ResalesChicago Suburbs Show Mixed Housing Signals
Long Grove and Buffalo Grove, suburbs of Chicago, Illinois, are up and down in closings respectively over last year, but local Realtors say both markets continue to be healthy.
"Long Grove closings are down approximately 15 percent from last year," says Realtor Jeff Stone, "however the number of July closings was identical to July 2002. Sale prices for 2003 are up less than 2 percent from 2002 although sale prices of homes closing in July 2003 were up 6 percent from July 2002 showing that prices are beginning to rise. The market for homes with asking prices in excess of $1 million has been slower this year while the inventory in this price range has accelerated. There is an outstanding inventory of luxury homes in Long Grove right now."
Buffalo Grove
"The market in Buffalo Grove continues to be very strong especially for single-family homes," continues Stone. "The number of single-family homes closed in July was up over 8 percent over July 2002. Through the end of July the number of sales of single-family homes is only down 5% from last years record pace while sale prices are up a healthy 8 percent with market time less than a week longer than last year. For the year, sale prices for condos and townhomes have increased 7 percent but have taken almost 3 weeks longer to sell and the number of closings is down 6 percent versus last year. Well-priced homes of any type continue to sell quickly, often with multiple offers."
Says Realtor Sharron Kelley, "Low inventory in the northern suburbs of the Chicago land area have kept the prices stable and in the same range as last years market. The middle range price of homes from $400-$600 are moving very quickly and buyers should be pre-approved for the mortgage which will help them in a multiple-offer situation."
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