What’s Going On in the Lake Zurich Housing Market?
Historically, Lake Zurich has been a desirable area for home buyers. The July, 2010 statistics are available as reported through Midwest Real Estate Data, LLC. You can download the report here. It’s interesting to look at the report but let’s take a look at what it means in today’s market.
There were a total of 9 sales in July which was a significant percentage drop from June when there were 24 sales (-62.5%) Much of that can be attributed to seasonality. July typically results in a lower number of properties sold. In addition, June 30th closings coincide with the April 30th tax credit deadline. Together, these two factors resulted in the lower numbers.
There was good news on the pricing front. The median sale price in July was up 25.8% from the same period last year. When we’re looking at pricing trends, we look at the year over year numbers along with the past three to six month history. Lake Zurich real estate prices appear to be leveling off.
Another important factor is the supply of inventory. Real estate, like any other commodity, reacts to supply and demand. A lower amount of inventory results in better prices and lower days on the market. There were 18.8% less homes on the market in July, 2010 than in July, 2009. This is the lowest July inventory in the past two years!
When you are thinking about buying or selling a home, these statistics are helpful but don’t tell the whole story. My business philosophy is, and always has been, that unless you are a real estate investor, you must first think about your home purchase as just that…a home. I can help guide you to a home that makes sense financially and personally!
