Highland Park, IL Real Estate Market Update for October 2013
Home inventory, home prices and the number of sales for Highland Park, IL single family homes all fell from September to October 2013, following a typical after-summer pattern. Concurrently, the average market time increased.
Home sales dropped dramatically from September, 2013 – 48 single family homes sold in September vs. just 35 in October, though this was more than sold in October 2011 or 2012.
The average sale price of $659,100 in Oct. 2013 was the highest vs. October prices of 2011 and 2012 – up 13% from October 2012! – but down slightly from September 2013.
Average days on market for October 2013 was 95 – up 66% from the prior month, despite the lack of inventory.
For the first time in years, the number of homes sold was greater than the number of new listings on the market, dramatically illustrating the lack of inventory that has been plaguing the Highland Park market this year. If you are contemplating putting your home on the market- now just may be the best time! As you can see in the graph below, inventory is on a declining trend and the green bars below show that the number of homes sold is rising. To see details click on the graph.
For your home’s value contact me: Noah@NoahLevyHomes.com