Wheaton Real Estate Market Report – Homes Closed in 2007

It’s easy to get caught up in the doom and gloom media hype regarding real estate these
days. What we need to remember is that the media coverage tends to be national, not
local.

The local Wheaton real estate market, once again, held it’s own compared to the national
market. The numbers aren’t anything to jump up and down about; however, they don’t
seem as bad as other parts of the country.

There were 480 closed single family homes in Wheaton during 2007. The average sale
price was $433,156 with an average market time of 121 days. 2006 saw a total of 522
homes sold with an average sale price of $431,881 and a market time of 88 days.

Bottom line, there were less homes sold in 2007 with a longer market time. The price
difference increased less than $1500. Like I said, nothing to write home about, however it’s also
not nearly as bad as other parts of the country.

2007 Year End Home Sales for Single Family Wheaton Homes

What does this mean of sellers? Sellers need to price their homes competitively. They
need to make sure it shows well for every potential buyer that walks thru the door. They
also need to make sure that their real estate agent is marketing the home in as many
places as possible to reach the most buyers.