Romeoville

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.

{ 0 comments }

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 from 7/5/2010 to today and compared it to homes that closed those dates the previous 12 months.

Last 12 months vs. Previous 12 months

Are we trending up or down?

The question posed at the graph’s bottom is, “are we trending up or down?” The answer is simple- down.

The amount of homes sold in the current 12 month breakdown is LESS than the prior 12 months for every municipality surveyed. The median values are also less for all except Lockport, my hometown. (That’s just a little hometown pride- I don’t think values are affected any by my celebrity status.)

{ 3 comments }

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 the absorption rates in a normal market are 5-6 months, less time for a seller’s market and more time for a buyer’s market (like we’re in now.) The higher the months of absorption…..the more power a buyer is holding.

You can use absorption rates for big groups or little. Say, ALL homes  in Lockport [lots of results] OR 2 bedroom homes in Wilmington [not many results]. In any circumstance it gives you an idea of the market for the type of property you’re looking into.

Below you will see a chart of the number of homes sold in the past 12 months in various towns and how many per month that is. You will also see the current inventory and then the absorption rate. In this graph, blue stands for ice cold. Red, though the BEST of these groups, would be a stretch to identify as anything resembling hot. Even lukewarm might make me a liar. But you get the gist.

How fast do homes sell 'round here?

In case you don't want to sell quickly, please digest with ease.

{ 0 comments }

Lately folks have begun to ask me a lot about short sales and foreclosures. Not that it’s an uncommon query, I’m just getting it more frequently. I thought I’d update everyone on how many are selling and where. Below you will see how many are selling and where over the last 6 months. You’ll note the town, how many short sales or foreclosures (combined) have closed and what percent of the total sales that is. This incorporates BOTH single family homes AND attached (duplexes, townhouses, condos).

  • Coal City/ Diamond/ Carbon Hill: 9 (31%)
  • Morris: 11 (20%)
  • Braidwood/ Godley: 14 (56%)
  • Wilmington: 14 (44%)
  • Gardner/ South Wilmington: 2 (40%)
  • Lockport: 43 (51%)
  • Romeoville: 56 (59%)
  • Bolingbrook: 104 (55%)
  • Joliet: 183 (57%)
What does this tell us? There’s a significant portion of what is selling that’s either been taken back by the bank or there is some financial trouble for the sellers. The larger towns/cities at the bottom of the list are seeing a majority of sales under these terms while Coal City and Morris have lucked out, thus far (if you call 20-31% of sales “lucking out.”) Did I miss your town or one you’re interested in? Let me know and I’ll look it up. It won’t take me long to get you the info you want!

{ 0 comments }

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!

{ 0 comments }