Market Update for Palatine Homes and Real Estate – 11.7.09

Single Family 
Active listings: 276
Under contract: 49
Closed: 252
Avg days on market: 249

Condo/Coach home
Active listings: 340
Under contract: 68
Closed:  213
Avg days on market: 235

Townhome
Active listings: 194
Under contract: 46
Closed:  193
Avg days on market:  203

It has been a busy year for the MisterHomes Group in Palatine.  So it is just now that I am able to post a new Palatine market update.  We plan to have these for you much more regularly in the coming months and years.  2009 showed slight improvements over ‘08 for Palatine Real Estate to date.  In fact, townhomes in Palatine have done very well, there have already been more closed than in all of 2008.  That is most likely due to the first time buyer tax credit and fantastic prices. Palatine single family homes have done about the same or slitghtly better than 2008 so far.  Condos in Palatine continue to be a challenge (just like everywhere else) due to tougher financing guidelines and because they were overbuilt during the Real Estate boom early this decade.  Prices for all property types continue to be low and market times high, but there are finally more sales this year which is a first step toward a better market for Palatine Real Estate.   

This data comes courtesy of MRED MLS and covers 1/1/09 to 10/31/09.

631 N. Charter Hall, Palatine

Gorgeous, remodeled townhome in desirable Charter Hall, Palatine.  Listed for:  $285,000.

Find your home/townhome/condo here:

2008 Review for Palatine Homes and Real Estate:

Single Family 
Active listings: 283
Under contract: 15
Closed: 267
Avg days on market: 264      

Condo/Coach home
Active listings: 304
Under contract: 101
Closed:  254
Avg days on market: 229

Townhome
Active listings: 243
Under contract:  18
Closed:  175
Avg days on market:  221

You can see how many properties did sell and close in Palatine in 2008 – almost 700 combined.  This shows that despite what you see on TV you can sell your home.  When pricing, it just has to be listed very competitively to attract a qualified buyer.  If you are considering buying a home, this may be the opportunity of a lifetime.  With super low interest rates, and great prices you can find what you want and have a comfortable mortgage payment too!    

This data comes courtesy of MRED MLS and covers 1/1/08 to 12/31/08.

Single Family 
Active listings: 325
Under contract: 22
Closed: 26
Avg days on market: 240      

Condo/Coach home
Active listings: 366
Under contract: 75
Closed:  25
Avg days on market: 198

Townhome
Active listings: 259
Under contract:  19
Closed:  15
Avg days on market:  195

Palatine homes, condos, & townhomes can still sell when priced correctly.  Sometimes that requires a tough decision in order to price a property correctly.  But once you choose the right price, you can still sell. Interestingly enough, we are seeing a pick up in buyer activity like we have not seen awhile just this week. That should translate into a decent Winter (considering the market!).  

This data comes courtesy of MRED MLS and covers 10/1/08 to 10/31/08.

Market update for Palatine homes and property:

Single Family 
Active listings: 342
Under contract: 44
Closed: 25
Avg days on market: 193      

Condo/Coach home
Active listings: 462
Under contract: 18
Closed: 23
Avg days on market: 165

Townhome
Active listings:  274
Under contract:  22
Closed:  15
Avg days on market:  181 

We have seen a slight increase in activity during the Summer, and for August in particular for Palatine homes and Real Estate.  More listings are closing.  It is challenging, but it can be done!  More sellers are pricing correctly for the market and attracting good buyers as indicated by the number of under contract listings.  We still have a ways to go, but there is light at the end of the tunnel.

This data comes courtesy of MRED MLS and covers 8/1/08 to 8/31/08.

1753 Canterbury Trail

Another buyer picks up a great deal!  Listed for only $149,900 this foreclosure property used to sell for over $200,000.  You can get something at a great price too!  Search on our web site from all available listings in the area.  Re/Max Unlimited Northwest is the selling broker.

Here is the latest for Palatine homes for sale and Real Estate:

Single Family 
Active listings:  343
Under contract:  59
Sold & Closed:   3
Avg days on market:  192       

Condo/Coach home
Active listings:  432
Under contract:   32
Sold & Closed:   6
Avg days on market: 191

Townhome
Active listings:  276
Under contract:  30
Sold & Closed:  4
Avg days on market: 212

We are now in what is typically the busiest time of the year so you can see that total listings have jumped a bit from our past updates.  Along with that, there are more properties going under contract.  Closings are still few and far between, but those numbers will go up following the higher number of under contract listings. Most of what we are seeing sell lately are either foreclosed properties, or literally the cheapest priced home in a given subdivision (or even an entire town).  Overall, activity has increased for Palatine homes and Real Estate.

This data comes courtesy of MRED MLS and covers the past 30 days of activity.

Popular Palatine 2 story townhome in Knollwood with 1 car garage in fantastic shape!  Listed for: $215,000

Listed for $155,000. Fantastic price for this 2 story with full basement and attached garage! Needs some love and attention, but has updated cabinets in kitchen, 2 new sump pumps, and is priced $20,000-$30,000 below other comparable units for a quick sale!!!

‘08 has begun and here is what happened for the first month of the year for Palatine homes and Real Estate:

Single Family                                         Condo
Active listings:  271                                Active listings:  325  
Under contract:  30                               Under contract:   28    
Sold & Closed:   0                                   Sold & Closed:   2  
Average days on market:  213               Average days on market:  183 

Townhome
Active listings:  197
Under contract:  20
Sold & Closed:  1
Average days on market:  182

In Real Estate we say, ‘Spring starts after the Super Bowl’.  Right after the first of the year, activity in general picked up for showings, web site searches, and phone calls after being fairly dead for the month of December.  Over the next couple of months we will see how much of this new activity turns into under contract and closed sales for Palatine Real Estate.  And with great interest rates and listing prices fueling the market we should see more buying start to happen this year.  The under contract days on market for condos is dramatically different than the 183 for active listings above.  At only 71 days for under contract listings, that illustrates that you can still sell in a reasonable amount of time when you price your property properly for the market we are dealing with.  

Single Family 
Active listings:  364
Under contract:  48
Sold & Closed:   121
Avg days on market: 184        

Condo/Coach home
Active listings:    444
Under contract:   61
Sold & Closed:   125
Avg days on market: 209

Townhome
Active listings:  273
Under contract:  25
Sold & Closed:  79
Avg days on market:  219 

The first 1/2 of 2008 is already behind us!  You can see the first 1/2 numbers for Palatine Real Estate and homes above show the dramatic over supply of listings compared to what has actually gone under contract and closed so far this year.  This continues to be one of the best times ever to buy, and most of what we have seen sell has been the lowest priced for the condition property.  The listings that are priced with the average just sit among all the choices while buyers wait for sellers to reduce to the market value.  The theme for 2008 continues:  If you don’t need to sell, don’t!  If you are even remotely considering buying, get out there and do it!

This data comes courtesy of MRED MLS and covers 1/1/08 to 6/30/08.