Fox Mill is a community in Campton Hills with slightly more than 700 homes. This is an analysis of Fox Mill homes for sale and the mix of residential sale types. The sale information examines three successive years, November 2009-October 2010, November 2010-October 2011 and November 2011-October 2012.
The story for homes for sale in Fox Mill is that while fewer houses are for sale now than three years ago, and the number of sales is essentially flat, home values have declined in price for each of the past three years.
The number of homes listed for sale in Fox Mill has decreased significantly in the most recent rolling 12 months. This is clearly in response to the law of supply and demand kicking in: as prices have declined, fewer sellers have offered their homes for sale. This decline in new listings has been approximately 30%. (Please see the accompanying graphic for this and other data referred to in this post)
Despite the decline in the number of homes for sale in Fox Mill, the number of units sold has essentially been flat year to year.
Traditional sales dominate and, importantly, distressed sales (short sales or foreclosures) have NOT increased markedly year over year. The impact of short sales and foreclosures cannot be diminished, however, because they impact not only competitive values but the ability of people to move “up” into more expensive communities like Fox Mill.
Months supply is a measure of the ratio of homes for sale during the period divided by the number of sales during the period. In short, it’s one measure of the strength of the market. Because the number of homes for sale declined while sales remained flat the “months supply” declined. This signals movement toward a strengthening market and one favoring sellers.
Average Sale price
Fox Mill homes for sale have declined in value approximately 15% over the past two years.
This analysis doesn’t look far enough back to uncover the entire depth of the decline in values of homes for sale in Fox Mill. Prices peaked in 2008 at $606K on average so total loss in value on average are closer to 25%. For further information on Fox Mill or other neighborhoods in the area, contact Scott Nowling thru www.scottnowling.com.
This representation is based in whole or in part on data supplied by Midwest Real Estate Data LLC for the period January 2008 through October 2012. Midwest Real Estate Data LLC does not guarantee nor is it in any was responsible for its accuracy. Data maintained by Midwest Real Estate Data LLC may not reflect all real estate activity in the market.