Property values in Bartlett, IL, are holding steady. The data covers the last 3 years and shows that although the number of homes sold is down, the values have remained nearly the same. The chart below shows the decline in detached single family homes sales from 2005-2007.
The data above confirms what the national media has been saying about the real estate market. It IS true, Bartlett has shown declines in the number of homes sold just like the rest of the country. As a percentage, home sales are down about 34% during this period. Where the news reports make their mistake is with the broad generalizations regarding the home prices. Below you will see what has happened to the local home values over this same period of time.
The average value of a home in Bartlett has gone down slightly over the last two years, but the decrease amounts to just over $1,700. In other words, properties are worth about 0.5% less than in 2005. That is right, the change is only one half of one percent! Notice that the prices have actually increased from 2006 to 2007. This information shows that although the number of homes sold is down considerably, the values have been relatively constant!
As the national media reports the doom and gloom of huge declines in home values, the Bartlett data shows prices have remained stable. The reason is that real estate is LOCAL, not national. Each state, county, city, and neighborhood will have varying property values. When you want to know the accurate value of your home, contact a DuPage County Real Estate Agent.
This information was obtained from the Multiple Listing Service of Northern Illinois and the Mainstreet Organization of Realtors. The data is considered to be accurate, but not guaranteed. The search included only detached single family homes.
A recent Multiple Listing search for Wood Dale, IL, homes shows that even though the number of homes sold has been decreasing, the home prices have been climbing. The information was broken down into one year increments dating back three years.
The graph above shows that the number of homes sold is down about 58% versus 3 years ago. Although the number of homes sold is down significantly the price has been on the rise. See the bar graph below.
From the 24-36 month range to the 12-24 month range the mean price of sold homes increased by just over $4,500. In the last 12 months prices rose just over $6,500 over the previous year. In this period, Wood Dale home prices are up about $11,000 or as a percentage prices have increased by about 3.3%.
As the national media is talking about the "bubble bursting" real estate market, Wood Dale real estate prices have actually been increasing. Local market prices are truer indicators of your home's value. To get an accurate valuation of your Wood Dale home, contact Richard Parr, Realtor.
This information was obtained from the Multiple Listing Service of Northern Illinois and is considered to be accurate, but not guaranteed. The data included only detached single family homes.
A recent Multiple Listing search for Addison, IL, homes shows that even though the number of homes sold has been decreasing, the home prices have been climbing. The information was broken down into one year increments dating back three years.
The graph above shows that the number of homes sold is down about 60% versus 3 years ago.
Even though the number of homes sold is down significantly the price has been on the rise. See the bar graph above. From the 24-36 month range to the 12-24 month range the mean price of sold homes increased by almost $10,000. In the last 12 months prices rose by almost $4,000 over the previous year. In this period, Addison home prices are up about $13,500 or as a percentage prices have increased by about 4.3%.
The local information shows that although the national media is talking about how bad things are and how much worse things will get, Addison real estate values have actually been increasing. Local market prices are truer indicators of your home's value. To get an accurate valuation of your home, contact your Addison Realtor.
This information was obtained from the Multiple Listing Service of Northern Illinois and is considered to be accurate, but not guaranteed. The data represents detached single family homes only.
A Multiple Listing search for Bensenville, IL, today shows that even though the number of homes sold has dropped substantially the last couple of years, the prices have not been effected nearly as significantly.
The drop in homes sold is about 64%over the last 3 years as represented in the graph above.
This graph shows the mean price of homes sold in the same time frame. Notice that the price from the last 12 months is only about $11,300 less than the prices three years ago. The prices actually went up about $22,500 in the range from 12-24 months ago. The current prices are down about 3.9% compared to the prices 3 years ago, which is down only about 1.3% per year.
Bensenville home values may be declining slightly, but prices are not falling like a brick as the media wants everyone to believe. If you are going to look at national numbers take this into consideration, over the last 30 years the growth in real estate has been up nearly 6% per year. Get an accurate market valuation of your home from Richard Parr, Realtor.
This information was obtained from the Multiple Listing Service of Northern Illinois and is considered to be accurate, but not guaranteed. The data presented is for detached single family homes only.
This information is from a specific search I created for one of my buyers looking in DuPage County. This is not any indicator of general home values in the area. He is looking for affordable fixer-uppers and as-is properties to repair. He will either rent them or sell them after the improvements. Today's search listed 10 properties and only 2 were NEW listings. That is right....8 PRICE REDUCTIONS and 3 of these are BANK OWNED. Take that in for a moment and get ready to take in some staggering statistics.
Let's look at the averages of properties that are not bank owned. These reductions were taken on properties that have only been on the market for an average of 64 days. This weeks reductions came out to 4.9% of the most recent price and 7.34% of the original list price. The prices have dropped over $16,000 in just 2 months.
Now, let's take a look at the bank owned property averages. These properties reduced almost 12% this week alone and a total of 17.35% from the original list prices. That equates to $47,000 in price reductions per listing in just 2 months. It seems like the banks are willing to get what the can and run. Take a look at the graph below.
If you are looking in DuPage County for affordable fixer-uppers and as-is properties for rentals or homes that you can make improvements and resell, it may be time to make your move. Homes that are discounted like this make excellent opportunities for investors. Remember these are still list prices there may still some room to negotiate.
This information was obtained from the Multiple Listing Service of Northern Illinois and is considered to be accurate, but not guaranteed.
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