The John Herman team has analyzed the statistics for the Inverness, Illinois real estate market and has concluded that it is a mixed market, with less inventory, flat sales numbers, and slightly lower prices. This means it is not a clear cut buyers’ or sellers’ market, and good opportunities are open for both depending upon the property and circumstances.
For instance, detached homes are selling much faster, according to the November 2013 numbers, with 70 days being the average days on the market, which is 84% less than a year ago when the time on the market was 439 days. However, prices were down a little, with $658500 being the average price in November 2012, and $563000 the average price in November 2013, a 14.5% decrease. There were no attached homes sold in Inverness during November 2013.
The months of supply, for both attached and detached homes in Inverness, was slightly down. In attached homes the difference was very small from 3.9 months supply in November 2012 to 3.6 months supply in November 2013, am 8% decrease. For detached homes, there was a 9.2 month supply in November 2012, and 8.1 month supply in November 2013, a 12% decrease. The number of homes on the market was up from 9 to 10 for attached homes from November 2012 to November 2013. There were 65 detached properties available for sale in November 2013, and 80 for sale in November 2013, a 18.8% decrease.
The number of new listings was doubled from 2 to 4 for November 2013 in attached single-family homes, and even for detached homes with 13 listed in November 2012 and November 2013.The number of homes sold was down from 8 in November 2012 to 5 in November 2013 for detached homes. There were no attached homes sold in November 2013 and just 1 in November 2012 in Inverness, Illinois houses.