How long is it taking to sell a home in 60047? Currently the average is 159 days.
Lake Zurich Real Estate Market Report – Review of early spring 2019.
Included in this report are residential real estate transactions in Lake Zurich, Hawthorn Woods, Kildeer and Long Grove, all in the 60047 zip code.
Lake Zurich Real Estate Market Report – Spring 2019
This is our early spring activity report, most of these sales were initiated in the early months of 2019.
- There were 100 single family homes closed with an average marketing time of 159.
- There were 6 condos/townhomes sold with an average marketing time of 118 days.
- All homes sold at about 97% of the final asking price.
- Original asking prices were higher, price cuts were as small as 1-2% to achieve a sale.
There were 311 new single family homes listed in March and April.
- 4 bedroom homes represented the highest proportion.
There were 28 condos and townhomes listed in March and April.
- 3 bedroom homes represented the highest proportion.
The total inventory of homes on both single family and condo/townhome categories is now 435. We’ve seen a high number of new listings as is expected in spring.
There are 132 properties that have contracts and are proceeding towards closing or ready to close. This indicates a reasonably strong market with a good turnover.
The Luxury Market in 60047
Prices in this zip code are not as high as neighboring Barrington which has a market report showing a slump in the luxury market. Let’s look at the homes above $800,000.
There are 80 available homes with an average marketing time of 324 days. That makes it a strong buyers market very similar to other areas in Chicagoland. Luxury home sellers have a lot of competition and need to make sure they understand pricing and time on market when making the decision to sell. Patience is needed.
Chicago Luxury Market Report
We’ve got plenty of luxury home markets in Chicagoland for buyers to choose from. Here is the general report for March 2019, issued by the Institute of Luxury Marketing of which I am a Guild member.
Chicago Luxury Market Report Just click to read.
What’s Under Contract – The Yearly Data
2018 showed a slight decline from the same 12 months period for 2017 but we are rebounding in 2019 with a 4.4% increase. By comparing year to year for the same period of 12 months we get a good perspective of activity levels.
Summary For Property Sellers
With an average marketing time under 6 months it’s a level market, not really in favor of sellers or buyers. The activity is stronger in the lower price points with $200,000 to $400,000 seeing the faster sales.
Sellers are achieving a high ask to sales price with price cuts not always needed and when they are they are minimal. Considering the average price cut was just 1-2% of asking I wonder if they were necessary at all.
A price cut does have the effect of getting a property back in front of buyers eyes and sometimes that is all that is needed. Price to sell from day one and you’ll likely sell in under average time. Multiple offers are not common.
Summary For Property Buyers
Almost a buyers market it is not the type where you can steal the deal. Prices are holding firm and although the average marketing time across the zip code is about 5 months, homes aimed at first time buyers have seen sales in 20 days. Make sure your agent is getting you all the data before making an offer. A poorly constructed offer can loose you the property. A low ball offer may meet instant rejection, not want you want. Insults are easily taken and very hard to forgive.
Buyers remorse is a very common issue. Take your time. Hiring a great buyers agent means you’ll have someone who can keep your emotions from running away too fast. It’s easy to pull home buying triggers too fast.
If you are in the market to buy in any of the 60047 villages or one of our Barrington neighbors, give Corinne at call. You can reach me at 847-363-3686. Let’s talk about your home moving goals!
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