Schaumburg IL Housing Market - Single Family Sales 4th Quarter of 2009
Lyn, What's up with the Illinois and Chicago Markets?
Well, sales totals increased in both the Chicago and Illinois markets overall for the last 3 months. Clearly 
the federal tax incentives for first time buyers encouraged more people to enter the market. The housing market in general continues to defy analysts abilities to generate a consensus about recovery; month-to-month indicators - such as new home sales, construction starts, foreclosures - are moving in different directions.
The impact of foreclosures in our market is substantial and their impact on prices since a buyer would prefer to buy a foreclosure with the same features as one being offered through a regular seller. So ..... it is also having an impact in opposite directions - again, foreclosure sales up and prices are down! Not good for regular sellers trying to sell their homes and are forced to compete with these lower priced foreclosures or short sales.
Lyn, What's up with the Schaumburg Market?
Well, sales for all 3 months have been steady as my chart indicates and then takes a nose dive for December. What is encouraging is each month sales have gone up slightly. Slightly, as in a micron, but it's still in the positive direction. Sales for December are always few so that really doesn't concern me as long as there is forward momentum.
Foreclosures in the Schuamburg area are still few but in the 'overall' market they are suppressing listing prices. Our supply of homes in Schaumburg or the 'absorption rate' is up for December at 11.6. This means that if every home currently listed for sale, sold, the supply would be exhausted in just over 11 months. The lower the supply of homes, the better the market. The more competition between sellers, prices are suppressed. Basic supply and demand and Economics 101.
My research indicates that homes over the $350,000 range are now selling. Not at a brisk, frantic pace but 'move up' buyers are feeling confident enough to go ahead with a larger purchase in Schaumburg. The prior 3 month span had virtually no sales over the $350,000 price point. Some of the purchases have been in the upper brackets of $700,000 to $800,000 recently showing that buyer confidence. I believe the current tax credit will also help with move up buyers who need a larger home for their families.
Will the passing of the Schaumburg municipal tax have an effect on prices? That is still to be seen and played out! My crystal ball is way too foggy to predict anything accurately!
Thank you for allowing me to show you the 'trends' in the Schaumburg Market and hope this information proves valuable to you.
September's Figures - 25 total sales
- 2 Foreclosures
- 2 Short Sales
- Lowest Price was $141,500
- Highest Price was $862,500
October's Figures - 26 total sales
- 2 Foreclosures
- 2 Short Sales
- Lowest Price was $201,000
- Highest Price was $727,000
November's Figures - 28 total sales
- 2 Foreclosures
- 1 Short Sale
- Lowest Price was $120,000
- Highest Price was $514,000
December's Figures - 18 total sales
- 3 Foreclosures
- 3 Short Sales
- Lowest Price was $164,000
- Highest Price was $570,000
Schaumburg Overview
Business Week's Best Places to Raise your Kids
Tax Credit Info
Every Seller needs to know, what sells a house?
Schaumburg Market, October 2009
Schaumburg's Stonehenge?
Lyn Sims (847)230-7324
at RE/MAX Suburban
I proudly serve and sell real estate in the Northwest Suburbs of Chicago. If you are thinking about purchasing or selling your home in the communities of Schaumburg, Hoffman Estates, Elk Grove Village, Roselle, Palatine, Medinah, Itasca, Bloomingdale, Carol Stream, Bartlett, Hanover Park, Streamwood, Elgin, South Elgin, St. Charles and more importantly, want to work with a local area expert, contact me immediately.
Resources: MRED MLS
Schaumburg Single Family Home Sales 4th Quarter 2009 ©2010 Lyn Sims - RealEstateConsumerInfo.com and RealEstateBuyMe.com
