My year end review of real estate sales for 2011 is under way, you can read about single family homes; this post is a quick similar summary of Palatine condo and town homes sales. In other words attached properties that rarely have land, mostly common areas. You know there is always an exception to a rule.
First lets take a look at sales in 2011 compared to 2010.
- Sold in 2010 = 396
- Sold in 2011 = 453
That's an increase of 14%. Single family homes had an increase of 16% so it's very comparable. Lets look at sales in the previous 3 years as a comparison.
- 2009 = 501
- 2008 = 429
- 2007 = 650
No doubt about it, Palatine attached home sales are still down but maybe there is a sign of recovery. We have to factor in short sales and foreclosures as they always make up a large part of the lower end of a market.
What about average prices in Palatine's attached home sales? Here's a chart that goes back to 2007, the first year after the big declines. You can see the average sales price and the average marketing time in Palatine over the last 5 years.
The average sales price has taken a big hit, but as I mentioned earlier short sales and bank owned homes contribute to a steeper decline as they sell under market value.
Marketing times are still going up, that's not a good sign for condo and town home owners who want to sell but at 6 months it is not awful. There are many local markets that have a 10 to 12 month average market time.
Stay tuned for Palatine real estate market reports throughout the year.
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
Excellent market report for Palatine Corinne. Comparative reports are always very helpful for both buyers and sellers as it provides them with very useful information for their home buying or selling. Great job!