So how is your area holding up in this buyer's market?
Price Change Year to Date (July 2008) from the MLS Stats:
(Median Sale Price)
- Clarendon Hills Real Estate -19.7%
- Darien Real Estate -1.2%
- Downers Grove Real Estate -8.4%
- Hinsdale Real Estate -6.1%
- Lemont Real Estate -0.0%
- Lisle Real Estate -1.7%
- Naperville Real Estate -6.4%
- Plainfield Real Estate -7.2%
- Western Springs Real Estate -4.5%
- Westmont Real Estate -9.3%
- Woodridge Real Estate -2.7%
The prices have moderated over the last year but as you can see we are not in the same camp as Florida, California, and Nevada where they have dropped 20% to 40%. These areas in some instances were logging 15% to 30% increases Year over Year in their peak. They were bound for a big price correction. Where as the suburbs of Chicago were getting more modest increases of 7% to 13%. So we are not faring that bad. According to Case-Shiller price index the Chicago area is going to drop (peak through trough) 16%. I believe we are pretty much through this correction now. Buyers are coming out of the woodwork to start browsing the bargains. I had four new buyers on Wednesday contact me for home showings. We have a lot of pent up demand for housing and sooner or later those flood gates are going to break. People are just trying to make sure the waters are safe!
Denis J Sharkey
Denis J Sharkey Broker/Owner
posted by Denis J Sharkey @ 1:27 PM
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