Real Estate Beat: The Spring Market
Although we’re in the middle of another “Polar Vortex,” spring really is just around the corner. Spring is typically the time of year that people begin thinking about buying or selling a home. The most common question I get asked is “how’s the market doing?” And, for my Galewood neighbors the answer is “Great!” The median sale price of $202,500 for detached single-family homes represents an increase of 27.4% over the last 12 months.
The condo/townhome market is also recovering, but at a slightly slower pace due to an abundance of short-sale and foreclosed (bank owned) properties on the market. The median price for traditional (non-distressed) sales is $64,050, an increase of 23.2% over the last 12 months. Another good sign is market time (how long it takes to sell a property). Market time in Galewood is down to an average of 97 days on the market, compared to an average of 146 days on the market 12 months ago. This represents a 33.4% percent decline in market time which means if you’re selling, your house will probably sell faster.
Galewood is currently a “seller’s market” meaning that the supply of homes on the market is low, so prices can be expected to move up. In January of 2013 there was a 6 month supply of homes on the market. This January there was a 2.2 month supply of homes on the market. Anything less than a 3 month supply is considered a “seller’s market.” So, if you have been waiting until the market improved to put your home on the market, the wait is over. Galewood is on the upswing again!
Robert Perlin, a real estate broker with Baird & Warner, has owned and lived in his beautiful Galewood bungalow since 1999. Robert welcomes your comments, questions or future column suggestions, and is happy to help you with any real estate needs. You can reach Robert at (708) 697-5947 or email Robert or visit his website galewoodhomes.com
* Data provided by MRED (Midwest Real Estate Data).
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