St. Charles IL Real Estate Trends for June 2012

St. Charles IL Real Estate Trends for June 2012

The question is, “Could the summer selling season be as strong as spring?   The answer is a resounding, “Yes!”   The June data supports the St. Charles real estate market has rebounded for the short term.   For the month of June, the number of detached homes sold in St. Charles was 63, compared to 68 in June 2011.  The average sales price in St. Charles for June 2012 was $419,726 compared to $375,112 in June 2011, presenting a 11.9% price increase.  Though the data recorded looks very strong,  we can’t logically think home prices have gone up that much.  There are two reasons for this increase in St. Charles home prices.  First,  strong demand levels are giving homeowners more leverage which in turns equals higher sale prices.  In some cases, there were multiple offers which always drive prices up.  Secondly, more expensive houses have sold in 2012 than in 2011 which is not surprising, given the historically low mortgage rates. The  number of homes under contract in St. Charles for the month of June  reached 74 houses, while last June that number was 50.  So that is a 48% increase in number of houses currently under contract from this time last year which also means the numbers for July should be very positive.

St. Charles IL Homes For Sale 2012 Trends

Now we switch our attention to the attached homes for sale in St. Charles.  The number of attached homes sold in June was 16, compared to 10 sold last year–a 60% increase!  The average  sales price did fall from $271,740 in June 2011 to $203,678 in 2012.  Again this just means that more lower priced properties sold this year.  In St. Charles real estate, a few higher end town homes can manipulate the average sales price.  The real positive is the 60% jump in units sold.  The amount of current homes in June under contract was disappointing.  Last year there were 11 attached properties under contract in St. Charles. While this June, only 5 properties were sold, representing a 54.6% decline.  I think this just supports the increase in single family homes being sold at terrific prices (also no assessments being added to the mortgage payments).  In this current market, people that  have decided to buy in St. Charles are buying houses over town homes.  Again with these historically low mortgage rates, this trend will probably continue.  You have investors buying distressed properties, fixing them up and either renting them or flipping them.  Homes for sale in St. Charles under $125,000 that are in desired locations and don’t need a ton of work, are selling within days of hitting the  local market place.

So, overall June was a pretty strong month for St Charles IL real estate.  The problem, I have started to see, is the amount of quality inventory has dropped greatly in the month of July.  Desirable homes that were priced well, in a good location, and in reasonably good condition, have for the most part, all sold.  So now we have relativity strong demand and a decreased inventory of  homes for sale in St. Charles area.  This could effect August and September more than the July numbers.   I will be posting those numbers in a couple weeks.

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

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