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REAL ESTATE MARKET REPORT

ELGIN Jay Kinder Real Estate Experts

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February

2011

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TABLE OF CONTENTS Market Dashboard ………………………………………………. Number For Sale vs. Under Contract Number Sold vs. Expired Days on Market (Sold vs. Expired) Sold Listings - Prices (Last 6 Months) Sold Listings - Days on Market (Last 6 Months)

Pages 1-2

Market Summary Table

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Glossary

Real Market Reports www.RealMarketReports.com


REAL ESTATE MARKET REPORT

ELGIN Jay Kinder Real Estate Experts

Monday, February 7, 2011

Let's take a look

Typically, a pending ratio indicates the supply and demand of the market. Specifically, a high ratio means that listings are in demand and quickly going to contract. Alternatively, a low ratio means there are not enough qualified buyers for the existing supply.

at the real estate market. Currently there are 20 sales pending in the market overall, leaving 60 listings still for sale. The resulting pending ratio is 25.0% (20 divided by 80). So you might be asking yourself, that's great... but what exactly does it mean? I'm glad you asked!

Contracts Pending

''The current inventory can best be described as mildly active.''

Taking a closer look, we notice that the $175K - $200K price range has a relatively large number of contracts pending sale. We also notice that the $175K - $200K price range has a relatively large inventory of properties for sale at 16 listings. The average list price (or asking price) for all properties in this market is $192,158.

Number of Listings For Sale vs. Under Contract

For Sale

Elgin

18

Updated on 02/07/2011, RealMarketReports.com Copyright Š Jay Kinder Real Estate Experts

16 14 12 10 8 6 4 2

Number of Sold vs. Expired (Last 6 mos.)

Sold Expired

Elgin

20 18 16 14 12

Updated on 02/07/2011, RealMarketReports.com Copyright Š Jay Kinder Real Estate Experts

$350K

$325K

$350K

$325K

$300K

$275K

A total of 50 contracts have closed in the last 6 months with an average sold price of $190,499. Breaking it down, we notice that the $175K - $200K price range contains the highest number of sold listings. Alternatively, a total of 44 listings have expired in that same period of time. Listings may expire for many reasons such as being priced too high, having been inadequately marketed, the property was in poor condition, or perhaps the owner had second thoughts about selling at this particular time. The $175K - $200K price range has the highest number of expired listings at 8 properties.

Market Dashboard

Real Market Reports www.RealMarketReports.com

$300K

$275K

$250K

$225K

$200K

$175K

$150K

$125K

$100K

$75K

$50K

$25K

10 8 6 4 2 0

$250K

$225K

$200K

$175K

$150K

$125K

$100K

$75K

$50K

$0K

$25K

0

1


REAL ESTATE MARKET REPORT

ELGIN Jay Kinder Real Estate Experts

Monday, February 7, 2011

Looking at the chart to the right, you might be wondering why average days on market (DOM) is important. This is a useful measurement because it can help us to determine whether we are in a buyer's market (indicated by high DOM), or a seller's market (indicated by low DOM). Active listings, or properties for sale, have been on the market for an average of 103 days.

Average Days on Market (DOM)

Sold Active

Elgin

450

Updated on 02/07/2011, RealMarketReports.com Copyright © Jay Kinder Real Estate Experts

400 350 300 250 200 150

Analysis of sold properties for the last six months reveals an average sold price of $190,499 and 105 days on market. Notice that properties in the $275K - $300K price range have sold quickest over the last six months.

100 50

The recent history of sales can be seen in the two charts below. The average sold price for the last 30 days was $194,125 with an average DOM of 104 days.

$350K

$325K

$300K

$275K

$250K

$225K

Analysis of the absorption rate indicates an inventory of 7.2 months based on the last 6 months of sales. This estimate is often used to determine how long it would take to sell off the current inventory of listings if all conditions remained the same. It is significant to mention that this estimate does not take into consideration any additional properties that will come on the market in the future.

''The average list-to-sales ratio for this area is 98.8%.'' Ratios are simple ways to express the difference between two values such as list price and sold price. In our case, we typically use the list-to-sale ratio to determine the percentage of the final list price that the buyer ultimately paid. It is a very common method to help buyers decide how much to offer on a property.

Since the recent DOM is less than the average DOM for the last 6 months, it is a positive indicator for demand. It is always important to realize that real estate markets can fluctuate due to many factors, including shifting interest rates, the economy, or seasonal changes.

$200K

$175K

$150K

$125K

$100K

$75K

$50K

$25K

0

Continue to Market Summary Table…

Average Sold Prices

Average Days on Market (Sold)

Elgin

Elgin

$250K

200

$200K

150

$150K 100 $100K $50K $0K Sep

50

Copyright © Jay Kinder Real Estate Experts Updated on 02/07/2011, RealMarketReports.com

Oct

Nov

Dec

0

Jan

Sep

Oct

Nov

Dec

Jan

Market Dashboard

Real Market Reports www.RealMarketReports.com

Copyright © Jay Kinder Real Estate Experts Updated on 02/07/2011, RealMarketReports.com

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REAL ESTATE MARKET REPORT

ELGIN Jay Kinder Real Estate Experts

Monday, February 7, 2011

Expired Listings in the Last 6 Months*

Contracts Pending Properties For Sale Price Range

Absorption Rate

Properties Sold in the Last 6 Months*

Min.

