The John Herman Team has analyzed the real estate industry facts for Hoffman Estate homes comparing November 2012 and November 2013 and has released their findings.
There is a lot of promising news in the report, showing that prices are up, time on the market, homes for sale and months of supply are all down.
In November 2012 the average price of an attached home in Hoffman Estate was $70000, in November 2012 it was $96,450, a 37.8% increase. Likewise, in detached homes, the price rose from $174550 in November 2012 to $250000 in November 2013, a 43.2% increase. It is further promising that it took less time than a year ago to get these prices. The average days on the market in November 2013 was 58, compared with 134 in 2012, a 56.8% decrease. For detached homes, there was an astounding 80.5% decrease in time on market, with 198 days in November 2012 and just 39 days in November 2013.
Supply is also down, with just 1.9 months supply of attached homes, compared with 4.9 months supply in November 2012, a decrease of 61.3% of market time. For Hoffman Estate detached homes, the numbers follow this trend as well with 2.4 months supply, compared with 6.1 months in November 2012, a 60.% decrease.
While new listings were brisk, they could not hold up to a year ago for attached homes. In November 2012 there were 30 new properties listed, compared with 20 in 2013, a 33.3% decrease. In detached homes, there were 6 more homes listed than last year with 45 being listed, compared with 39 for 2012. This represents a 15.4% increase.
Sales were down just a bit for both attached and detached homes. There was a 31% decrease in sales for attached homes with 29 sold in November 2012, and 20 sold in November 2013, a 31% decrease. For detached homes, there was a drop from 36 in 2012 to 27 in 2013, a 25% decrease.
Analyzing these numbers shows that homes are selling for more, in less time, and that more supply is needed.