Palatine, IL

Posted By: Julie Anne - The Julie Anne Real Estate Team at Keller Williams Success Realty

Northern Illinois Real Estate Agent - Barrington - Deer Park Real Estate Expertand surrounding areas

847-620-5815

julie@homesbyjulieanne.com

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Homes for sale in Northern Illinois, Barrington Homes for Sale - Deer Park Homes for Sale

CDPE Certified for Short Sales and REO

In the table below lists all of the single family detached and single family attached homes currently on the market in Palatine, IL The data lists available homes by price range with average time on market in each range.

Included in this list are many Foreclosures and Short Sales.

Should you have an interest in homes in a selected price range, send me your physical characteristics requirements. I will send complete details on those homes that meet your criteria.

Active Listings

List Price Range # Listings Avg. Days on Mkt Less than $49,999 19 138 $50,000 - $99,999 121 208 $100,000 - $149,999 88 340 $150,000 - $199,999 76 361 $200,000 - $249,999 31 241 $250,000 - $299,999 53 231 $300,000 - $349,999 42 272 $350,000 - $399,999 24 235 $400,000 - $449,999 12 471 $450,000 - $499,999 18 248 $500,000 - $549,999 14 324 $550,000 - $599,999 20 362 $600,000 - $699,999 17 377 $700,000 - $799,999 5 171 $800,000 - $899,999 4 423 $900,000 - $999,999 4 333

Active Listings Summary

# Units Avg. MT Median List Price Avg. List Price Max. List Price Min. List Price Total Volume 548 281 $179,900 $245,360 $990,000 $31,900 $134,457,529

My year end review of real estate sales for 2011 is under way, you can read about single family homes; this post is a quick similar summary of Palatine condo and town homes sales. In other words attached properties that rarely have land, mostly common areas. You know there is always an exception to a rule.

First lets take a look at sales in 2011 compared to 2010.

• Sold in 2010 = 396
• Sold in 2011 = 453

That's an increase of 14%. Single family homes had an increase of 16% so it's very comparable. Lets look at sales in the previous 3 years as a comparison.

• 2009 = 501
• 2008 = 429
• 2007 = 650

No doubt about it, Palatine attached home sales are still down but maybe there is a sign of recovery. We have to factor in short sales and foreclosures as they always make up a large part of the lower end of a market.

What about average prices in Palatine's attached home sales? Here's a chart that goes back to 2007, the first year after the big declines. You can see the average sales price and the average marketing time in Palatine over the last 5 years.

The average sales price has taken a big hit, but as I mentioned earlier short sales and bank owned homes contribute to a steeper decline as they sell under market value.

Marketing times are still going up, that's not a good sign for condo and town home owners who want to sell but at 6 months it is not awful. There are many local markets that have a 10 to 12 month average market time.

Stay tuned for Palatine real estate market reports throughout the year.

Palatine real estate is local. The only thing relevant to Palatine real estate is Palatine. What happens in Schaumburg, Cook County, Illionois or the USA is irrelevant. Reading the major media headlines is dangerous when it comes to real estate. They focus so much on what's going on in the whole country. Palatine real estate could be better, could be worse, one thing is for sure, it will not be the same.

So here goes with my Palatine year end review. This report is all about single family homes. Referencing above, single family homes are different to condos so I must do another report for those with town-homes. After all you don't get any land with those so values are bound to be less.

First lets take a look at sales in 2011 compared to 2010.

• Single family homes sold in 2010 = 263
• Single family homes sold in 2011 = 306

That's an increase of 16%. The question is are we on an inclining trend? The only way to establish that is to go back a few more years so here we go:

• 2009 = 303
• 2008 = 268
• 2007 = 298

Well 2011 was a good year but it's not necessarily an inclining trend, just a better year than 2010. Only future years well tell us if it's getting better. So what about:

• 2006 = 414
• 2005 = 503

It's fairly obvious when the bubble started deflating.

What about average prices in Palatine's single family home sales? Here's a chart that goes back to 2007, the first year after the big declines. You can see the average sales price and the average marketing time in Palatine over the last 5 years.

I would like to see both of the lines on this chart flattening out a little more, but I guess we'll just have to be patient. It appears to be happening, just slowly.

Look out for my next report on Palatine's condo and town-homes sales.

Really? Already! Gesh you've just got your pre-approval, you know what you can afford and what you are comfortable paying, you've got a fabulous idea in your mind about the home you want to buy and here I am telling you to compromise!

Let's peddle back a little. The pre-approval tells you what priced home you can afford. Numbers have been crunched and your new mortgage payment will be $WHAT! How much.

As you plop into the chair you realize it's a large chunk of your monthly pay check, so let's first take a look. You see the number you have been given is really the top end of your budget, it does not mean you have to spend that much. So if by maximizing it's going to cramp your social style can you compromise?

Two reasons you will compromise when buying your first Palatine home.

The first is to do with your monthly payment. Afford what you want to and if it's less than your pre-approval, so be it, that's not ever a bad thing. At least you'll feel comfortable knowing you can go out on a weekend, visit the theater every Friday, or buy as much take out as you are used to.

The second is your property wish list. You might have a list of 'must haves' for your new home but the reality is you will not get them all. All of us have an inflated perception about what our money will buy, and even though it is a buyers market, homes that are priced right, are priced right; as a buyer you'll not be able to mandate a lower than market value because you say so.

Be prepared to give some things up. By all means write the wish list and together we'll get as close as we can to your list, but I guarantee somewhere along the way you'll make compromises. Whether it's location, number of bedrooms, upgrades, or decor have an idea in your mind about what you'll give up. If we can check 8 out of 10 boxes, then it's a pretty good bet the house is about as perfect as it can be.

All first time buyers homes can be viewed on Real Estate in Palatine.