Average Home Prices Recover +1%
According to statistics compiled from the Multiple Listing Service of the West Central Association of Realtors by Tim Parker of Berkshire Hathaway HomeServices Professional Realty.
The average home sales price in our neighborhood has increased by 1.2% over the average sales prices for the same period in 2014 thus completing a "recovery" from the 1.1% loss in average prices from 2013 to 2014.
Year to Year Averages Indicate Stability
Our neighborhood, Country Club Hills and Twin Lakes, continuously shows through the changes in average sales price that we are not insulated from the market fluctuations felt across these United States. Although we don't see 20% yearly swings, we still feel the effects of economic tremors. Unemployment continued to decrease and new jobs were announced by Ford, 2014 showed an increase in the number of sales and the number of days on market for all homes sold decreased to 99 days, yet the average sales price decreased from what it was in 2013 by 1.1%. More homes selling faster and for less money because of the illusion of a larger, capable buyer pool.
Back to Normal Prices
So no good economic news came out to end 2014 ad our immediate housing market reflected such a lack perfectly. The average sales price in CCHTL rebounded by 1.02% year-over-year. That's a whole 1/100th of 1% better than expected!
Our average days on market returned to the "normal" 130+ and the number of homes sold returned to around 15 (through 9 months). Everything that happened in our neighborhood so far this year almost matches 2013 exactly. Just as it should have last year.
What the Future Holds for Home Sales Prices
Who knows. There are so many factors that affect prices that there is no accurate way to predict what the market will do over the next year. I suspect that 2016 will see about 15 neighbors moving out and another 15 moving in. They will dicker and deal for about 130 days and come to terms somewhere between $100,000 and $200,000. Hilarious, ain't I?
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