TheBlogDog.net: December 2010

Northwest Suburban Housing Forecast

Inventory up - Sales down.  (that's what you said last month Lyn! Awwww...... ) That's pretty much what the market is shaping up for in our area over the next 2 months of 2010.  What is selling seems to be on the low end of every price range which will further pull down the average or median sales prices in our area.  On updating this graph over October, all the average sales prices were adjusted downward slightly except for Bartlett.

Monthly Northwest Suburban sales figures have been low through October and November.  The year is unfortunately going to end up at a limp.  Even with the 'added crutch' of great interest rates, the sales are just not coming in.  We might have to drag 2010 literally over the finish line!  

Further analysis of Northwest Suburban November stats show that sales totals are down from 2009 from -4.2% in Streamwood to -53.6% in Schaumburg overall.

Mortgage rates rose for a fourth-straight week to reach a six-month high as yields on government bonds continue to rise. The average interest on a 30-year fixed loan hit 4.61 percent, up from 4.46 percent a week ago.  Still the impact of the favorable borrowing costs is being largely overshadowed by a high rate of joblessness, foreclosures, and tight credit.

Single Family Homes	2010 Total	2009 Total	% Change	Avg. Sales Price
Bartlett	187	226	-17.3%	$275,589
Elk Grove Village	125	118	5.9%	$240,340
Hanover Park	156	169	-7.7%	$148,214
Hoffman Estates	230	218	5.5%	$278,432
Schaumburg	196	231	-15.2%	$307,323
Streamwood	242	236	2.5%	$172,280

 

Multi-Family Homes	2010 Total	2009 Total	% Change	Avg. Sales Price
Bartlett	73	98	-25.5%	$160,509
Elk Grove Village	99	108	-8.3%	$131,235
Hanover Park	141	149	-5.4%	$94,868
Hoffman Estates	128	166	-22.9%	$129,251
Schaumburg	397	410	-3.2%	$153,509
Streamwood	156	159	-1.9%	$126,187

Where's that inventory? This was a question I brought up from last month and 'No' I still don't have a suitable answer.  Many people are guessing and honestly I don't think they know what they are talking about.  When I find out something credible I will update this part of my report.  (Here's that example from October 2010:  Hanover Park 14.4 months of inventory, now down to 5.7; Hoffman Estates 14.3 months of inventory, now down to 8.1; Schaumburg 12.2 months of inventory, now down to 7.6!  OK, where did all those houses go?)

Even though November sales have slowed again our Northwest Suburban area is definitely faring better than other areas around the country or outside our close surrounding counties.

October 2010

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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!


Sources:  MRED November Stats 2010

A great story I wanted to share for those that feel the gift of a puppy at Christmas is only a gift.  It is a responsibility for a very long time, be sure it's valued.  Be sure it's nurtured.

Please try adoption for the many pets that currently do not have a home.  The current shelter that I support in the area is AlmostHomeFoundation.org for either a dog or cat.

I would like to thank Judith Parker for this post.

 

The attached graph shows the Median List Prices and the Median Sold Prices for Streamwood IL Homes.  An interesting feature is the difference between the List Prices and the Sales Prices when the market downturn began.  There was a definite 'disconnect' between what sellers wanted for their homes and what buyers were willing to pay.  As the Streamwood market progressed forward (an unfortunate looking ski slope) to today, we see that the prices are starting to converge upon each other.  Does this mean that buyers and sellers have weathered the 'price chasm' together?  I think so.

Both buyers and sellers of Streamwood IL Homes are settling in with the market and taking advantage of the wonderfully low interest rates available.  All I can do is present to you the market as it is 'today'. Present time, present moment.



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Please let me know if you need an experienced buyers agent or are thinking of selling your Streamwood IL Home.

 

The Blog Dog and I were out today and we've had our first sprinkling of snow here. Dogs love the snow and we met up with our neighbors Zoey & Molly (Springers) who sent this to us.  This dog is great!  He's like a freight train going thru the drifts.  Enjoy!