(PRWEB) March 02, 2013
After a sharp increase of 220% in the number of closed sales for home, condos and townhomes in Tower Lakes for year ending January 31, 2012, the area saw a 25% decrease in the number of closed sales for the year ending January 31, 2013. This number dropped from 16 closed sales for year ending January 31, 2012 to 12 closed sales for the year ending January 31, 2013. The number of homes for sale also decreased from 13 homes for year ending January 31, 2012 to 8 homes for year ending January 31, 2013. There was also a decrease of just over 4% in the number of new listings for Tower Lakes homes, as the number dropped from 24 homes for the year ending January 31, 2012 to 23 homes for year ending January 31, 2013. The monthly supply of inventory decreased from 7.9 homes two years ago to 5.3 homes over the past year. The good news for the year ending January 31, 2013 was that the number of days homes remained on the market decreased for the third straight year. The market time dropped from 251 days for year ending January 31, 2011 to 244 days for year ending January 31, 2012 to 118 days for year ending January 31, 2013. The median sales price for homes, townhomes and condos in Tower Lakes declined slightly to $390,000 for year ending January 31, 2013 from $407,000 for year ending January 31, 2012. Although this represents a reduction of just over 4%, the January 31, 2013 figure of $390,000 is still substantially higher than the January 31, 2011 median sales price of $355,000. The year ending January 31, 2013 showed that there were less homes on the market, but the homes on the market sold at a much faster rate the two prior years.
Welcoming his 12th year of Real Estate experience, John Herman effectively turns buyers into owners, and closes listings successfully with Barrington Real Estate, Illinois. Clients are quickly referred to as guests in his home market, welcoming everyone to his performance standards uniquely separating him from the competition. Johns diligent work with clients earned him a 2011 Five Star Professional Award. As a daily hard working Realtor, John has made it in the top 7% of Real Estate agents granted this award. With his Masters Degree, John is also certified in Foreclosure and Short Sale transactions along with certification as an Accredited Home Buyer Representative. John and his team are localized experts with over 20 years of real estate experience within the beautiful area of Chicago. John Herman controls the necessary actions to position the right inspector, plumber, or resourceful help needed to close every deal properly.