Yesterday I met with a family who plan on selling their house in Arlington Heights this fall. They wanted to get an idea of what the house might sell for so they know what kind of money will be available for their next home.
I also discussed with them market times which have been up significantly in the past six months compared to a year earlier. The average market time1 for Arlington Heights houses in the first quarter of this year was 141 days, up 57% from first quarter 2006. The average market time for Arlington Heights houses in the 4th quarter of last year was 120 days, up 45% from the 4th quarter of 2005.
Fortunately for Arlington Heights home sellers median sales prices continue to rise. The median price for a house in Arlington Heights in the first quarter of this year was $400K, up 2% from a year earlier. The median price for a house in Arlington Heights in the 4th quarter of last year was $422K, up 11% from a year earlier.
1Based on Multiple Listing System of Northern Illinois (MLSNI) Data
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{ 3 comments… read them below or add one }
Fran,
Your detailed post demonstrates aptly how important it is to have a guide to the stats one sees bandied about. Media pundits are often quick to jump on the “doom and gloom” bandwagon and not all consumers are sophisticated enough to go beyond that.
Similarly, in my industry there is much going on about the “crash” in the subprime mortgage market. I personally think this is necessary fallout which strengthens the market overall and brings consumers back to basic common sense.
Thanks for illustrating how statistics can be misleading and also for very relevant metrics for buyers & sellers in this market.
Diane
Fran,
Is Georgian style home one of the most difficult to sell in Arlington Heights? I moved out of state and put the house on the market for six months now . There’s no buyer. I asked my agent to reduce the price significantly (about 7%) from what he and other thought was a fair market value. Still no buyer.
How could the average price go up when when market times rise like this?
BTW, my neighborhood is close to Arlington Park just North of NW Highway.
Thiti
Thiti,
Georgians are a popular home style and the neighborhood you describe (sounds like Ridge Park) is a desirable area of Arlington Heights. The average market time in Ridge Park for the past year for houses was 61 days. Market time went up around 10% in the last 6 months and last quarter.
Median home prices rise when more expensive homes are being sold regardless of market times. Market times do affect individual sale prices as homes that are on the market longer tend to sell for less money.
When sellers write me about their homes not selling, I typically find that the most common problem is a lack of good marketing. If your home doesn’t have multiple professional photos, a good description and an eye-catching headline on Realtor.Com along with other major real estate sites,it’s going to have a harder time selling.
Check out my Home Selling category for other home selling tips. Feel free to email or call me directly, if you have any other questions.