Northwest Suburban Real Estate Market Report - May 2012

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

Real Estate Market Update - Northwest Suburbs - May 2012

You might find this report interesting if:northwest suburbs real estate market update,

1)  You are thinking of selling your home in the Northwest Suburbs and want to see what's really up with our market.
2)  You don't know what to believe because there are conflicting reports constantly in the media.
3)  You're a future buyer that's looking to get a feel for purchasing a larger home in the area but you're not sure what to expect.

So let's start with those nagging questions you might have. What is going on with our real estate market? 

I'd like to report that May sales have been up in our area in both housing types. The best indication that the market is improving is the number of homes that go under contract each month. Currently we are between 12 to 25%. This is terrific

According to the national media, housing sales have been down across the country.  Ok, so that's a story that's been busted.

Our local inventory level (absorption rate) has continued to decrease with the level being as low as it can almost go between 2.5 to 6 months. This would have been considered a sellers market 'in the good ole' days' of years past. Inventory level has decreased for the last 5 months in a row. This indicates that there are more buyers in the market than housing inventory but is that really the case?

If our market was slowing down we would have an increase in inventory obviously.  Ok, so that's another story that's been busted. 

I have been including the highest sales prices in each category for every month so we can watch for the 2nd tier home sales increase. 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 will been able to take advantage of today's prices and the low interest rates. This will be the next trend in our recovery. May's sales have indicated that there is some life in the upper end at least for single family homes.

 Single Family
Homes
 May 2012
Total +/-
over March
 2012
YTD  Total 
% YOY  Change   Avg. Sales
Price 2012
 Avg. Days
on Market
Highest
Sales
Price
Bartlett 32
Up
100 +2% $241,495 159 $501,000
Elk Grove Village 14
Down
62 +24% $233,651 87 $520,000
Hanover Park 18
Down
80 +29% $130,655 82 $475,000
Hoffman Estates 32
Up
117 +33% $236,346 165 $417,000
Schaumburg  47
Up
146 +78% $254,668 157 $538,000
Streamwood 23
Down
121 +4% $128,864 98 $390,000


Multi-Family
Homes
May 2012
 Total +/-
 over March 
2012 YTD  Total  % YOY  Change   Avg. Sales
Price 2012
 Avg. Days
 on Market
Highest
Sales
Price
Bartlett 14
Even
50 +22% $111,969 141 $179,500
Elk Grove Village 17
Up
58 +3% $88,749 138 $145,000
Hanover Park 19
Up
69 7% $75,546 96 $171,000
Hoffman Estates 22
Up
83 +15% $84,812 106 $244,000
Schaumburg  57
Up
221 +53% $109,816 168 $372,565
Streamwood 21
Up
81 +55% $104,740 288 $215,990

 

Average Days on the Market needs no explanation and we are still elevated but are slowly decreasing with each consecutive month.  If the national media was correct regarding their current predictions these market times would be increasing.  Another segment showing they are wrong!

I am optimistic that we are recovering now for over a solid year.  Month over month we have seen an increase in closings. 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' (mentioned above at 12 to 25% of currently listed homes) has also stayed at an increased pace but you can't guarantee on all of these making it to closing.

 



northwest suburbs real estate market update,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!  I can zero in to your specific area and give you the current market details so you can make an informed decision.

If your home is currently listed is your agent showing you any of this information?

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


Sources:  MRED May Stats 2012

Bookmark and Share

Posted by
Lyn Sims    Schaumburg IL Area    Northwest Chicago Suburbs  ●  (847)230-7324
  Schaumburg IL real estate home searchlyn sims sells schaumburg IL real estate  lyn sims sells schaumburg IL real estate,  the blog dog,lyn sims, lyn sims sells schaumburg IL real estate, Lyn Sims sells schaumburg IL real estate, Lyn on G+ Lyn Sims,schaumburg IL real estate, 
Lyn Sims ©2007-2014

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate Market Trends
Location:
Illinois Cook County Schaumburg
Tags:
lyn sims
remax suburban
northwest suburbs

Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the robot to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Show All Comments
Rainmaker
1,241,880
Michelle Gibson
Hansen Real Estate Group Inc. - Wellington, FL
REALTOR

Lyn - That's fantastic that home sales are UP, great market info!

Jun 10, 2012 07:31 PM #1
Rainmaker
401,095
Regina P. Brown
California Coast & Country Homes, Inc. - San Luis Obispo, CA
e-Pro Realtor

Lyn, excellent report!  I'm really glad that our real estate market is now recovering.  Let's keep on praying that it will continue to get even better!

 

Jun 11, 2012 02:53 AM #2
Show All Comments
Rainmaker
815,125

Lyn Sims

Schaumburg Homes
Need help with Schaumburg Area Real Estate?
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the truck to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Additional Information