median price

I’ve been spending a lot of time in Diamond Estates this week. Many homes, damaged in last year’s tornado, are fixed with homeowners back in place- some bigger and better than ever before. Others are works in progress. Because it’s how my brain works, I wanted to put a number on the subdivisions’ recovery- or lack thereof. In the below chart you will see the numbers for a year leading up to the tornado and the year since. I’m pleased to report that while we’re a sale off, the median price is up a percent and the average time it takes to put said houses under contract is down 9 days (or about 31% depending which angle sounds better to you). This shows that these two subdivisions are as strong, or stronger, than previously. I’d expect nothing less from this #CoalerStrong community.

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Like yesterday’s post about single family housing statistics in Will County, today I give you the numbers for Grundy County in August of 2014. Of significance to me is, like in Will County, the reduction of months supply and median market time. This signals an evening out in what has been a buyer’s market for, seemingly, forever. The total true inventory is also down 23%. That is good and bad. It’s generally great for price and demand but it could very well mean that buyers cannot find a house suitable to their needs/desires.

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We’re into September and a few days later than I’d like to usually send these numbers your way, so I apologize. Of significance, in my opinion, is that Will County put better than 21% more houses under contract this August than last. That could be because of the bad winter that slowed the start of 2014′s real estate ‘hot market.’ Further good signs, however, are that in the year leading up to August, we have seen an increase in closed properties of over 7%.

The median market time has fallen by almost two weeks (27.91%) from a year ago and the months of supply is now in the low fives! Will County is a hot market.

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I always talk about how real estate is local. You probably get tired of reading it. I thought I’d take a chance to highlight it further by showing Joliet broken down by zip codes. I’ve taken 60431, 60432, 60435 and 60436 and displayed the median sales price of each over the last 3 years below. Seeing things how I see them yet?

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Yesterday on my Facebook page (which you should be a fan of), I shared IAR’s (Illinois Association of REALTORS) infographic of changes from May2013 to May 2014. It’s the one on the right. The data that you would have taken from it (or still can if you hurry before reading on) is that home sales, statewide, are down. So is inventory and the month’s supply of homes available but the median prices are up. This is mostly good news. This means that the market is further evening out. But is the entire state reflective of Will and Grundy County- where I do most of my business (and most of my readers come from)?

Sorta, but not really. How’s that for an eloquent, professional answer to a question? Sales in BOTH Grundy and Will are actually not down near 9.4% They’re actually both up! Our inventory has dropped further and our months supply (as you might guess) has dropped a LOT more. That’s all pretty fabulous news. Our median price is up, but not as much as it is statewide. Check out my graphic below to see a comparison of the three (state, and each county).

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Median Price

by Jim Ludes on February 7, 2014

in Statistics

I’ve covered this in the past, but it’s always important to touch on, I think. I almost exclusively use median value instead of average because I often use small sample sizes for numbers. This cuts out the rare million dollar house and $40,000 foreclosure that can skew numbers when working with small pools (usually Grundy County’s numbers or numbers from individual towns). The median value represents the middle of the pack. Half the houses sold will be higher priced and half will be lower priced.

You can see in the chart that both Will and Grundy have done a nice job rebounding in the last two years.

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Coal City/ Diamond/ Carbon Hill Sold and median price, by month

March 29, 2011

The above graph shows the number of single family homes closed and the median price for them in Coal City, Diamond, and Carbon Hill for the last two years.

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