Palatine Real Estate Market - Attached Homes - Year End Summary

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.