The fact that the number of closed sales is heading back in the right direction combined with the significant drop in market time is a good indication that the housing market for the area may be improving.
(PRWEB) March 14, 2013
After a sharp decrease of 60% last year in the number of closed sales for homes, townhomes and condos in Long Grove, the number of closed sales increased in February 2013. The number of closed sales for February 2013 was 5 closed sales, which represents a 25% increase over February 2012’s figure of 4 closed sales. This is good news considering the number of homes for sale in the area dropped by over 30%, as the number dropped from 132 homes in February 2012 to 86 homes in February 2013. There was also a dramatic drop in the month’s supply of inventory as the number fell from 20.8 homes in February 2012 to 7.4 homes in February 2013. Although the number of new listings for homes, condos, and townhomes in Long Grove saw an increase last years of over 25%, there was a decrease in new listings this year in the amount of 35%. The number of new listings rose last year from 27 new listings in February 2011 to 34 new listings for February 2012. Whereas, this years number new listings fell from the February 2012’s figure of 34 new listings to 22 new listings in February 2013.
The median sales price fell for the third straight year falling from $560,000 in February 2011 to $513,500 in February 2012 to finally $403,500 in February 2013. There was good news in the market time for home for sale in Long Grove, as the number of days homes remained on the market declined from 420 days in February 2012 to 62 days for February 2013. The fact that the number of closed sales is heading back in the right direction combined with the significant drop in market time is a good indication that the housing market for the area may be improving. If more new listings are established over the next year, it may be enough to start bringing median sales prices back up.
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.