Hot on the heels of my Palatine Town Homes Market report, I am back again with one for Arlington Heights. I think it's a fair assumption to assume that marketing times and average sales prices are going to be very similar to Palatine. Lets take a quick peak at that for the current year before I move on.
- Palatine: Average Market Time 2011 was 178 Days
- Arlington Heights: Average Market Time 2011 is 150 days.
That's about 1 month less, a bigger difference than I expected.
What about average sales price?
- Palatine: over the last 12 months was $176,546
- Arlington Heights: over the last 12 months was $232,942 Now that's a considerable difference.
Arlington Heights town homes are on average sold at a 32% higher price than Palatine.
I took a look at single family homes, the average price there is also higher in Arlington Heights but not by as much. $297k v $275k, only an 8% increase.
So let's get to sales prices and price cuts because that's where I really wanted to go with this. A recent publication states that 3 of 4 homeowners still believe their home to be worth more than it is. On the other hand buyers or at least 53% of them still consider homes are priced too high. How does this translate into sales of town homes in 60004 and 60005?
Regardless of what percentage homes sell for in relation to the asking price, it's really important to see how they got to the sale. Did they sell at the original asking price or not? The answer is not, however I have to say the differences here are nominal. On average a price was reduced by less than 3%. The sale achieved was 97% of the final asking price or 93% of the original asking price.
Pricing is critical in a buyers market, and it appears Arlington Heights town home owners are reviewing the data they are given to establsih a list price, and being rewarded with less time on the market that their counterparts in Palatine.
Go Arlington Heights Sellers & Realtors...Job Well Done!
Corinne Guest
Realtor & Managing Broker
Royal Advocate Realty, Barrington
Call today 847-363-3686 for real estate and relocation service.
Suburban Real Estate - Lake Zurich, Hawthorn Woods, Kildeer, Long Grove
Arthur and I just dropped in to wish you a Joyful Holiday and a Happy, Healthy and Prosperous 2012
Corinne,
I think you made a true statement that applies to all markets, "pricing is critical" to any market. Have a great day, A
Seems like I'm playing "catch-up" on my reading here, Corinne. The good news is ... I'm busy. The bad news is ... I'm always lagging behind on reading my favorite bloggers and the info they supply me. You obviously fall in that category.
Hope this finds you doing well, feeling much better, and able to enjoy your Holiday Season ... hope to drop by and see you soon!
Gene
Corrina some home buyers and home sellers make up excuses. Home buyers: This house should be worth way less. I am going to continue to wait till the price drops before I buy this house. By the time they make up their mind,the house is goine.
CONVERSATION: Home sellers: This offer is too low. Real Estate Agent: This offer is better than the one we got yesterday. Home sellers: But we didn't get no offers yesterday. Real Estate Agent: Exactly. This is a good offer and I seriously think that you should take it.
I am not going to say more. Happy Holidays to you and your family Corrine.