Schaumburg Housing Market - September, October, November 2009
What's up with the Illinois and Chicago Market real estate you ask?
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 on foreclosures in our market is substantial and their impact on prices since a buyer would obviously prefer to buy a foreclosure that had the same features as one being offered through a regular seller. 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.
What's up with the Schaumburg Market you ask?
Well, sales for all 3 months have been steady as my chart indicates. This is encouraging as each month they have gone up slightly. Slightly, as in a micron, but it's still in the positive direction. 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 'conversion rate' is 6.1. This means that if every home currently listed for sale, sold, the supply would be exhausted in 6 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 shows a coming trend that homes over the $350,000 range are now selling. Not at a brisk pace but 'move up' buyers are feeling confident enough to go ahead with a 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 and $800,000 recently. I believe the current tax credit will also help with move up buyers who need a larger home for their families.
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
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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 Homes - September, October, November 2009 ©2009 Lyn Sims - RealEstateConsumerInfo.com and RealEstateBuyMe.com
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