Last week, the MRED (Midwest Real Estate Data) put out its Chicagoland real estate report for April 2014. We have copied it below for those of you who like to watch local real estate statistics.
“The public has finally grown used to talk of a real estate market in recovery. With prices going up, people are starting to wonder if a new bubble is forming. Most metropolitan markets are somewhere between recovery and normalization. Supply is still tight but improving in some areas. What housing really needs is further job and wage growth to support healthy demand levels fueled by new household formations.
New Listings in Chicagoland were up 11.7 percent for detached homes and 9.6 percent for attached properties. Listings Under Contract increased 10.1 percent for detached homes and 4.5 percent for attached properties.
The Median Sales Price was up 5.6 percent to $190,000 for detached homes and 20.8 percent to $167,250 for attached properties. Months Supply of Inventory decreased 16.5 percent for detached units and 25.8 percent for attached units.
April’s job growth was above expectations. Growth is likely to accelerate through the year, but the types of jobs being created is also important. We’re producing more low-wage jobs as opposed to high-wage jobs. That’s not conducive to increasing the number of potential buyers. It also means less disposable income sloshing around. Even so, some local markets may pause but are unlikely to falter thanks to suppressed supply levels and an improving sales mix. Don’t confuse temporarily weak demand indicators for stagnation.”
The original report can be found HERE.
This 5 bedroom 5.1 bath stunning Inverness Hills beauty was recently sold by The Pinnacle Group in Inverness Illinois! For more details on this property CLICK HERE.
To find more homes for sale in Inverness, Illinois visit our website Inverness For Sale, dedicated to Inverness property for sale.
To learn more about The Pinnacle Group of CENTURY 21 Affiliated in Barrington, Illinois, visit our website.
Just listed by The Pinnacle Group. An absolutely perfect home for sale with a South Barrington, Illinois address! A timeless and classic colonial with a stunning lot and setting! This home is in superb condition and has 9 feet ceilings on the first floor. Its many updates include a high end designer kitchen and bathrooms, windows, roof and mechanicals. Large rooms, hardwood floors, fantastic finishes and a screened porch addition like no other! You will love everything about this home! For more details CLICK HERE. For more homes in South Barrington visit www.ExclusivelySouthBarrington.com.
The Pinnacle Group just sold another home in Inverness, IL. For more details click here. For more homes for sale in Inverness visit www.InvernessForSale.com.
Just Listed – Home for sale in Inverness, IL. Absolutely the most impressive property on Lake Inverness! It’s location within the heart of McIntosh is spectacular! Over 7 acres of panoramic views and tranquil settings on this exceptional peninsula parcel. Literally hundreds of feet of shoreline, a private dock, tennis court & unrivaled privacy. This brick & stone masterpiece offers over 7,000sf of living space, with character & old world charm reflected throughout. For more details click here.
Even though we may no longer be in a buyers’ real estate market, it is still vital to price one’s home competitively. We took a look at a local community that we are very familiar with and compared listing market times among homes with price changes and ones without. The results, while not surprising, were certainly enlightening.
56% of the homes sold had no price changes before selling and averaged a mere 28 days of marketing time. For those homes with only one price change, the average market time more than tripled to 88 days. Finally, any home that made two or more price changes ballooned to an average listing market time of 180 days! An interesting side note, there was no statistical difference between two price changes or more than two price changes.
In my experience, overpricing a home also hurts the final sales price. When a home first comes on the market, it is fresh and buyers are anxious to see the property. There is a buzz generated by your Realtor and the many great real estate tools available today. But if your home is dismissed because it is overpriced, the buyers may not even reconsider it once you have made a price reduction. Now you have become part of the housing inventory, and must wait for new buyers to rediscover your home. Your pool of potential buyers has shrunk, and less demand leads to lower prices.
Pricing a home competitively the first time is a crucial part of a good marketing strategy, and it can only be done once. It is important to seek the advice of a full time real estate expert in your area. Call us at 847-963-0400 for any of your real estate needs.