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