Oswego Market Review - First Half 2013

Hello Oswego readers and happy July 2013. As we've completed the first half of the year, I thought it was time for an analysis of the Oswego real estate market based on the sales data posted between January and June. Taking a look at what's going on in the market compared to the same timeframe in 2012 gives us a good idea of general trends in Oswego. Of course each home is a unique product and any buyer or seller jumping in should get a better idea of what's on the market by using a resource like my Oswego real estate website - http://www.illinoislandandhomes.com

General Conclusions

In Oswego, distressed properties continue to plague the market in 2013 with the ratio of sales jumping 6.3% for the same timeframe year-over-year while the total ratio of distressed properties remains extremely high at 47.7%. This has contributed to an overall drop in median sales price of around 4% with the hardest-hit being the detached single family homes. Sales activity is up considerably in 2013 - increasing a whopping 36.5% and homes are selling 28% faster. This is an indication of much stonger market activity - buyers are buying and homes are selling faster. Homes are also selling close to their list price - within 3%. Sellers are negotiating less and multiple offers are driving offer prices much closer to list prices.

What's Coming

The number of distressed properties entering the market is expected to continue to decline. It's somewhat surprising that the numbers went up in Oswego for the first half of 2013 so I expect Oswego is lagging behind the general market in the "mop up" phase of the down market. The increased buyer activity should continue to erode the inventory as it has in other areas and we should expect our values to get back on track in the second half of the year. While the first half of the year was impacted less from reduced inventory as other areas, the second half should further tighten up meaning it should be prime time to list a home for sale.

Below is all of the raw data from the first half of 2013 that I used to draw these conclusions - it's pretty number intensive. For more specific information about individual subdivisions and communities in Oswego you can visit my Oswego homes website at http://www.oswegorealestate-il.com

Detached Single Family

In 2013, there were a total of 221 detached homes sold in Oswego with an average sales price of $224,663 and a median of $220,250. Of these 222 homes, 88 were distressed sales (foreclosures/short sales) - which made up 39.6% of all sales in Oswego. The list-to-sales-price ratio in 2013 averaged 97% meaning homes were selling within 3% of their list prices, on average. Median number of days on market in 2013 was 39.5.

Contrasting these numbers with 2012, we see that last year in the same timeframe, a total of 169 homes sold with an average sales price of $230,360 and a median of $234,900. Of these 169 homes, 57 were distressed sales - roughly 33.7%. List-to-sales-price, homes sold within 96% of list price on average. Median number of days on market in 2012 was 59.

Attached Single Family

In 2013, there were a total of 102 attached homes sold in Oswego with an average sales price of $113,105 and a median of $116,450. Of these 102, 65 were distressed sales (foreclosures/short sales) - which made up 63.7% of all sales in Oswego. The list-to-sales-price ratio in 2013 averaged 97.5% so homes were selling within 2.5% of their list prices. Median number of days on market in 2013 was 53.5

Contrast with 2012 when a total of 72 homes sold with an average sales price of $111,826 and a median of $114,500. Of these 72, 43 were distressed or 59.7%. The list-to-sales-price ratio was 97.3% for the first half of 2012. Median number of days on market in 2012 was 62.

Total Market

In 2013 there were a total of 333 properties sold in Oswego with an average sales price of $199,102 and a median of $181,500. Of these 333, 159 were distressed or a total of 47.7%. The list-to-sales-price ratio averaged 97%. Median number of days on market in 2012 was 44.

Compare to 2012 when 244 homes sold with an average sales price of $193,314 and a median of $189,000. Of the 244, 101 were distress sales or 41.4% and the list-to-sales price ratio averaged 96%. Median number of days on market in 2012 was 61 days.

Eric Rogers is a full-time real estate broker with Century 21 Affiliated Pro-Team working in the Fox Valley area of Illinois. Eric has been the recipient of numerous awards including the Quality Service Award and is currently a member of the Century 21 Masters Program. If you are looking to buy or sell a home in the Fox Valley, you can contact Eric directly at (630) 346-1041 by phone or text or you can email him at illinoislandandhomes@gmail.com.