Addison Real Estate Market – June Continues Fairly Strong

Addison Real Estate Market

Addison Real Estate Market Times

The Addison Real Estate Market had a pretty flat June. Market times in Addison are super crazy low with a home being on the market for a mere 97 days compared to 123 days last year.  The time a condo/townhome stays on the market in Addison is 72 days which is a significatnt increase from last year at the end of June when it was at 23 days.
Addison Residential Real Estate For Sale average market times

Months Supply

There is currently a 4.8 months supply of single family homes for sale in Addison.Compare that to last year at this time when there was a 5.6 months supply of and you’ll see a slight decrease in supply.There was an increase in supply of condos and townhomes from 3.6 months last year at this time to 4.9 this year. Even with the increase in supply, its still low enough to be considered a sellers market.
Addison Residential Real Estate For Sale months supply

Addison Homes For Sale

At the end of June there were 124 single family homes for sale in Addison.  Last year at this time there were 144 for sale, so inventory continues to shrink. There were 32 condos and townhomes for sale at the end of June 2015 compared to 37 in June 2016.
Addison Residential Real Estate For Sale homes for sale

New Listings

During June, 55 single family homes were listed for sale.  That represents a decrease from the 63 listed in June 2015.  Last year 14 condos and townhomes were listed in June which is slightly less than the 16 listed in June of 2016.
Addison Real Estate For Sale new listings

Addison Real Estate Closings

Up now for the 6th consecutive month, 28 homes closed in May of 2016, down significantly from the 40 closings in May 2015.  Condo and townhomes declined slightly with 7 closings in 2016 compared to 11 in 2015.
Addison Residential Real Estate sold homes

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Addison Real Estate Market Update May 2016 Finishes Strong

Addison Real Estate Market

Addison Real Estate Market Times

The Addison Real Estate Market had a strong May.  Market times in Addison are super crazy low with a home being on the market for a mere 43 days compared to 60 days last year.  The time a condo/townhome stays on the market in Addison is 48 days which is a decrease from last year at the end of May when it was at 55 days. For perspective, market times in Chicago are at 65 days for single family homes.  What a drastic difference from May 2012 when market times were at 144 days for single family homes and 193 for condos and townhomes.

Addison Real Estate Average Market Time
Months Supply

There is currently a 4.4 months supply of single family homes for sale in Addison and a 4.1 months supply of townhomes and condos for sale.  Compare that to last year at this time when there was a 5.3 months supply of single family homes. Conversely, there was an increase in supply of condos and townhomes from 3.5 months last year at this time.  Still low enough to be considered a sellers market.
Addison Real Estate Months Supply of Homes

Addison Homes For Sale

Last year at this time, there were 134 single family homes for sale in Addison. This year there are only 115 which results in a 17% decrease over 2015. There were 32 condos and townhomes for sale at the end of both May 2015 and May 2016.
Addison Real Estate Homes For Sale

New Listings

During May 60 single family homes were listed for sale.  That is a significant increase over the 42 listed last year in May. Last year 20 condos and townhomes were listed in May which is slightly greater than the 17 listed in May of 2016.
Addison Real Estate New Listings

Addison Real Estate Closings

Up now for the 6th consecutive month, 25 Single family homes closed in May of 2016, which is up slightly from the 22 closings in May 2015.  Condo and townhomes declined slightly with 8 closings in 2016 compared to 11 in 2015.
Addison Real Estate Closed Sales

Average Percent Off Original List Price

This last chart I am sharing because a large percentage of buyers that I speak with still think the “deals” exist. By “deal” they mean “steal” and getting 10% or more of list is just no longer viable as a rule.  In the chart below, we show the percentage off the original list price and we are trending above 95% on single family homes and just under for condos and townhomes. The percentage is 99.1% for townhomes and 96.7% from list price to sale price currently.  Moral:  Expect to place close to list if you find a place you like.

