January 2014 Real Estate Summary for Chicago Metro with detailed statistics for the NW Suburban Communities.

1. Northwest Suburban Real Estate Report January
Real
Estate
Market
Report
January
2014
We start this year’s series of real estate reports with a look at a chilly
beginning to the year. With 19 days in January below freezing, buyers did
not continue the active pace of home purchase they set in November and
December. Likewise, home owners stayed on the sidelines; new listings
were down significantly in nearly all the communities we follow closely.
Chilly weather
puts a damper
on growth.
The Chicago metro area real estate market experienced a slow start for 2014 as sales dropped and new
listings also significantly slowed. Weather certainly was a prime influencing culprit, with many more
below freezing days than January one year ago.
Following are the key indicators we examine to determine the current health and overall trends in the
Chicago metro real estate market:
MEDIAN SALE PRICE
This indicator rose 14.9% year over year to $155,625. Positive trends
have been logged for 9 consecutive months.
DAYS ON MARKET
Days from listing to contract fell 23.4% from 141 to 108 days. Sellers
have priced more realistically and buyers are making quick decisions as they see available home
inventory quickly snatched up.
CLOSED SALES
January typically runs at half the level of sales of the prime summer
months; however, year-over-year sales fell 7.9% to levels not seen for two years.
HOMES FOR SALE
Home owners’ interest in selling their properties has waned while
buyers still are purchasing good homes quickly. Therefore, the number of active homes for sale
has slid 26.4%. In fact, today’s inventory has fallen steadily from 5.8 month’s supply one year
ago to 3.6 month’s supply today.
Michael Kurowski | Prudential Visions Realty | Michael@KurowskiResidential.com | 847.804.7350

2. Northwest Suburban Real Estate Report January
While the Chicago-metro area statistics give us general trends in the broad real estate market, real
estate is a local business. It is imperative to pay attention to the specific trends in the communities you
are interested in –
Home owners who are concerned with selling their property and relocating
And
Home buyers who need to purchase property to fit their family and their lifestyle
Therefore, we examine our favorite communities within the northwest suburbs for detailed trends in
pricing, availability and timeframes for buyers and sellers alike.
Community
Algonquin
Median Sale Price
Days on Market
1/2013
1/2014
1/2013 1/2014
$200,000
$195,000 107
200
days
days
$200,000
$263,500 118
74 days
days
$492,500
$415,000 240
109
Arlington
Heights
Barrington
Area
Cary
$127,000
$117,000
Crystal Lake
$116,500
$175,000
Fox River
$153,000
$257,750
Grove
Hawthorn
$326,500
$483,750
Woods
Kildeer
$650,000
0*
Lake Zurich
$265,000
$232,500
Long Grove
$467,500
$568,000
Palatine
$161,500
$164,900
Spring Grove
$156,800
$140,000
Wauconda
$121,500
$129,500
* No closed sales reported this month.
Closed Sales
1/2013 1/2014
35
20
Homes for Sale
1/2013
1/2014
203
131
59
55
357
219
35
39
390
391
177
128
304
94
118
105
23
46
6
20
51
4
168
334
37
123
244
35
137
219
9
4
75
64
330
83
118
137
193
133
0*
35
177
99
72
109
5
11
10
78
8
17
0*
12
3
65
7
22
29
100
86
441
84
154
27
71
78
268
82
94
Note: Median List Price and Days on Market both are computed from Closed Sales for the month. When
Closed Sales are low (less than 10) this data may not be indicative of market trends.
Need more info?
If you would like a detailed report on your favorite community, please contact me by phone or email. I
will get back to you right away. I am committed to helping you to become a savvy real estate consumer.
Michael Kurowski | Prudential Visions Realty | Michael@KurowskiResidential.com | 847.804.7350