Carbon Hill

How long does it take to sell a 4 (or 4+) bedroom house in Coal City, Diamond, Carbon Hill? Not as long as it used to!

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Piggybacking off yesterday’s price per square feet post (and subsequent statistics for Braidwood), I thought we’d take a #Staturday look at the same thing in Coal City.

In the last year of Coal City single family homes, the average price per (reported*) square foot was $91.96 with a median of $93.10.

*Please note- of the 90 such houses to close, 19 (21%) failed to report the home’s square footage on the listing.

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Someone at the office asked me to show them what single family housing has done each month this year. If I can show co-workers, why would I keep it from my loyal readers?

Of course, in a small sample size like this, the numbers are going to jump around. But knowledge is power, and knowing is half the battle, right?

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In the last year, Coal Cit/Diamond/Carbon Hill sales are up 35.3% That’s great news…..we’re selling more properties!

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In real estate, we often say it pays to be the 2nd agent through the door. This means, it’s often better to be not the first agent a house is listed with, but the second after the initial listing does not produce a sale. I had sellers of mine inform me that they were going to try a new agent on Sunday afternoon. Business is business and I hold no hard feelings. In fact, the sellers are really nice people and the agent they picked to go with is one of my best friends, so I have even less problem with that- she works hard. That happens. In ten years, I’ve been the second agent a LOT more than I’ve been the first which has happened only enough times to count on one hand. It got me to thinking, however, is this something we just say and feel out of slight, or can we put a statistical base on this feeling that, ‘it pays to be the second agent.’

We generally feel that the first agent is the one that informs of the market conditions and tries to get the seller to view (and price) the house as buyers would. In general, we feel that the first agent loosens the pickle jar and the second agent gets to come in and eat all the pickles (way to make a sale sound really unappetizing, Jim). The chart below is single family houses in Coal City/ Diamond/ Carbon Hill to close with a different agent than was originally listed with. It will show you that I believe it definitely pays to be agent numero dos. Obviously, all of these house sales closed, so that agent got paid (the first did not). There is a certain level of success right off the bat. In 8 of the 11 cases, the second agent listed the house for a lower price than the original agent left it with; the other 3 left it at the first agent’s last list price. It doesn’t take a MBA to know the lower the list price, the easier a house is to sell. Now, maybe the second agent just knew the house was overpriced or maybe the first agent was fighting an unwinnable fight with sellers letting them know it was as well. I won’t know- these weren’t mine (that’s a bit of a lie, one of these properties was my listing….but I had to leave it when I switched brokerages).

Single Family Homes closed in Coal City/ Diamond/ Carbon Hill 9.24.11 to 9.24.13

So what do you think? Do the first agents loosen the jar and make sellers realize that their house is overpriced and the second agent reaps that reward? Or do the second agents set unrealistic sellers straight? My guess? A combo of both. Still, the evidence stacks up that regardless of reason, the second agent has a little easier time selling than the first.

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I haven’t done any market snapshots in a while, so I’ll hit the major ones in my areas this week. Today, I’ll start at home with Coal City/ Diamond/ Carbon Hill.

Currently in Coal City/ Diamond/ Carbon Hill there are 75 single family homes for sale. The median asking price of those homes is $159,900. (Remember, the median simply means that half the homes are listed higher and half the homes are listed below that number.) In the past 6 months, 40 single family homes have closed. The median sales price of the homes was $140,750.
Over the past 12 months, 68 single family homes have closed. The median sales price of those homes was $158,500.

Currently in Coal City/ Diamond/ Carbon Hill there are 27 attached homes for sale. The median asking price of those homes is $145,000.
In the past 6 months, 15 attached homes have closed. The median sales price of those homes was $110,000.
Over the past 12 months, 22 attached have closed. The median sales price of those homes was $118,500.

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Percent Change in homes sold and median value

July 5, 2011

Every now and then I want to take a look at how many homes are selling and what the median value of them is. This is something long time readers of my monthly email newsletter know well from the Statistics Corner of it. Today I took a peek back at single family, detached homes closed [...]

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Absorption Rates

May 31, 2011

Absorption rates  tell you two big things: the type of market you’re in and about how long you might expect your home to need on the market to sell (If you don’t have an agent pricing and marketing you right to stay ahead of the curve …..but sometimes even if you do!) Many will tell you that [...]

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How Many Quality Listings?

April 21, 2011

A couple weeks ago, I explained my ideas on the Quality Listing. One thing we didn’t look at was how many of said Quality Listings were actually out there. In the past 12 months (4/19/10 to 4/19/11) we have closed 62 single family homes in Coal City, Diamond, and Carbon Hill. Of those 62, a [...]

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605 N. Third Street

April 19, 2011

This is a newly listed 3 bedroom, 2 bath house at 605 North Street in Carbon Hill, IL (Coal City school district). For $166,127 you also get a double corner lot, swimming pool, 2 car heated garage, big kitchen, shed with covered patio, pantry, laundry, and impeccable decorating and care! You may not want to [...]

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