Bloomingdale Illinois Median Home Prices
The graph displayed below is the median home prices in Bloomingdale from December 2007 to December 
2009. The median price is the point at which half of all homes are sold for more and half are sold for less.
It gives you an idea of what prices properties are selling for in that community. When the median price is on the lower end, more reasonably priced homes are selling vs. the higher end homes. In the current market since January 2009, you can see that the median priced home was $244,500 and then rebounded for August 2009 with a price of $398,000.
This is also following the trend that I have personally seen with first time home buyers moving along the market. Foreclosures are traditionally priced below market and are also adjusting the prices downward. There have been only 9 sales in the upper bracket homes (above $400,000) for quite some time and indicates really no move-up sellers over the last year. Possibly with the spring market ahead and the move-up tax credit we will see some of that inventory being sold.
The market slowdown actually began to occur for Bloomingdale and the overall Northwest Suburbs in October 2007 which is a surprise for some people. The market did not just stop overnight! Currently we've had prices in April 2009 from $265,000 and then ending at $305,000 for December's numbers. Just like the stock market, it's subject to the markets normal ups and downs.
Bloomingdale has seen very stable next to it's existing neighbors. Prices really have not fluctuated dramatically but that happens when a large sale priced home skews the numbers. Can you say follow the bouncing ball? The median prices were down from December 2008 which shows a further example of all the lower end properties getting purchased right now from 1st time buyers or investors. Deals are out there! Weird? Odd? You bet, but I just report the facts here.
Number of homes on the market is down 19% from December 2008. BUT .... there is currently 43.5 months supply of inventory for December 2009 (called the Absorption Rate) which is up dramatically from November's 11.5. New sellers are gearing up for the spring market? We shall see.
Homes under contract is only 2 sales for December 2009 vs. 8 in November. There were more homes under contract (5) in December 2008 vs. only (2) in December 2009. Most other communities have seen a reversal in those numbers with the increased sales being in 2009.
For the last 6 months of 2009 the highest sales price has been $539,000 and the lowest sales price was $180,000 - ouch! That is painful! Someone sure got a sweet deal with that 2BR house. Who said all the deals were gone?
If you are thinking of purchasing or selling in Bloomingdale, please consider me your neighborhood expert. I would welcome the opportunity to meet with you and discuss your options in today's marketplace.
Bloomingdale Market Update - October 2009
Bloomingdale Market Update by Price - June 2009
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203K Loan - Know what it is?
Illinois Home Sales - I'm seeing an improvement.
Please contact me Lyn, I need more information!
Lyn Sims and the Blog Dog©
(847)230-7324
RE/MAX Suburban
Email: LynSims@msn.com
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This darn dog and I proudly sell real estate in the Northwest Suburbs of Chicago. If you are thinking about purchasing or selling your home in the communities of Bartlett, Elk Grove Village, Hoffman Estates, Schaumburg, Roselle, Palatine, Medinah, Itasca, Bloomingdale, Carol Stream, Hanover Park, Streamwood, Elgin, South Elgin, St. Charles and more importantly, want to work with a local area expert, contact me immediately.
Disclaimer: All data and information provided on this blog is for informational purposes only. Lyn Sims makes no representations as to accuracy, completeness, correctness, suitability or validity of any information on this site and will not be liable for any errors, omissions, or delays in information or any losses, injuries, or damages arising from it’s display or use.
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