The Good News - Home sale prices in Glen Ellyn are on a steady rise. The average price in 2006 was about $500,000. It went up to $520,000 in 2007. The first 2-1/2 months of 2008 have the average sale price at about $550,000 (we shall see if this hold up as we enter the heart of the season). Not bad, compared to the double digit drops that are occurring in some parts of the country.
The Bad News – There are a lot of homes on the market in Glen Ellyn. Normally, that wouldn’t be a problem. The problem is the absorption rate. Absorption Rate is the rate at which properties are able to be sold in a given area.
As of March 1, 2008 there were 339 active single family homes on the market in Glen Ellyn. If home sell at the same rate as they did for the last 6 months, it will take almost 16 months to sell off the current Glen Ellyn inventory. Ouch!
The picture is a slightly darker for the 171town homes and condos – a whopping 24 months.
What does this mean for people with their homes currently on the market or hoping to come on in the Spring?
Price is KING.
In order to be competitive in this market, you need to correctly price your home. Buyers are very educated. They know what is out there (trust me - they have seen it all). They know inventory is high. They are waiting for a good deal.
A well priced home will get more showings and sell faster than one that is listed to high.










































































It’s finally here, the 2008 

