How are Deer Park IL home sales fairing in the second quarter of 2014? Let’s look at sales in April, May and June 2014. We’ll compare to the same time last year.
- Total Deer Park IL homes sold for this three month period was 16
- Single Family homes sold – 15
- Town Homes sold – 1
Compared to the same period in 2013 when there were 24 homes sold, we have slowed down by about a third and that’s quite a reduction. The average market time last year was 94 days for single family homes. This year we are at 62 days. So what does that tell us?
Deer Park homes are in demand. With less sales this year and shorter market times it’s clear that there is a shortage of desirable Deer Park homes. There are only 26 single family homes listed and 4 town houses. There are 7 currently under contract.
Consider that with 16 homes sold in the second quarter and 10 in the first quarter, we should be looking for 52 sales this year. Last year we had 59. At 4 to 5 per month we have about 5 months supply available. Deer Park does seem to have extreme marketing times and nothing in the middle. Last year some of the Deer Park IL homes offered for sale went under contract in a matter of days. The rest seem to take 9 to 12 months. Not much activity in the middle.
Of the 59 sales last year, 10 were distressed properties. To date in the first half of 2014, ONE. That’s likely bad news for anyone looking to capture a deal, Deer Park appears to have firmly pulled itself up and out of the short sale and foreclosure market.
Why Are Deer Park IL Homes Popular?
Maybe because the view below could be your backyard!
Location, location, location. This park like community is close to the commuter roads. It shaves a good 15 minutes or more off driving to Chicago than other areas in Barrington. Homes are the first country suburban homes on acre lots just north of Palatine and an easy upgrade for Lake Zurich residents. Great schools, good shopping nearby, it’s peaceful, green, there are parks and Cuba Marsh.
Home prices range from as low as $200,000 but to buy the average 4 bedroom home in Deer Park you should expect to spend $550,000 to $600,000. The highest sale this year was $1,260,000. That tops last years high of $1,150,000.
Are Deer Park home prices on the rise? That’s always a little hard to determine so let’s look at averages and see if it gives us a clue.
- Single Family Homes – The average sale for the first half of 2013 was $473,347 and for 2014 was $560,492. That’s a whopping 18.4% increase. But hold on. it would be ridiculous to say that prices have gone up that much. Those distressed sales last year contributed to the change. I think it’s very encouraging though.
- Townhouses – The average sale for the first half of 2013 was $406,250 and for 2014 was $431,250. I think it’s fair to say prices for town houses has risen. 6% is a more realistic increase. We did have one foreclosure last year but it sold above asking price.
All in all Deer Park IL home values have risen, owners are in good shape. Demand is still high. If your marketing time is well above the average, perhaps it’s time to ask why. There’s always a reason.