#AddisonRealEstate

 

Buffalo Grove Real Estate update – May 2016

Buffalo Grove Real Estate Update

Buffalo Grove real estate sales remain healthy through the first five months of 2016, but inventory remains extremely tight with new listings down from last year. Positive indicators are that market times remain favorable and homes under contract and closings are above last year’s pace. I do find it fascinating when I see nice homes that are available that aren’t being snatched up by potential Buyers. There are some very nice homes that have been available for the past couple of months that are not yet under contract.

Buffalo Grove Single Family Homes

Average Market Time

The time a single family home remains on the market in Buffalo Grove is 62 days which is down significantly from 80 days in May 2015. Buffalo Grove had the lowest market time in the Chicagoland area in 2015, and while it may not be the lowest in the area, 62 days is a pretty solid figure.

Buffalo Grove Real Estate Single Family Homes Average Market Time

Months Supply

As of June 1, 2016, there is a 3.0 months supply of single family homes for sale in Buffalo Grove compared to 4.0 last year. Anything under 5 months is considered a seller’s market.

Buffalo Grove Real Estate Single Family Homes Months Supply

Buffalo Grove Real Estate Homes For Sale

At the end of May 2016, there are 111 single family homes for sale in Buffalo Grove, compare that to the 137 available at this time last year and you’ll see that inventory remains very low. There aren’t enough homes to supply the current buyer demand, which provides for a very competitive environment.

Buffalo Grove Real Estate Single Family Homes For Sale

New Listings

71 single family homes were listed for sale in May of 2016, compared to 82 new listings last year. While this new inventory is good news, it just isn’t keeping up with the pent up demand of buyers.

Buffalo Grove Real Estate Single Family Homes New Listings

Homes Under Contract

The new listings over the past couple of months have satisfied some of the demand as 50 single family homes went under contract in Buffalo Grove. This is a decrease of 3 from 2015 or a decrease of 5.7%. This decline is a function of the lack of inventory we are experiencing.

Buffalo Grove Real Estate Single Family Homes Under Contract

Closings

An impressive 61 Single family homes closed in May, up from 36 in 2015, an increase of 69%!  Through the first five months of 2016, 165 single family homes closed this year versus 135 in last year.

Buffalo Grove Real Estate Single Family Homes Closed Sales

Condos and Townhomes:

Buffalo Grove Real Estate Average Market Time

The time Condos and Townhomes remains on the market in Buffalo Grove is 43 days which is down 47 days or 52% from May 2015. This is an extremely low figure and reflects the competiveness we are facing with Condos and Townhomes.

Buffalo Grove Real Estate Attached Homes Average Market Time

Months Supply

As of June 1, 2016, there is a ridiculously low 2.2 months supply of Condos and Townhomes for sale in Buffalo Grove compared to 2.0 last year. Buyers have to move quickly when an attractive listing hits the market!

Buffalo Grove Real Estate Attached Homes Months Supply

Buffalo Grove Homes For Sale

At the end of May 2016, there are 71 Condos and Townhomes for sale in Buffalo Grove, compare that to the 66 available at this time last year and you’ll see that inventory remains very tight. There simply aren’t enough homes to supply the current buyer demand, which provides for a very competitive environment.

Buffalo Grove Real Estate Attached Homes For Sale

New Listings

71 Condos and Townhomes were listed for sale in May of 2016, compared to 59 new listings last year. This influx of new inventory just might alleviate some of the pent up demand of buyers.

Buffalo Grove Real Estate Attached Homes New Listings

Condos and Townhomes Under Contract

49 Condos and Townhomes went under contract in Buffalo Grove in May, which is an increase of 5 from 2015.

Buffalo Grove Real Estate Attached Homes Under Contract

Buffalo Grove Real Estate Closings

47 Condos and Townhomes closed in May, up from 36 in 2015. Through the first five months, 150 Condos and Townhomes closed this year versus 136 2015. It appears that the main thing holding back sales is a simple lack of inventory.

Buffalo Grove Real Estate Attached Homes Closed Sales

Rates Have Mostly Decreased in 2015 so why has your DuPage Property Tax Bill Increased?

Its that time of year again, when residents get their DuPage Property tax bill for last year.  Surprisingly, the actual DuPage property tax rate has decreased across most of DuPage county.  However, home values have generally increased across many cities in DuPage county resulting in a counter-intuitive higher tax bill.  While your tax rate is lower, its highly likely that your assessed value has increased.  As a result of decreased foreclosure inventory over the past year or so, property values are stabilized or rising.

