The John Herman team has analyzed the monthly real estate states for Palatine, Illinois and the conclusion is that more homes are needed to satisfy demand. Every category points to a strong market for sellers, and that buyers are quickly purchasing the homes that appeal to them.
The most supportive statistic is the average days on the market from November 2012 to November 2013, which is down from 199 to 60 in attached homes, (a 69.8% decrease) and from 113 to 87 days for detached properties in Palatine, a 23.5% decrease.This is also evident by the number of homes on the market, which is also down from November 2013 to November 2012. During that period there were 300 attached homes for sale in 2012 and just 145 in November 2013, a 51.7% decrease in inventory. Likewise, there were 213 detached homes for sale in November 2012 and 166 in November 2013, a decrease of 22.1%.
Also coinciding were stats on months of supply which is way down in both detached and attached homes. In November 2012 there was 5.9 months supply of attached single-family properties, and in November 2013 there were just enough homes on the market to last 2.3 months. That is a 60.4% decrease. For detached houses in Palatine, there was 6.4 months supply in November 2012, and just a 3.5% supply in November 2013, a 46% decrease.Buyers are also paying more for homes, with prices on the increase in both attached and detached Palatine properties. The average price of an attached single-family property went up from $75000 in November 2012 to $88625 in November 2013, a 18.2% increase. Detached homes saw an even larger proportional increase, going from $246500 in November 2012 to $325000 in November 2013, a 31.8% increase.
Closed sales for the November period were down for attached homes from 53 in 2012 to 44 in November 2013, a 17% decrease. However, there was a 38.7% increase in detached properties.Finally, the number of new listings taken, was down a bit for attached homes, fro 69 taken in November 2012 and 58 listed in November 2013, a 15.9% decrease. New listings were flat for detached homes, with 43 taken in November 2012 and 44 taken in November 2014.