Streamwood IL Real Estate - What are home prices doing?

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Real Estate Broker with Bartlett IL Real Estate & Homes - RE/MAX Suburban Here's the Blog Dog
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streamwood IL real estate,streamwood homes,There's been much talk (chatter by the national talking heads) in the media about our Northwest Suburban and Streamwood home values returning to a previous level. I read these reports constantly, day in and day out and wonder to myself 'How do they know this stuff when I don't even know it!'

Real estate is unique in that it is very local in nature. In fact, real estate is so unique it can even be broken down further to say that neighborhoods even in the same town will been effected differently. What happens in one subdivision doesn't necessary happen in another. What effects one subdivisions appeal doesn't effect another that's even similar. So 'painting with a broad brush' is not possible in our Streamwood neighborhoods.

Any Streamwood real estate professional I will challenge because they cannot say with absolute certainty that market prices have fallen 10% or even 20% (you pick the number here). 'Painting with that broad brush' just cannot be done. Many variables have effected your home's values and each subdivision should be considered on it's own merit.

streamwood IL real estate,streamwood homes,How many short sales have been in the area?

How many foreclosures have decimated prices?

One constant that I will say with certainty is that the more homes for sale in a particular subdivision essentially effects the overall sales prices. The more sellers that compete for the smaller buyer pool effects the sales prices. Each seller is eager to obtain their own goals whether a transfer, death, birth or divorce. It's the economic market standard of supply and demand.

The graph that I present is for the average sales prices per year for Streamwood homes. I've given you a 10 year sampling of prices (MLS closed only) so you can actually see the rise of the market and also the fall. According to this graph, 'prices have corrected themselves' to prior 2000 sales levels.

We need less homes on the market to create the equilibrium for prices to increase in the future.


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Disclaimer:  NAR (National Association of Realtors) does not provide these numbers to their members. MRED, the area MLS, does not provide this figures which I had to compile for this presentation. I feel confident in their accuracy to report to my readership.

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Location:
Illinois Cook County Streamwood
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Comments 1 New Comment

Rainmaker
602,700
Pamela Seley, REALTOR®
Menifee Lakes California Real Estate
REALTY EXECUTIVES OTF

Lyn, that's sure a huge drop in prices. I haven't mapped it out over a ten-year period for my market area, but I pedict the graph would be similar. 

December 24, 2011 03:31 PM
Rainmaker
187,326

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