The 12 months Rolling Real Estate Performance Reviews for Long Grove, Illinois by The John Herman Team

The John Herman Team is pleased to report a measured improvement in the real estate pulse in Long Grove,IL homes, Illinois over the past year, compared with 2011 and 2012.In 2013 there were 150 homes sold, compared with 107 in 2012 and 84 in 2011. This represents a 40.2% improvement.

Couple this with higher prices, at an 11.2% increase over last year. In 2012 the average price of a home in Long Grove was $560000, in 2013 it was $622,500, up from $600000 in 2011. This is a 11.2% increase.
Another good sign is time on the market which has shown a 3 year decline. In 2011 the average days on the market was 336, in 2012 it was 205 and in 2013 it was 160, a 22.3% drop.

Overall inventory is down as well, with the months of supply dropping each year. In 2011 there were 19.5 months of supply, in 2012 it was 16.2 months and in 2013 just 7.4 months, a 54.2% decrease. This means if no new homes entered the market that there would be no inventory in 7.4 months.

But, there are new homes entering the market as sellers recognize a good time to sell. In 2013 304 new homes were listed, an increase of 24.6% over 2012 when 244 were listed and in 2011 there were 240 listed.
But, even with the increase in listings, there were fewer homes to choose from overall at any given time, due to the speed at which homes were selling. In 2011 there were 125 homes on the market at any given time for buyers to consider. In 2012 that dropped to 122, and in 2013, as homes moved more quickly, just 88 homes were on the market for consideration. This was a 27.7% decrease.The stats show that this is a great time to sell in Long Grove and that 2014 should be a great year for real estate in Long Grove

November 2013 Real Estate Performance Review for Long Grove, Illinois by the John Herman Team

If you have a home to sell, now is a great time to list, as inventory is not keeping up with supply with available properties in Long Grove, Illinois, according to the John Herman Team. In addition prices are on the rise, so sellers can expect to get a good price for their home, and since time on the market is also down, they will sell more quickly.

Statistics show that in November 2013 the average price of a home sale in Long Grove, was $779,000, as opposed to November 2012, when the median price was $545000. This is a 42.9% increase. The numbers reported also show that it took less time for sellers to sell their properties with the average days on the market in November 2013 reported at 148, down from 182 for a similar period in 2012.
The supply of homes was also down to 5.7 months worth of inventory, down from 9.7 a year ago, a 41.3% decrease. This is supported by the fact that in November 2013 there were only 70 houses for sale in Long Grove, where there were 95 for sale in November 2012. This is a 26.3% decrease. Replenishing the inventory was down in November 2012 as only 9 homes were listed. In November 2012 11 were listed. This is an 18.2% decrease.There were 11 homes reported sold in November 2013, and 13 reported sold in November 2012, a decrease of 15.4%.

The John Herman team has analyzed these numbers and summarizes that it is a great time to sell. Inventory is needed and buyers should be ready to make a decision if they see a home they like. As always, contact the John Herman team for expert advice in buying or selling in Long Grove houses.