McHenry Real Estate Market Conditions – Jan 2012

Since it’s the New Year it’s a great time to take a look at what happened in 2011’ in the McHenry Real Estate Home Market....

Detached Single Family

Median Sales Price $135,000 down 15.6%

Average Sales Price $161,575 down 12%

Average List Price $224,775 down 11.8%

Average Market Time 173 days down .8%

Percent of Orig Price Received 85.1% down .8%

Homes for sale 570 down 8.9%

New Listings 1016 down 17.2%

Attached Single Family

Median Sales Price $82,500 down 28.6%

Average Sales Price $93,142 down 21.7%

Average List Price $112,509  down  24.6%

Average Market Time 166 days up 5.1%

Percent of Original Price Received 82.2% down 6.7%

Homes for sale 114 down 23.3%

New Listings 214 down 20.4

Seems to be a trend towards less inventory which peaked at the end of 2009. A sharp decline thereafter and a minor but steady increase in closed sales. Detached housing being hit the hardest.  New listings decreasing quite a bit in 2011.

From a personal business standpoint December 2011 and the start of 2012 has been the busiest we have seen for over 25 years. 

Homebuyers it is and remains to be a fantastic opportunity to buy!  Low interest rates remain hovering in and around 4%.  Freddie/Fannie Mac “Homestep” homes are great opportunities to buy at foreclosure prices but at “fixed-up” condition.  Many times a 2 year home warranty is included to owner occupants. 

HUD home are another option to buy below market. However HUD homes can be very challenging to purchase. Upside is owner occupants/first time homebuyers sometimes have incentives.

See you next month!