IN CHICAGO Number of Price Reductions on Listed Properties Falling! Market Rebound . . . or More Realistic Sellers?
IN CHICAGO Number of Price Reductions on Listed Properties Falling! Market Rebound . . . or More Realistic Sellers?
TRULIA.COM DATA: PRICE-REDUCED LISTINGS DROP 15% IN DECEMBER!
Is the Real Estate Market here in Chicago beginning to rebound?
As the old year ends and a new one can be seen just over the horizon is the supply-demand nature of our local real estate market beginning to swing more to the "demand" side? One statistical indicator for some is the number of Active Real Estate Listings which have had at least one reduction in price since they came to the market.
According to data from Real Estate Website Trulia.com as reported in The Chicago Tribune by Real Estate Reporter Mary Ellen Podmolik 27% of properties actively listed in the Chicago Area as of December 1st have been reduced at least one time since they came to market.
That price-reduced figure is 15% better than it was in November.
For single-family homes in Chicago the average price reduction has been 10% of the original list price. For condominiums the average price drop is 7%. While 27% of single-family homes have endured at least one price drop somewhere along the line that figure is very similar for condos – 26% have seen price cuts since they were first listed.
Using the Trulia.com figure Chicago has seen more price cuts on these residential properties than the average for the U.S. as a whole. Nationally 22% of listings on the market and actively listed this month have seen their prices reduced. The average price drop nationwide – 11%.
So what is really happening here? Is the market beginning to pick up or are home and condo sellers just starting to price lower – close to today’s market – right from the beginning?
From the ground our Team sees sellers beginning to get more in tune with the market on price from the start – if they are truly motivated to sell. Those who refuse to learn from the market and keep their prices too high are simply not selling. There is no "rebound" for these folks.
More realistic pricing – along with the strength of Real Estate Practitioners to only take and market listings priced properly for today’s market – may be a key ingredient for the beginnings or a real estate rebirth here in Chicago and elsewhere.
Let’s hope this "Getting Real" trend continues!
DEAN MOSS & DEAN’S TEAM CHICAGO