In prior years, I shared the formula for calculating DuPage Property Tax. In this article, in the last column, I am showing an example of what the tax bill would be in each city/township based on the 2015 tax rate and an assessed home market value of $250,000.

DuPage Property Tax Table

Town Township 2014 Rate 2015 Rate % change % of purchase price Annual Tax Bill on $250k home
Addison Addison 9.4087 9.348 -1% 3.12%  $     7,789.22
Addison Bloomingdale 9.4517 9.3779 -1% 3.13%  $     7,814.14
Aurora Naperville 9.9634 9.673 -3% 3.22%  $     8,060.03
Aurora Winfield 10.2205 9.9163 -3% 3.31%  $     8,262.76
Bartlett 10.1156 10.579 5% 3.53%  $     8,814.70
Bensenville 10.4134 10.329 -1% 3.44%  $     8,606.39
Bloomingdale 8.9496 8.6967 -3% 2.90%  $     7,246.53
Bolingbrook 10.1068 9.9532 -2% 3.32%  $     8,293.50
Burr Ridge 5.451 5.3599 -2% 1.79%  $     4,466.14
Carol Stream Wayne 10.4863 10.31 -2% 3.44%  $     8,590.97
Carol Stream 10.5257 10.335 -2% 3.44%  $     8,611.31
Clarendon Hills Bloomingdale 6.5565 6.3013 -4% 2.10%  $     5,250.56
Darien 7.411 7.3056 -1% 2.43%  $     6,087.39
Downers Grove Naperville 6.4461 6.2544 -3% 2.08%  $     5,211.48
Downers Grove York 6.4568 6.2628 -3% 2.09%  $     5,218.48
Downers Grove Downers Grove 6.4798 6.2886 -3% 2.10%  $     5,239.98
Elk Grove Village 9.9695 9.6641 -3% 3.22%  $     8,052.61
Elmhurst York 7.7063 7.0776 -8% 2.36%  $     5,897.41
Elmhurst Addison 7.7858 7.1566 -8% 2.39%  $     5,963.24
Glen Ellyn 8.722 8.4061 -4% 2.80%  $     7,004.38
Glendale Heights 13.2927 13.179 -1% 4.39%  $   10,981.74
Hanover Park 11.2932 11.967 6% 3.99%  $     9,971.67
Hinsdale Downers Grove 5.8095 5.6053 -4% 1.87%  $     4,670.62
Hinsdale York 5.8202 5.6137 -4% 1.87%  $     4,677.62
Itasca 8.6424 8.2259 -5% 2.74%  $     6,854.23
Lisle 8.4873 8.4155 -1% 2.80%  $     7,012.22
Lombard 9.2531 8.9837 -3% 2.99%  $     7,485.67
Naperville Naperville 7.3814 7.1563 -3% 2.39%  $     5,962.99
Naperville Lisle 7.4433 7.2085 -3% 2.40%  $     6,006.48
Oak Brook 3.9263 3.7945 -3% 1.26%  $     3,161.77
Oak Brook Terrace 6.8345 6.6229 -3% 2.21%  $     5,518.53
Roselle 8.5349 8.4476 -1% 2.82%  $     7,038.96
Villa Park Addison 8.2509 8.209 -1% 2.74%  $     6,840.15
Villa Park York 9.074 9.1095 0% 3.04%  $     7,590.49
Warrenville Naperville 8.008 7.867 -2% 2.62%  $     6,555.18
Warrenville Winfield 8.2512 8.0946 -2% 2.70%  $     6,744.83
Wayne 8.6239 9.0838 5% 3.03%  $     7,569.08
West Chicago Wayne 11.5918 11.504 -1% 3.83%  $     9,585.87
West Chicago Winfield 11.7269 11.637 -1% 3.88%  $     9,696.20
Westmont 7.603 7.3847 -3% 2.46%  $     6,153.30
Wheaton 8.1082 7.9701 -2% 2.66%  $     6,641.09
Willow Brook 5.2841 5.1916 -2% 1.73%  $     4,325.90
Winfield Milton 8.0102 7.8653 -2% 2.62%  $     6,553.76
Winfield Winfield 9.8873 9.6352 -3% 3.21%  $     8,028.53
Wood Dale 8.3248 8.2826 -1% 2.76%  $     6,901.48
Woodridge 10.0967 9.7946 -3% 3.26%  $     8,161.35

