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Mottl Cindy's Blog

By Cindy Valek Mottl | Broker in Downers Grove, IL

Is it time to sell...or buy...in Western Springs, IL?

In the last 6 months I've had clients interested in buying single family homes in the 500k - 600k range in Western Springs, IL.  We'd see the house the first day on the market and by the time we got back to the office, the house would have multiple offers on it.  Because of this, I knew the market in Western Springs was improving (or hot), at least in that price range. The stats for December 2012 show that there is a 3.4 month supply of single family detached (not condos or townhouses) houses on the market as of the close of the month.  In December of 2011, that number was 7.3, a 54.1% drop.  The market time has dropped from an average of 165 in 2011 to 121 in 2012.  Not the short time on market I was seeing, but that number incorporates the slow start we had in the first 6 months of the year and ALL price ranges.  That market time dropped 26.9% year over year.  The percentage of selling price to ORIGINAL list price rose 2.45 - 91.4 from 89.3, but the average sold price dropped 5.2%, 513,281 from 541,345.  With the shortage of inventory going in to 2013, I would expect to see a rise in those prices.  The foreclosure rate in Western Springs has been low throughout the downturn, something generally 1% give or take, so that hasn't had a marked influence on prices. As always, all statistics come from MRED LLC, the local MLS service.

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