Northwest Suburbs Real Estate Market Report - September 2012

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

Real Estate Market Update - Northwest Suburbs - September 2012


So let's start with those housing questions you might have and the reason you'renorthwest suburbs,lyn sims, here! What is going on with the real estate market in the Northwest Suburbs? 

I'd like to report that September sales have still been up in our area in both housing types. The market is consistently improving with the number of homes that go under contract each month. Year over year figures (wow, highest at 70%) are astounding because, let's face it, nothing happened much in 2011. 

Our local inventory level (absorption rate) has continued to be extremely low but has increased just ever so slightly in some towns. With this inventory level this would be considered a sellers market 'in the good ole' days. 

Are there more buyers than housing inventory?  Is this really true? Buyers are still being extremely selective which equates to those high days on the market. Buyers are proceeding slowly but hopefully if the inventory level stays low enough for long enough the cycle will begin to change in the sellers favor. Buyers are still able to shop slowly and say 'no thanks, not at that price'.  Nothing seems to 'spook' today's buyers into acting quickly.

northwest suburbs,lyn sims,Multiple Offers?  Yes, if your a buyer out there looking in the lower price ranges (below $150,000) things are going to be pretty tough on you. You will talking to yourself and saying 'Isn't this supposed to be a buyers market?'   Yep, things are beginning to change with prices going significantly over list on foreclosures.

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 finally been able to take advantage of today's prices and the low interest rates. This will be the next trend in our recovery. Every month there are indications that there is some sporadic life in that upper end but far from normalizing the market that is required!

 Single Family
Homes
 September
2012 Total +/-
over August
 2012
YTD  Total 
% YOY  Change   Avg. Sales
Price 2012
 Avg. Days
on Market
Highest
Sales
Price
Bartlett 24
Down
222 +4% $248,079 85 $550,000
Elk Grove Village 23
Up
142 +46% $242,079 45 $331,000
Hanover Park 17
Down
175 +27% $131,191 66 $180,000
Hoffman Estates 23
Down
236 +27% $240,201 138 $510,000
Schaumburg  26
Down
289 +47% $259,949 152 $370,000
Streamwood 33
Even
259 +9% $138,995 150 $344,000


Multi-Family
Homes
 September
2012 Total +/-
 over August
2012 YTD  Total  % YOY  Change   Avg. Sales
Price 2012
 Avg. Days
 on Market
Highest
Sales
Price
Bartlett 17
Up
125 +69% $126,182 129 $207,500
Elk Grove Village 18
Even
130 +10% $86,297 262 $158,500
Hanover Park  15
Even
141 +14% $74,960 181 $211,000
Hoffman Estates 25
Down
175 +25% $89,925 157 $242,500
Schaumburg  63
Up
448 +55% $109,220 98 $264,000
Streamwood 17
Down
173 +57% $103,453 151 $234,990

 

Average Days on the Market needs no explanation and we are still elevated but are slowly decreasing with each consecutive month.  I estimate that days on market has lowered by 5% with this report.

I am optimistic that we are recovering and 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.  Possibly next month we will experience the typical winter slowdown but you never know how the market will go when interest rates are just so low.



northwest suburbs,lyn sims,Looking for an agent that's a true 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 and help your home sell faster.

If your home is currently on the market, is your agent showing you any of this information?  I'm one of those unique people that will tell you how the market really is explaining the good with the bad.

Looking for a home in the area? Please give me a call or email me (on the upper right) to talk about the possibilities. Depending on your price range, you will need current market strategies to get you into that new home.


Sources:  MRED September Stats 2012

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Lyn Sims    Schaumburg IL Area    Northwest Chicago Suburbs  ●  (847)230-7324

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Comments 3 New Comment

Ambassador
586,823
Janna Scharf
Coeur d'Alene Real Estate Pro
Keller Williams Realty Coeur d'Alene

You are obviously the go-to expert for real estate in the Northwest Suburbs!

October 08, 2012 08:27 AM
Rainmaker
637,322
Gene Mundt
Mortgage Lender - Chicago/Chicagoland Mortgages
www.genemundt.com

Lyn:  No doubt about it ... you're the Queen of Stats and specifics for the Northwest Suburbs!  Glad to hear that the NW suburbs survived and benefited in September ... seems like that wasn't the case everywhere across the US.  Very good news to broadcast and be proud of ...

Gene

October 08, 2012 03:18 PM
Rainmaker
791,900
Lyn Sims
Schaumburg Homes
RE/MAX Suburban - Schaumburg IL Real Estate - Northwest Suburbs of Chicago

Thanks Janna & Gene.

October 09, 2012 02:50 AM
Rainmaker
791,900

Lyn Sims

Schaumburg Homes
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Lyn's blog gives market comments, updates and real estate news about the surrounding communities in the Chicago Northwest Suburbs near Schaumburg IL.



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