I've lived and worked in Fox Lake for 20 years. Statistics, properly analyzed, can tell us a lot about the market. I'm not sure where you got those figures but here are a few points to watch. Are you looking at detached homes, attached units (condos & townhomes) or a combination. They are two very different markets. The 12 month stats from the Multiple Listing Service (which covers most but not all sales) for zip code 60020 (most of Fox Lake) for detached homes shows the average list price for the 109 homes currently listed at $300,297. The average time on the market for those listings is 516 days. The average sale price was $174,301. The average home that sold was on the maket for 167 days. The homes that sold went for 94% of their list price AT THE TIME OF SALE. They sold for 65% of their ORIGINAL list price. This tells us that far more lower price homes are selling at this time (to investors and first-time buyers). There are many higher priced homes lingering on the market for a long time. I'd be glad to meet with you and look into the market stats further and help you interpret what they indicate about your particular situation.

Edith's answer is correct regarding the median price vs. average listing price. Median and average prices are two different things. The median price is not the average price.

Hi Ka,
The listing price is the price the property is being offer for sale as determined by the sellers. The median sales price is the average sales price (what buyers are willing to pay) for a home. It's important to be sure all of the homes being considered are comparable in nature. (ie; same number of bedrooms, baths, basement, garage, square footage etc. ) Realtors can provide a comparable market analysis of a property taking all of that in account. Be sure to get that information from an agent. Some web sites offer similar information, but be carefull that they are looking at similar comparable properties.

Hi Ka,
I am not sure you want just specifics as far as Fox Lake is concerned or the general explanation what an average list price and a median Sales price is will help....

Let me try to make it as simple as I can make it...

The Median Sales Price is the midpoint between the most expensive house and the least expensive house sold in an area during a specific time. The midpoint of the price of homes - equal number of properties sold above the median price and an equal number of properties sold below the median price. Therefore the Median Sales Price is often used as a tool for where the real estate market is going, trend, strength etc.

The average List Price is more simple: Take the number of properties you are looking at, add up their total list prices and then divide that number by the total number of properties. The result will be your average sale price for that particular search.

And forgetting average and median, there will always be a difference between the average list price and the average sale price, that average difference is the % that Buyer and Seller negotiate to get to the final sale price.

I hope this helps.... If you are working with a Fox Lake Realtor who is your listing agent, he or she will be able to explain to you your particular situation versus the Fox Lake market.

Good Luck to you!
Edith Karoline YourRealtor4Life!
Working always in the very BEST interest of her clients....
EdithSellsHomes@gmail.com
Covering the city of Chicago, the North Shore and most if not all N and NW suburbs