Palatine, IL Housing Market Update

Every month, I run the most recent housing market update, which I’d like to share with you in above (data as of September 25, 2022) in MLS: 

When I look at these data, there are a lot of elements, such as:

  • How many homes are being sold?
  • How much is the average & median prices of homes?
  • How many days in average is it taking for homes to sell? 

For example, the number of houses listed in Palatine IL in August 2022 was 61 houses, at average sales price of $442k.  In May, the number of listed houses were at 99 houses, at average sold price at $468K.  

This indicates that the inventory of homes are dropping, while the median sold price is also dropping.  

However, if you pay attention to the average listing price of homes  There is a gap.  (Note: Average listing price of home is the asking price of the home when sellers puts them on the market.)

In May, sellers were listing their homes at $485K in average, but in August, the average listing price is $507K

This is an indicator that there may be a gap between sellers’ asking price vs. market price, especially because the reality is that the average sales price is decreasing

Another thing I’ve noticed, is the gap between the average listing price and average sales price. 

In August, the gap between the average listing price ($507K) to the average sales price ($442K) – that is a gap of $65K(!!!), and is highest gap since February. 

So how would I use this data to help my seller/buyer clients? 

For my seller clients:

I would advice that it is impeccable that the listing price of home is in alignment with the moving market.  Things are changing every day – and if sellers believe that the homes will still sell over asking price, or you may go into bidding war situation, you will soon be facing the reality.

As for my buyer clients:

The trend of home price is that it is on decrease since April (though July was one good month – take a look closely), while houses on market is on decrease as well.  This means that the home prices are dropping although the inventory is still low.  Keeping in mind that the interest rates are rapidly on increase, considering to buy now is still not a bad choice.

 

If you’d like to chat about your plans, please feel free to reach out to me in below as I’d be more than happy to help! 

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