August Market Update for Northwest Chicago
If you remember our last market update, I was talking about how it was such a seller’s market. You could’ve built a house out of matches next to a forest fire and sold it within a week. It was that busy.
Now that we’re looking at August, things have changed a little bit, but it’s still a seller’s market. I’ve gathered some data to show you how certain areas have changed and adjusted. The new listings have come out, and I’m looking at what has sold, how much of it has sold, and all the available inventory. These 10 areas include:
- – Elgin
- – Bartlett
- – Gurnee
- – Grayslake
- – Mundelein
- – Antioch
- – Wonder Lake
- – Crystal Lake
- – Woodstock
- – Algonquin
Overall, the majority of these areas are seeing a reduction of new listings coming in. Closed sales are more of a mixed bag, but we’re still selling more, percentage-wise, than we were last year. Due to the lingering effects of the previous month’s market activity, overall inventory is seeing double-digit losses in every area. Within that level of inventory, the average days on market is slightly up. The good news is that you can still sell your home–on average–for more money than you did last year.
If you have any questions about these figures or the real estate market in general, don’t hesitate to give me a call or send me an email. I’d be happy to help you.