Homer Glen IL Monthly Market Report For July 2019
Hey everyone, Brandon Schuppe with SKYDAN Real Estate Sales. So today I want to just take a couple of minutes and I want to go over for some of you as to what's been going on in the real estate market here in Homer Glen. It's been a very strong market this last year and the interest rates have really been staying low. So, we're seeing a continuation of activity that's been pretty standard across the board. And so, I'm going to go right into it. All right, so these are numbers actually from July of last month, okay, of this year. And I'm going to go back and I'm going to kind of compare to how some of the numbers were compared to 2018 and I think you're going to find a lot of this very interesting. So, we have a system in the MLS t's called Info sparks and it takes all the information and compiles averages, statistics and actual numbers.
So, at the end of the month I wanted to go back and look at July and this is what I came up with this month so far. And what I'm covering are single family homes only. Okay. In this video, I'm not covering condos or townhomes, I'm covering just single-family homes. And this also covers traditional sales along with new construction. So, to start out with, just in the month of July, in 2019 we actually had 70 new homes that came on the market during the month of July. Now compared to last year we had 71. So again, pretty typical from last year.
Total homes for sale - Now I'm not talking about new listings that came on the market, but I'm talking about homes that were on the market at any one given time in the month of July, it was 120 homes compared to 135 homes last year in 2018. What was the average sale price? The average sale price for homes in Homer Glen for the month of July was $421,500. Again, we're talking traditional sales and we're also talking new construction. And guess what? That's up, because last year in July of 2018 the average sale price was $374,500.
Now, here's a very interesting statistic and numbers. The average asking price for homes on the market in July of 2019 in Homer Glen was $510,000. Compared to last year, the average asking price was $493,000. Now let's take a second and take a look at that number. Okay, because remember the average sale price for homes with $421,500. The average asking price was $510,000. This is a question I get asked quite often by people who say, what is the difference between asking price and the actual selling price? So, off the top of my head, that's about an 18% difference. As a real estate broker, it also tells me that there are times, unfortunately when homeowners are asking too much for their home and then eventually when the price comes down, they ended up getting a contract on the home. But that's an 18% difference between the average asking price of 510 to the actual selling price of 421,500. I thought that was an interesting number.
How long are home staying on the market? The homes in July, the average market time was 114 days. Now that's a little bit longer than last year. Last year the average market time was 75 days. Okay. Homes that won under contract. Homes that actually got a contract was accepted. There were 30 homes that won under contract in the month of July compared to 25 homes in the month of July of last year. Here's a good one too. The number of homes that got a contract and went all the way through and closed was 97%. So, there was only a 3% fall through ratio where something happened. Maybe the buyers at the last minute couldn't get their loan. Something happened where that transaction fell apart. But 97% of the contracts that were accepted actually went all the way to close. Those are good numbers.
How many homes actually sold and closed in July 21 compared to 30 last year? Now here's a big number. You take all the homes and add them up. We had $8.9 million in sales volume for the month of July in 2019. But guess what? That was actually lower than last year's numbers. Last year, in July of 2018 we had 11.2 million. Now when you look at the amount of closed transactions where we had 21 in the month of July and we had 30 last year, obviously those are nine closings and it is one month. So, what I'm gonna do for everyone is, every month I'm going to run these numbers. And if you live in a different community and you'd like to get some ideas and numbers in your community, there's links below and there's going to be information how to contact me and always feel free to reach out to me and I can get those numbers. Otherwise, at the end of the year, I'm going to do a whole year statistics and let's take a look and see what the numbers are at the end of this year in Homer Glen compared to last year.
Hey listen, I just want to provide this information to you guys and as always, if there's anything I can do to help you with any of your real estate needs, I am a Homer Glen resident, I live in town with my family and I'm always here to help you. Feel free to contact me at any time and as always, Make It a Great Day!
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