St. Charles IL Real Estate Trends For July 2012

It was another good month for St. Charles, IL. real estate.  The market built on the strengths we saw in June, and the number of homes sold in St. Charles, IL. reached 69 for the month of July 2012. That is a 7.8% increase from July 2011. This can, once again, be contributed to low mortgage rates, depressed home prices, and seasonal strength.  The average home price for the month of July fell to $301,406 which is a big decline from last July’s average of $464,785.  This is not an overwhelming concern considering the amount of homes sold increased from last year.  I think the large decline in the average home price is due to the fact that so many expensive homes sold in the month of June.  There are a limited number of luxury buyers and only a certain amount of luxury properties on the market.  You can not predict when luxury properties will sell or come on the market.  What I hope is happening, is as the economy is trying to stabilize, more first time home buyers are coming into the market.  Then that will allow for local upgrades to sell their houses and buy more “pricey” homes in the same area.

The most encouraging number from the July data is the number of homes that went under contract in St. Charles.  Seventy two homes got contracts in July which is a 33.3% increase from last July’s number of 54 houses. This is a very substantial increase which shows the true demand for homes in St. Charles, IL., and that there is some stabilization occurring.  My only fear is what this has done to inventory levels.  We know with the number of homes currently under contract, that August is going to be a great month.  The question is, “Have we seen the peak for the year?”  Are there still sellers waiting to put there homes on the market in the coming months with the holiday season approaching?  Well, stay tuned, as I might have the answers.

Moving on I would like discuss the results for attached homes for sale in St. Charles IL. These numbers are in line with past months.  Sales of attached properties are still weak. From the month of July their were only 6 townhomes sold.  Down from  7 last July.  The good news is year to date sales of townhomes are up 36.5%.  Last year at this time only 52 were sold. This year 71 are sold.  The average selling price remains soft at $206,583 down from $261,199 last July.  As I mentioned in my June 2012 Trends blog post that due to low amount of sold properties one or two more expensive properties can skew the data up or down.  The real positive is the  number of attached homes in St. Charles under contract jumped 87.5%.  15 towhomes had contract in July 2012 to last July’s 8.  This supports my thinking that we are seeing some stabilization in the St. Charles real estate market. Also that more first time home buyers could be entering the market.   Hopefully this positive trend continues and isn’t just a 1 month pop.

You can view all the homes I have sold in St. Charles here

2502 Majestic Oaks Lane, St. Charles, IL

804 Viewpointe Drive, St. Charles, IL

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