Real Estate Market Changing

BY PAULA ARNETT

The accompanying chart* does not begin to explain the current real estate market. It does show, however, that fewer transactions have taken place during the period from January 1 through June 1, 2001 compared to the same period for 2000.

It also shows that market times are longer. It does not show price reductions.

We are seeing increased inventory, price reduction upon price reduction, increased marketing, agent flyers, agent incentives and open houses upon open houses. Property is still selling, but not at the same pace or aggressive pricing as it sold last year. Any property that is well priced will sell. The key is “well priced,” which means reviewing comparable sales, current inventory, market conditions as well as the condition of the property.

*Data compiled from the Multiple Listing Service of Northern Illinois.

	Single Family		Condominium		Multi-Unit
	1/1/01- 6/1/01	1/1/00- 6/1/00	1/1/01- 6/1/01	1/1/00- 6/1/00	1/1/01- 6/1/01	1/1/00- 6/1/00
Lowest Selling Price	$561,250	$465,000	$150,000	$71,000	$385,000	$515,000
Highest Selling Price	$2,000,000	$1,850,000	$972,454	$680,000	$729,000	$750,000
Average Selling Price	$1,117,052	$868,074	$389,994	$285,568	$603,166	$745,000
Average List Price	$1,182,333	$885,705	$398,416	$287,540	$620,466	$762,799
No. of Transactions	12	17	54	96	6	6
Average Market Time	113	46	35	31	53	38

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