Buffalo Grove Real Estate Market Update April 2016

Buffalo Grove Real Estate Market Update April 2016

The Buffalo Grove real estate market remains healthy through the first four months of 2016, but inventory remains extremely tight with new listings down from last year. Positive indicators are that market times remain favorable and homes under contract and closings are above last year’s pace.

Single Family Homes:

Average Market Time

The time a single family home remains on the market in Buffalo Grove is 85 days which is up from 79 days in April 2015. Buffalo Grove had the lowest market time in the Chicagoland area in 2015, so we are at more average level so far in 2016.

Buffalo Grove Real Estate Single Family Home Average Market Time

Months Supply

As of May 1, 2016, there is a 3.0 months supply of single family homes for sale in Buffalo Grove compared to 3.9 last year. Anything under 5 months is considered a seller’s market.

Buffalo Grove Real Estate Single Family Home Months Supply

Buffalo GroveHomes For Sale

At the end of April 2016, there are 112 single family homes for sale in Buffalo Grove, compare that to the 130 available at this time last year and you’ll see that inventory remains very low. There aren’t enough homes to supply the current buyer demand, which provides for a very competitive environment.

Buffalo Grove Real Estate Detached Homes For Sale

New Listings

72 single family homes were listed for sale in April of 2016, compared to 102 new listings last year. While this new inventory is good news, it just isn’t keeping up with the pent up demand of buyers.

Buffalo Grove Real Estate Detached New Listings

Homes Under Contract

The new listings in March and April have satisfied some of the demand as 55 single family homes went under contract in Buffalo Grove. This is an increase of 8 from 2015 or an increase of 17%. Assuming that they close in May and June, it will be positive for the local market.

Buffalo Grove Real Estate Detached Under Contract

Closings

39 Single family homes sold in Buffalo Grove in April, up from 33 in 2015. Through the first four months of 2016, 104 single family homes closed this year versus 99 in last year.

Buffalo Grove Real Estate Detached Closed Sales

Condos and Townhomes:

Average Market Time

The time Condos and Townhomes remains on the market in Buffalo Grove is 48 days which is down 31 days or 39% from April 2015. This is a very low figure and reflects the competiveness we are facing with Condos and Townhomes.

Buffalo Grove Real Estate Attached Average Market Time

Months Supply

As of May 1, 2016, there is a ridiculously low 1.8 months supply of Condos and Townhomes for sale in Buffalo Grove compared to 2.1 last year. Buyers have to move quickly when an attractive listing hits the market!

Buffalo Grove Real Estate Attached Months Supply

Homes For Sale

At the end of April 2016, there are 58 Condos and Townhomes for sale in Buffalo Grove, compare that to the 60 available at this time last year and you’ll see that inventory remains very low and getting even tighter. There simply aren’t enough homes to supply the current buyer demand, which provides for a very competitive environment.

Buffalo Grove Real Estate Attached Homes For Sale

New Listings

60 Condos and Townhomes were listed for sale in Buffalo Grove in April of 2016, compared to 55 new listings last year. While it a nice addition to our inventory, it is not satisfying the pent up demand of buyers.

Buffalo Grove Real Estate Attached New Listings

Condos and Townhomes Under Contract

49 Condos and Townhomes went under contract in Buffalo Grove in April, which is an increase of 1 from 2015.

Buffalo Grove Real Estate Attached Under Contract

Bufflalo Grove Real Estate Closings

32 Condos and Townhomes closed in April, up from 30 in 2015. Through the first four months, 103 Condos and Townhomes closed this year versus 100 in Q1 2015. It appears that the main thing holding back sales is a simple lack of inventory.

Buffalo Grove Real Estate Attached Closed Sales

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