Our Long Grove real estate market report for the first quarter of the 2017 year will look at how many homes sold each month and compare it to 2016. We’ll report percentage of sales price to asking price and review the average days on market. Then we’ll look at current listings, average sales prices and whether the spring market activity is here.
The Long Grove Housing Stats For January Through March 2017
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Single Family Home Sales by Month
- January 2017 – 5 sales (compared to 3 in 2016)
- Average marketing time was 81 days
- Average sold price was $610,700
- List to sell % = 95
- February 2017 – 6 sales (compared 3 to in 2016)
- Average marketing time was 368 days
- Average sold price was $754,875
- List to sell % = 94
- March 2017 – 10 sales (compared 6 to in 2016)
- Average marketing time was 248 days
- Average sold price was $596,529
- List to sell % = 96
Summary of Stats
Steady as she goes in terms of asking price to sales price. That’s very typical for many of the country areas in the Barrington and Long Grove locations. With a median price higher than the local bedroom communities, the marketing times are typical as well, even though they jump around a little from month to month. Sellers should allow 4-6 months to sell. Buyers need not be concerned with longer marketing times than Lake Zurich for example, the Long Grove market is always slower.
What Does This Mean For Home Buyers
34 new listings have hit the real estate market in Long Grove since April 1st. That brings the total to 161 choices with an average asking price of around $825,000. In 2016 there were 116 Long Grove homes sold. That means we’ve got more than a year’s supply of homes for buyers to choose from.
What Does This Mean For Home Sellers
You’ve still got to treat this like a competition. Initial pricing is getting better but we are still seeing price reductions. Try to be more realistic from the start and you’ll not have to wait so long for that offer. Check out your competition, see what they have that you don’t. See what you have that they don’t. Get a price range for your home based on 5 comparable sales in Long Grove, adjust your asking price according to the positives and negatives. Be in it to win it!
Spring Is Here
The rains with the sun and fluctuating temperatures all tell us spring has arrived, no more snow and buyers are not getting ready, they are in the market buying! Sales appear up from last year and we’ve already got 29 homes under contract ready to close in addition to the closings to date. If you’re relocating to Long Grove, check out all the listings for sale using our quick links below. Also check out the latest and greatest homes for sale in Long Grove below.
Browse Long Grove Homes For Sale
Newest Listings in Long Grove
View our slide show and click the homes you want to make yours!