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Health & Fitness

St Charles IL Real Estate Market Insight: August 2013

St Charles IL Real Estate Market Insight: August 2013

Key Market Indicators Show Direction Market Is Headed

Last week realtor.com released their National Housing Trend Report for August 2013. As the year’s peak home buying season comes to a close, key market indicators point to a shift in the dynamics of the housing market, suggesting that future home value appreciations may be driven by market demand, rather than inventory shortages.

An analysis of the summer home buying season ending in August shows year-over-year changes now within the single-digits for three key indicators – inventory count, median age and median list price, signaling a leveling of the market not seen for some time.

Nationally, inventory has dipped slightly and prices are increasing.  Homes are selling faster with the median age of homes for sale, that’s the amount of time they’re on the market, falling 8% to 92 days.

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However, and this is where it pays to seek out local news and insight, the Fox Valley region is experiencing some more dramatic changes.

Let’s take a look at St Charles IL Real Estate Market Insight: August 2013.

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Compared with National figures, St Charles is inline with a drop in inventory.  The number of homes for sale fell 21.2% from last year.  This provides for much greater demand and if you’re on the fence about selling your home, now’s the time to get it on the market.

St Charles fares better than the national average in the amount of time it’s taking to sell these homes experiencing a 25.5% drop in the median age of inventory, meaning homes are selling faster.  That means buyers are out there buying up these homes and again, while inventory is low and demand is high, there’s never been a better time to sell your home.

The median list price in St Charles, while not increasing as much as the nation average, has increased 2.2% over last year and continues to see a steady rise.  The median sale price of $326,438 also shows a gain of 2.9%.

Again, I can’t stress enough, if you’re on the fence about selling your St Charles home, you won’t find a better time.  Supply is low right now, while demand is high and prices are up.  The recent rise in interest rates will surely slow down the demand and stabilize prices so get in the market now while the getting's good.

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