Clarendon Hills, IL - Chicago’s Western Suburbs - Real Estate Information - February 2009

Let’s take a quick glance at what was going on with the Clarendon Hills real estate market for the month of February 2009.  As always you can contact me with additional questions.

• The average home price over the past 13 months is $598,000.
• The months supply of inventory for Clarendon Hills for February was 95 months.  As you’ll see later on that this is based off of 1 property going under contract.  The average over the past year was 29 months.
• Average days on market for under contract properties?  136 days for that one property.  That actually matches right up with the years average of just over 136 days.
• Percent of properties under contract was 0.9%.  Again, with only 1 under contract let’s not look much into this.

Only 4 properties have sold in the past 3 months in Clarendon Hills.  Quick reminder that Months Supply of Inventory is figured out by taking the total inventory and how many properties have gone under contract and dividing.  Very simple…let’s us know how long it would take, at the current pace, to sell everything currently for sale.  Healthy market is between 4-6 months.  Anything higher than 6 months puts us in a “buyers market.”  Right now we are in a VERY STRONG BUYERS MARKET.  I look at the average price over the past 13 months instead of month to month because it gives us a better idea of where we are trending.  Let’s look at a few more numbers:

• Total # of properties For Sale at the end of February in Clarendon Hills was 105.  Down 19% from last year.
• Total # of properties under contract was 1.  Down 86% from last February when we had 7.
• Total # of properties Sold was 3 which matched last year.
• Total # of properties that Expired off market were 11.  Up 10% from last year.
• Total # of New listings added in February to the market was 23.  Down 18% from last years 28.

Quick note on the numbers above.  Take a look at the # of Sold and Under Contract and then look at the # of New.  Notice something?  The homes coming on the market are outnumbering the homes coming off the market.  Thus, we get more added to next months inventory.  Inventory stays high which effects days on market, median price and everything else.

Questions?  Feel free to let me know if you need anything more specific.  I’m hear to help and I love looking up the statistics.  I feel it helps us get a good sense of what is going on in the market.  If you ask a real estate agent how’s the market they’re going to tell you based off of their experience.  If that agent is busy that week they’ll be optimistic.  Opposite can happen.  That is why I like the nubmers….they’re tough to argue.  Enjoy!!