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.
(PRWEB) March 19, 2013
This year saw an improvement of last year in the number of closed sales for homes, condos and townhomes in Tower Lakes. The number of closed sales for February 2013 was one closed sale, which is an improvement from February 2012 when there were no closed sales for the month. There was also an increase in the number of homes for sale in the area, as this number rose from 6 homes in February 2012 to 8 homes for February 2013.
However, this still shows a 50% decrease over February 2011’s figure of 16 homes for sale in the area. The month’s supply of inventory also increased this year by rising from 3.4 homes in February 2012 to 6.2 homes in February 2013. After seeing an increase last year in the number of new listings for homes, townhomes, and condos in Tower Lakes as the number rose from 2 new listings in February 2011 to 4 new listings in February 2012, this year’s number of new listings few dramatically to 1 new listing for the month of February 2013. The median sales price for February 2013 was $220,000 which is difficult to compare to last year’s figure because there were no closed sales for the month. This does however represent a decrease over February 2011’s figure of $437,500.
There was significant improvement in the market time for homes for sale in Tower Lakes. Although there are no figures from February 2012 to compare this month’s market time with, the February 2013 market time was 17 days, which represents a dramatic improvement over February 2011’s market time of 190 days. After a decrease in February 2012 in the number of homes sold in the area, there does seem to be improvement in February 2013. If this trend continues, the home median price may be back up to February 2011’s figures by next year.
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. John's 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