Streamwood Illinois Median Home Prices
The graph displayed below is the median home prices in Streamwood from December 2007 to December 2009. The median price is the point at which half of all homes are sold for more and half are sold for less.
It gives you an idea of what prices properties are selling for in that community. When the median price is on the lower end, more reasonably priced homes are selling vs. the higher end homes. In the current market since May 2009, you can see that the median priced home was $165,250 and then rebounded for October 2009 with a price of $185,000.
This is also following the trend that I have personally seen with first time home buyers moving along the market. Foreclosures are traditionally priced below market and are also adjusting the prices downward. There have been very few sales (6) in the upper bracket homes (above $400,000) for quite some time and indicates really no move-up sellers over the last year.
The market slowdown actually began to occur for Streamwood and the overall Northwest Suburbs in October 2007 which is a surprise for some people. The market did not just stop overnight! Currently we've had a rebound of prices in January 2009 from $156,075 and then ending at $151,000 for December's numbers. Just like the stock market, it's subject to the markets normal ups and downs.
Streamwood has seen some real ups and downs next to it's existing neighbors. Prices really have fluctuated wildly vs. surrounding communities. Can you say follow the bouncing ball? The median prices were down from December 2008 which shows a further example of all the lower end properties getting purchased right now from 1st time buyers or investors. Deals are out there! Weird? Odd? You bet, but I just report the facts here.
Number of homes on the market is down 27% from December 2008. There is currently 5.5 months supply of inventory for December 2009 (called the Absorption Rate) which is down from November's 10.5. Where did those sellers go? Did they take their homes off the market and are waiting until spring?
Homes under contract increased to 30 sales for December 2009 vs. 19 in November 2009. The current homes under contract ended up 88% higher than December 2008.
For the last 6 months of 2009 the highest sales price has been $557,000 and the lowest sales price was $58,000 - ouch! That is painful! Someone sure got a sweet deal with that 3BR house. Who said all the deals were gone?
If you are thinking of purchasing or selling in Streamwood, please consider me your neighborhood expert. I would welcome the opportunity to meet with you and discuss your options in today's marketplace.
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Streamwood Months Supply of Inventory - June 2009
Market Overview for 2008
Streamwood Village Profile
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Please contact me Lyn, I need more information!
Lyn Sims and the Blog Dog©
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This darn dog and I proudly sell real estate in the Northwest Suburbs of Chicago. If you are thinking about purchasing or selling your home in the communities of Bartlett, Elk Grove Village, Hoffman Estates, Schaumburg, Roselle, Palatine, Medinah, Itasca, Bloomingdale, Carol Stream, Hanover Park, Streamwood, Elgin, South Elgin, St. Charles and more importantly, want to work with a local area expert, contact me immediately.
Disclaimer: All data and information provided on this blog is for informational purposes only. Lyn Sims makes no representations as to accuracy, completeness, correctness, suitability or validity of any information on this site and will not be liable for any errors, omissions, or delays in information or any losses, injuries, or damages arising from it’s display or use.
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