Months Supply

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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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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I just closed on a house on Pheasant Lane in Coal City that made my seller a good amount of money on a property she owned for 21 months. Here’s what the inventory is looking like for single family homes 3 bedroom and more in Coal City/ Diamond.

In the past 12 months…..

  • 3 bedroom houses are down 22.2%
  • 4+ bedroom houses are down 19.4%
  • ALL bedrooms are down 19.6%

The buyers market is evaporating!

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The spring market is heating up. People are looking at listings, people are calling to get their house on the market. A big question right now is, “what’s out there?” Well, here’s what’s happening in Grundy and Will County. You’ll see in the last year, the month’s supply of homes is rapidly free-falling. Grundy County is at 7 months supply- but Will is at 5.3.

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I was at a lunch and learn with the lending team of Wells Fargo on Tuesday. The amount of supply of homes came into question as someone mentioned that there was a small supply. Others disagreed and a few threw out numbers. Of course, I didn’t necessarily agree with the numbers tossed out by other agents, but I’d love to share some fact with you.

As you can see in the attached chart, in Morris right now there is a smidge over 6 months of supply for single fffamily houses (6.2 to be exact). That means at the last year’s pace, it would take 6.2 months for all of those homes to sell (assuming no others were listed in that span).

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Months Supply of Homes for Sale

December 20, 2013

How many homes for sale is a fairly reliable indicator of market conditions. A 6 month supply is seen as the level market. Fewer than 6 months indicates a seller’s market (as people are buying up houses). More than 6 months indicates a buyer’s market (as, you guessed it, people are not buying them up).

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