Max.

Total Num

$0

$ 24,999

0

-

-

0

-

0

0

-

-

-

-

-

-

$25,000

$ 49,999

3

44

$ 42,467

1

25.0%

0

0

-

-

-

-

-

-

$50,000

$ 74,999

1

30

$ 65,000

0

-

1

1

15

$ 74,900

$ 74,900

$ 74,900

100.0%

6.0

$75,000

$ 99,999

1

40

$ 75,000

2

66.7%

5

3

91

$ 91,667

$ 89,100

$ 86,417

97.0%

2.0

$100,000

$ 124,999

1

19

$ 109,000

0

-

1

0

-

-

-

-

-

-

$125,000

$ 149,999

7

207

$ 140,843

0

-

3

1

130

$ 146,000

$ 141,900

$ 141,000

99.4%

42.0

$150,000

$ 174,999

9

72

$ 168,100

3

25.0%

6

11

75

$ 170,161

$ 167,282

$ 165,441

98.9%

4.9

$175,000

$ 199,999

16

103

$ 189,084

8

33.3%

8

19

123

$ 192,776

$ 189,186

$ 188,903

99.9%

5.1

$200,000

$ 224,999

3

193

$ 216,150

4

57.1%

3

7

94

$ 216,694

$ 215,980

$ 213,914

99.0%

2.6

$225,000

$ 249,999

11

97

$ 242,973

2

15.4%

7

3

145

$ 244,800

$ 246,633

$ 243,300

98.6%

22.0

$250,000

$ 274,999

4

75

$ 254,725

0

-

2

3

68

$ 274,633

$ 274,633

$ 267,967

97.6%

8.0

$275,000

$ 299,999

1

16

$ 299,900

0

-

3

1

0

$ 299,000

$ 299,000

$ 299,605

100.2%

6.0

$300,000

$ 324,999

2

63

$ 322,000

0

-

3

1

387

$ 350,000

$ 350,000

$ 310,000

88.6%

12.0

$325,000

$ 349,999

1

138

$ 345,000

0

-

1

0

-

-

-

-

-

-

$350,000

+

0

-

-

0

-

1

0

-

-

-

-

-

-

60

103

$ 192,158

20

25.0%

44

50

105

$ 195,091

$ 192,868

$ 190,499

98.8%

7.2

Market Summary >>> *Dates: Status: Area:

Avg DOM

Avg List Price

Total Num

Pending Ratio

Total Num

Total Avg Avg Orig Num DOM List Price

Avg List Price

Avg Sold Price

List to Sales

Mos.

Data believed to be accurate but not guaranteed. 08/08/10 - 02/07/11 Active (ACT,UCS,TMPA,TMP,BC,BOM); Pending (PND,UC); Expired (EXP,WTH,UWT,CWT); Sold (SLD)

Elgin

Property Type: CONDO/TOWNHOUSE, MANUF. HOME W/HUD LABEL, MANUF. HOME W/O HUD LABEL, MOBILE HOME, SINGL Special Condition: None Market Summary Table

Real Market Reports www.RealMarketReports.com

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REAL ESTATE MARKET REPORT

ELGIN Jay Kinder Real Estate Experts

Monday, February 7, 2011

1. PROPERTIES FOR SALE a. Number Active: The number of listings for sale which are currently being marketed but do not yet have a purchase agreement. b. Average Days on Market (DOM): The average marketing period of currently active listings. This does not account for some listings which have had a previous listing period, but were re-entered as a new listing. c. Average List Price: The average price that a seller is currently asking. 2. CONTRACTS PENDING a. Number Pending: The number of current listings for which a contract has been signed but has not yet closed. b. Pending Ratio: Sometimes called a “list to pending ratio�. This is a measure of how fast properties are going under contract vs. how fast they are being listed. Pending Ratio =

P (Number of Pending Listings) A+P (Number of Active + Pending)

(P) represents properties that buyers have chosen (A+P) represents the entire pool from which they have chosen 3. EXPIRED LISTINGS a. Number Expired: The number of listing agreements that have expired in the last 6 months. Some owners may choose to reoffer their property for sale. 4. PROPERTIES SOLD a. Number Sold: The number of properties that have gone to a closing in the last 6 months. b. Average Days on Market (DOM): The average marketing time it has taken properties to sell in the last 6 months. c. Average Original List Price: The average price at which a sold property was originally marketed. d. Average List Price: The average price at which a sold property was marketed just prior to selling. e. Average Sold Price: The average price for which a property sold. f.

List to Sales Ratio: The percentage of the list price that the buyer ultimately paid for the property. List to Sales Ratio =

Average Sold Price Average List Price

5. OTHER a. Absorption Rate / Months of Inventory: An estimate of how fast listings are currently selling measured in months. For example, if 100 properties sell per month and there are 800 properties for sale - there is an 8 month supply of inventory before counting the additional properties that will come on the market.

Glossary

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February 7, 2011 Elgin Market Trends Report  

elgin market