Arlington Heights Housing Market | July 2023

Arlington Heights Housing Market 2023 |

Here is a text for the how is the market blog and I'm also attaching all slides for July 2023. I will be recording the video today and I will send you all the clips (I combined the months of inventory and days on the market into one paragraph since there has not been a lot of change in those over the last 4-5 months )

Do you find yourself wondering if home prices are still soaring? Are you curious about the latest trends in the ever-changing real estate landscape? Are you getting ready to purchase real estate this year? Welcome to How is Market in Arlington Heights July 2023 Edition. Whether you're a seasoned homeowner or a curious first-time buyer, this video is made just for you. ++++

Last month, we witnessed a remarkable surge in sold prices, delivering excellent news for homeowners. The average sold price skyrocketed to $498,000, marking a significant $25,000 increase compared to May. This impressive leap translates to a remarkable 5.28% rise in just one month! This surge be attributed to a combination of factors: the lack of available homes and many homebuyers adjusted to the higher interest rate environment already. It's worth noting that a considerable portion of the contracts closed in June were initially negotiated back in April when demand was at its peak. We're thrilled to provide you with these valuable insights, as we believe it's essential to keep you informed about the ever-changing dynamics of the real estate market.

Let's dive into the fascinating realm of asking prices in our area! We witnessed the average asking price reached an all-time high of $493,000. The rate of increase is truly impressive, with a big surge of over $26,000, equal to 5.68% Motivated by the previous closed prices, which exceeded their initial list prices by thousands of dollars, sellers entered the market with higher asking prices. And many of these sellers were rewarded handsomely. They not only received multiple offers but also saw their final closed prices surpass their already ambitious asking prices. Buyers are still willing to compete fiercely for desirable properties. This market continues to display remarkable resilience, and we're excited to keep you informed as we navigate through these exciting times together.

Let's shift our focus to the sold-to-asking price ratio. In the previous month, this ratio stood at a commendable 101%. Although it still surpasses the 100% mark, it did experience a slight decrease of over 0.5% compared to May. While multiple offers situations on properties are still present, it's worth noting that sellers are receiving fewer offers compared to the spring market. During the months of March and April, properties were generating 12 to 16 offers after entering the market. However, the market has changed a bit and now homes are getting between 2 to 5 offers per listing. We are still operating within a robust seller's market. Winning a multiple offer round may not necessarily require offering an $50,000 to $70,000 over the asking price. The market seasonality trends have shown up, providing a more balanced playing field for buyers. Our team is here to guide you through the process and help you make informed decisions .

Let's take a closer look at the units sold statistics for the previous month. In June, a total of 135 homes were sold, which is 10 more than the previous month of May. To provide some context, last year saw 35 more closings during the same period. Additionally, if we go back two years ago, we observed over 100 homes being closed in the same month. These comparisons underscore the impact of the limited inventory situation in our area. It's evident that there simply aren't enough homes to satisfy the needs of eager buyers who are actively seeking properties in our area. Stay tuned for further updates and strategies to help you make the most informed decisions in this dynamic real estate environment.

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ABOUT: Hi, I'm Mike Zapart and I'm a real estate agent with Compass in Arlington Heights. Whether you're buying or selling We'll walk you through the process from start to finish and help you get into your new place faster. I know that when it comes time for a move, finding the right agent can be tough - but don't worry! Watch this short video to learn about me and what sets me apart from other agents in my area.

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#real_estate #2023_housing_market #housing_market #real_estate_market #mortgage_rates #housing_market_predictions_2023 #interest_rates #us_housing_market #real_estate_investing_for_beginners #housing_crash #real_estate_agent #real_estate_investing #housing_market_2023 #housing_market_bubble #2023_real_estate_market #2023_housing_market_forecast #home_prices #housing_market_crash #real_estate_2023 #housing_market_2023_forecast #arlington_heights_illinois #arlington_heights

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