Lockport

A good friend of mine, and Lockport resident, posed to me the question, “What is the full value resale percentage rate of a two bedroom vs a 3+ bedroom?”

I’m not even sure what the question really wants to know and didn’t get a chance to ask before jumping on research. So I looked at three different metrics. Total number sold, median sales prices and median sales times. The first shows how many sold properties of this type there were in the year span looked at. The next, what the median value of those sold was and finally, how long it took to put said houses under contract.

The above chart will show that in Lockport, IL, the market is back in a big way. In terms of units sold, it’s up. In terms of sales price, it’s up. In terms how long it takes to sell….they’ve cut time in like half.  But that’s not really what we’re looking for (I mean, yay for Lockport, though).

The thing to note is that 2 bedroom houses are always going to be worth less than 3 bedrooms if that’s the only search parameters that differ. Why? There are very few 2 bedroom houses that are 3,000 square feet and gorgeous; that’s almost always a 3+ bedroom type of thing. We should note, sales of 3+ bedroom single family homes in Lockport are up 5.5%. Sales of 2 bedroom single family homes are up 100%!!!

Simplest answer to the question might have been, “I think an appraiser will give you $5-7,000 for a 3rd bedroom as opposed to two.” But why be simple?

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Yesterday we saw the Will County types of home available and I made mention (yet again) that real estate is local. The numbers indicated there were county wide. Here, we’ll look at four municipalities within Will Co. These are the amount of single family detached homes available.

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Happy Staturday. Who wants to know what is available in Lockport? (Probably people that are selling or looking to buy in Lockport.) If you’d like a take home copy of what’s going on in Lockport, click on the housing type header and viola, it’s yours!

Single Family Homes:
183 Active homes
Average Market Time: 224 days (and counting)
Average Listing Price: $239.389

Attached Homes (townhouses, duplexes, condos):
84 Active Units
Average Market Time: 366 days (and counting)
Average Listing Price:  $168,482

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Every month in my newsletter I look at a particular statistic. This month I took a peek at year-to-date numbers. In addition to County-wide stats, I went more in-depth with particular areas. These numbers are for single family homes from January 1 to November 30 for each of these particular years. And please keep in mind that rising and falling median home prices DO NOT reflect your home’s value raising and dipping but merely that the mix of homes that is selling goes up or down.

You’ll see areas that are up and down like Bolingbrook where 2009 saw more sales and now another dip, but there’s also the opposite where 2009 dipped but this year bounces back up (Lockport). For the most part, however, the number of sales in 2010 are down from this time last year. I’ve indicated the change for the current year’s sales volume only (and remember, that’s just number sold- nothing to do with the median value). Of the areas looked at, only Morris (slightly) and Lockport (a lot)  have improved.

Grundy County
2010: 327 sold/ $164,900 median sales price (-3.9%)
2009: 340 sold/ $169,500 median sales price
2008: 342 sold/ $191,000 median sales price

Will County
2010: 4,142 sold/ $191,000 median sales price (-6.3%)
2009: 4,406 sold/ $195,000 median sales price
2008: 4,348 sold/ $230,000 median sales price

Coal City/ Diamond/ Carbon Hill
2010: 58 sold/ $162,450 median sales price (-37.9%)
2009: 80 sold/ $172,000 median sales price
2008: 76 sold/ $182,450 median sales price

Morris
2010: 136 sold/ $177,450 median sales price (+1.5%)
2009: 134 sold/ $160,500 median sales price
2008: 145 sold/ $207,000 median sales price

Wilmington
2010: 62 sold/ $127,500 median sales price (-25.8%)
2009: 78 sold/ $140,000 median sales price
2008: 80 sold/ $128,000 median sales price

Braidwood/ Godley/ Braceville
2010: 56 sold/ $143,250 median sales price (-1.8%)
2009: 57 sold/ $124,900 median sales price
2008: 62 sold/ $152,000 median sales price

Bolingbrook
2010: 429 sold/ $184,800 median sales price (-14.2%)
2009: 490 sold/ $184,950 median sales price
2008: 385 sold/ $231,000 median sales price

Lockport
2010: 223 sold/ $190,000 median sales price (+23.3%)
2009: 171 sold/ $200,000 median sales price
2008: 203 sold/ $219,000 median sales price

Romeoville
2010: 268 sold/ $149,900 median sales price (-11.2%)
2009: 298 sold/ $155,000 median sales price
2008: 256 sold/ $190,000 median sales price

(Did I leave your town out? Want to know about an area that I didn’t cover? Just ask! I’d be more than happy to run the numbers and send you a report.) The next time someone’s telling you how bad the market is or how much it’s rebounding….you can throw numbers at them and really impress them!

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