Channahon, IL Real Estate Market Report, June 2010

Attached below is the Channahon, IL Real Estate Market Report for June, 2010. Some of the highlights in the report include:

Median Price

The median price for Channahon, IL homes for sale has fallen off the cliff from last year:

• How about Channahon, IL homes for sale that went Under Contract? Down 14.9% from $217,500 in June 2009 to $185,000 in June 2010.
• Is it any better for homes that Closed/Sold? NO. Down 23.7% from $222,900 in June 2009 to a depressing $170,000 in June 2010.
• Of course, the Active Listings of Channahon, IL homes for sale has gone up 2.5% from last June, from $239,950 to $245,900. As this is polite company, I'll just call that wishful thinking.

You can take solace in the fact that the Under Contract & Closed/Sold numbers have been hovering in this range since March of this year.

Supply & Demand

The most significant highlight is that Average Days On Market (DOM) for active Channahon homes for sale listings has been dropping all year and found a new low at 157 days. What hasn't changed, though, is the Average DOM for closed/sold properties. What that is telling me is that homeowners are getting frustrated with the marketing process and are taking their homes off the market.

Months Supply of Inventory (MSI)
(The amount of months that it would take to sell every active listing at the current sales pace. Found by dividing active listings by sold listings)

• The current MSI is 11.7 months supply of homes.
• I am a little disappointed that they Closed/Sold were not higher in June (only 9) due to the timing of the Homebuyer Tax Credit, but…
• I am very encouraged, though, by the new contracts, 10, that were written in June (we only had 3 in May). And here we thought that the buyer spigot had been turned off with no tax credit buyers. Lets see (and pray) that this trend holds up.

To view the entire report, click on the link below:

ChannahonRealEstateReportJUNE2010.pdf (643 KB)

For more information about Channahon, IL homes for sale and Channahon, IL real estate statistics, please give me, Tim Soper of Realty Executives Success, at (815) 439–5051 or fill out the contact form on the right.