in the area marketplace regarding your homes
value or you wouldn't be here. The
‘talking heads’ tell you everyday the doom and
gloom of either the mortgage crisis or another corporate meltdown
taking place. I
think when you read the article you will be pleased that your homes
value hasn’t tanked but
there is a definite glut of
homes on the market for sale.
Prices do not increase when competition to sell is a fierce as it is. Here are some examples of the 'absorption rates' for our area. This is fancy speak for 'Hey - how many homes are on the market and how long with it take to sell on the average'. A 'good market' is normally in the 5-6 month range. (This is what Realtors go to church on Sunday and pray for!)
Single Family Homes Only
Schaumburg - 9.9 months supply, highest was in 12/2007 at 32.3 months.
Hoffman Estates - 11 months supply, highest was in 12/2007 at 15.5 months.
Elk Grove Village - 12.1 months supply, highest was in 12/2007 at 23.2 months.
Bartlett - 9.8 months supply, highest was in 12/2007 at 22.8 months.
Roselle - 15.6 months supply, highest was in 3/2007 at 26.2 months.
Bloomingdale - 15.1 months supply, down from highest of all in 1/2008 of 86 months.
Streamwood - 11.9 months supply, highest was in 2/2008 of 20.6 months.
Hanover Park - 10.2 months supply, highest was in 10/2007 of 20.8 months.
Elgin - 14.5 months supply, highest was in 12/2007 at 27.6 months.
South Elgin - 10.5 months supply, highest was in 12/2007 at 24.8 months.
Itasca - 13.4 months supply, highest was in 6/2008 at 79 months.
Carol Stream - 9.3 months supply, highest was in 11/2007 at 21 months.
St. Charles - 14 months supply, highest was in 1/2008 at 28.9 months.
I hope you find this periodic information valuable. If you need the complete article which also includes the Chicago neighborhoods it will be posted in PDF format on my website. Go there now please.
If you have any
questions, please feel free to give me a call as I want you to feel you
can call me for advice regarding your home and real estate
in general.
Lyn Sims (847)230-7324 at RE/MAX Suburban
Real Estate Experience is a necessity in this market!
**MRED MLS of Northern Illinois, Data Compiled on 9/25/08, Agent Metrics, Chicago Magazine.
So what's up with the Real Estate Market?©2008 Lyn Sims - RealEstateConsumerInfo.com All data and information provided on this blog is for informational purposes only. Lyn Sims makes no representations as to accuracy, completeness, correctness, suitability or validity of any information on this site and will not be liable for any errors, omissions, or delays in information or any losses, injuries, or damages arising from it’s display or use.
© 2007 - 2010 Lyn Sims
Lyn...it's good to see market time down in your area. We are seeing the same thing also
Bill: There is so much conflicting information (or mis-information like Zillow) in the newspapers and TV that I want to be sure that people have the real statistics for their town. Helps you make decisions on one of your largest investments.
That is a lot of months of inventory. It is good to deal with a real estate professional like yourself that understands what is taking place.
Thanks Jim, my purpose is to be sure that sellers or buyers know what is going on in the LOCAL marketplace and what they see on TV might not be the real thing.
Hi Lyn,
Great way to keep your Consumers informed and I believe this is the type of information they are hungry for right now.
Lyn, good info. I'm sure anyone buying or selling in your area should know those facts.
Greg: Just wanted to give the consumer the numbers to be sure they understood the market in their particular town and in my area in general. Good knowledge that can help them make future decisions. Thanks for stopping by.