Real Estate Market Update - Northwest Suburbs May 2011

By
Real Estate Agent with RE/MAX Suburban - Schaumburg IL Real Estate - Northwest Suburbs of Chicago
http://actvra.in/clD

Real Estate Market Update - Northwest Suburban May 2011


I am psyched about the good news!  Things are northwest suburbs,lyn simsimproving for the 2nd month in a row for the Northwest Suburban Market!  A few of the towns are down but for the most part sales are up.  Most of the average sales prices are still low but that is because most of the lower priced homes are being gobbled up first.  It will take some time but once the lower price ranges begin to move at a decent pace the move up buyers will also begin their acquisition of that larger home.  Interest rates are at an all time low making affordability the highest it's ever been.  Get out there and take advantage of these great prices!

Positive Signs .... things are looking up in a great way so I'll share the exciting numbers with you.

Single Family Homes May 2011 Total +/- 2011
YTD Total
% YOY Change Avg. Sales Price 2011
Bartlett 35 UP 98 14% $249,967
Elk Grove Village 13
UP
50 0% $222,583
Hanover Park 13
Even
62 -10.1% $131,470
Hoffman Estates 19 Down 88 -10.2% $264,475
Schaumburg 25
Down
80 -2.4% $269,054
Streamwood 31 UP 114 10.7% $143,726

 

 Multi-Family Homes May 2011 Total +/- 2011
YTD Total
% YOY Change Avg. Sales Price
2011
Bartlett 13
UP
41 20.6% $132,176
Elk Grove Village 16
UP
56 16.7% $106,741
Hanover Park
15
UP
64 14.3% $83,983
Hoffman Estates 13
UP
70 29.6% $99,304
Schaumburg 41
Down
143 -16.9% $128,736
Streamwood 12
Down
52 -28.8% $122,398



OK, so these numbers aren't making you do cartwheels if your home is on the market but it is showing that we are having slight recovery here in our area for the 2nd month in a row.  Single family homes are doing better than the condos and townhouses at this point.  As usual there are some anomalies, the high request areas that normally do well are not and the others are.  Who's to say but is that housing ball beginning to roll finally?  I say it is!

Overall Illinois Statistics -

Nearly 70 percent (68.5%) of Illinois homes sold in the first quarter were priced below $200,000 as first time buyers took advantage of the low prices in the Illinois
housing market.  I have been saying this for months!  The lowest prices are the ones selling first!

Campbell Survey reports 37.5% of buyers in April were first-time buyers, investors 23%.


Affordabilty Index for Buyers: NAR’s housing affordability index shows the typical monthly mortgage payment for the purchase of a median-priced existing home is only 13 percent of gross household income, the lowest since records began in 1970.
(NAR, 4/20/11)  With this lower number buying a home should be more enticing to buyers that are currently on the fence with indecision.

The sale of just one home in Illinois produces $28,581 in expenditures made by buyers and sellers in the transaction (with a total annual impact of $7.9 billion in direct and indirect expenditures) across the Illinois economy.  This 'ripple' effect spurs along other related industries through out the local economy.  When a new home is purchased there are expenditures for the buyer to make the home theirs - carpet, paint, wallpaper, hardware, furniture, lawn mowers, etc.  When a seller begins to sell their home there is pre-listing marketing to consider which includes trips to Home Depot, Lowes and Menards.  I think many more things revolve around your 'home' or the housing industry than you might realize!



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!

Looking for a home in the area? Please give me a call or email me on the right to talk about the possibilities.



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Sources:  MRED May Stats 2011

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Rainmaker
1,256,241
Michelle Gibson
Hansen Real Estate Group Inc. - Wellington, FL
REALTOR

Lyn - Great real estate market report for the Northwest Suburbs.

Jun 13, 2011 09:22 PM #1
Rainmaker
706,461
Gene Mundt, Chicago-area Mortgage Lender - www.genemundt.com
NMLS #216987 - New Lenox, IL
708.921.6331 - 37 yrs experience

Lyn: Oh thank God! GOOD news being reported. And it feels soooo good too! I get so very tired of all the doom and gloom being reported. This is a breath of fresh air ...

Gene

Jun 13, 2011 11:45 PM #2
Rainer
210,574
Joe Kenny
Realty Executive Midwest - Darien, IL
Better Than Your Average Joe

Way to go Lyn, the media will never report possitive news like you just did. Great job.  I'll be in your town on Wednesday.

Jun 13, 2011 11:51 PM #3
Rainmaker
1,304,259
Carla Muss-Jacobs, Principal Broker/Owner
BuyersAgentPortland.com | (503) 810-7192 Portland Metro Exclusive Buyers Agent | 100% Buyer Representation ~ 100% o... - Portland, OR
Buyer Focused ~ Buyer Results

The positive post.  We like this news!  Great analyitics Lyn.

Jun 14, 2011 01:07 PM #4
Rainmaker
1,038,116
Nick T Pappas
Assoc. Broker/Broker ABR, SFR, e-Pro, @Homes Realty Group, Huntsville AL - Huntsville, AL
Madison & Huntsville Alabama Real Estate Resource

Lyn, I'm really enjoying this post because I have a home in Woodstock that I might consider putting on the market soon or next year.  Nice to hear the area is rebounding and your report was top notch.

Jun 14, 2011 05:42 PM #5
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Rainmaker
826,687

Lyn Sims

Schaumburg Homes
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