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 “DES PLAINES REAL ESTATE” HOW IS THE REAL ESTATE MARKET DOING IN DES PLAINES, IL? The only way to know how the Des Plaines real estate market is doing is to be informed. On this post we will provide you with the information you need to understand the operation of the property market in Des Plaines, IL. Whether you are a household member of Des Plaines or a buyer searching for a house for sale in Des Plaines, IL, the following information is provided to provide you with an overview of the Des Plaines real estate market. The statistics below include only single-family homes in Des Plaines. Statistics do not include condos, townhomes or multi-unit dwellings. What Happened To Homes That Went On Sale In May 2019? Of the 343 homes sold in Des Plaines in May 2019, 84.8% were never sold. 70.6% are still listed for sale and 14.3% have been withdrawn from the market by the home seller for one reason or another. Of all the homes that were on sale at any given time in May 2019, only 15.2% were sold! This is not an anomaly. The percentage of homes that actually sell in a given month is small relative to the total number of homes on the market. To be part of the "sold group", it is essential to hire a real estate agent who knows how to properly evaluate your home based on its location and condition. Are There Fewer Short Sales And Foreclosures In Des Plaines? In May 2019, the Des Plaines real estate market was 91% of traditional home sales. This represents a 0.8% increase over April 2019 and a 1.7% decrease from May 2018. The increase in the percentage of traditional home sales is a good sign for the market. Higher percentages of traditional home sales allow home prices to rise in the market, while higher percentages of short sales and foreclosures drive down market prices. The more foreclosures and short sales on the market, the lower the market prices, even for traditional homes. Will Home Values In Des Plaines, Il Go Up Or Down And By How Much? On average, home prices sold in Des Plaines, IL rose 5.22% from May 2019 to May 2018 (year-over-year). On average, the price of homes sold in Des Plaines, IL decreased (decreased) by -0.23% from May 2019 and April 2019 (year-over-year) Median Selling Price And Selling Price In Des Plaines, Il Although interesting and often reported throughout the industry, monthly price statistics can be misleading as to the evolution of real estate prices. Fluctuations due to seasonal demand in the housing market can lead to lower prices in a month-on-month basis, even though house prices continue to rise in the region. To truly understand the price evolution at Des Plaines, you need to look at median prices for an extended period. How Long Do Houses Sell In Des Plaines, Il? People still want to know how fast houses are selling in Des Plaines. The graph above shows the average number of days that homes were on the market before being sold in each of the last 13 months. Although this is an interesting number, it varies considerably when comparing homes that have had to reduce their prices to those sold at the original list price. The speed with which a house sells rests almost entirely on its price! This does not mean that houses should be sold at a low price, they certainly should not be in most cases. It costs the owner money and can lower the value of the property for the entire neighborhood. The price of houses should be at the highest level of the market for the location of the house (which you cannot change) and its condition (which you can change). Houses that are priced right from the start sell much faster than those that are too expensive to start with. Is This A Market For Buyers Or A Market For Sellers In Des Plaines, Il? In order to determine whether it is a buying market or a sellers' market, we need to look at the absorption rate in Des Plaines, IL. The absorption rate is calculated by determining the duration of sale of the current stock of homes on the market based on the purchase rate of the previous month (number of homes sold last month). On June 1, 2019, there were 242 current listings on the Des Plaines market. In May 2019, 52 homes were sold in Des Plaines. This means that as of June 1, 2019, there was an inventory of 4.65 months. This indicates that it is currently a neutral or balanced market. So it's currently a neutral or balanced market, but where is the market headed? To determine the direction of the market, we must compare the number of newly registered homes last month to the number of homes sold last month. This will show us if stocks went up or down last month. As noted above, 52 homes were sold last month. There were 108 new registrations last month. This means that stocks are increasing, which is a strong indicator that the market is moving towards a buyer's market.