Where are St Charles IL home prices headed?

Where are St Charles IL home prices headed?

The national media has had no shortage of opinion on the real estate market lately.  Is it heading towards another bubble, is it going to tank, where are interest rates heading?  If you're interested in the real estate market, you can forget all those national stories and focus instead on your local market.  Every market is different, that's why it pays to have a local real estate advisor you can trust.

So forget all the chitter-chatter out there, where are St Charles IL home prices headed?

The average asking price for a detached single family home in St Charles remains relatively unchanged from last year, but is down 2% from a couple of years ago.

This is good news, it means that sellers are coming to terms with the fact that their home isn't worth those dramatic pre-bubble prices.  St Charles home sellers are pricing their home more realistically with what the market will bear.

The impact of fewer distressed properties on the market in St Charles could also have some play in these numbers.

If you're wondering about the market value of your St Charles home, let us know.  We can give you either a rough idea, or come out and do a full on appraisal.

The average sales price in St Charles is up 1.7% from last year.  It's down 4.6% overall from two years ago.

The long term drop would indicate a market correction with a silver lining that buyers are willing to pay more this year than last.

Overall, home prices in St Charles are on track for a slow but steady growth.

Again, if you have questions about your particular situation, contact The Kombrink Lobrillo Team at RE/MAX Great American North at (630) 488-3300.  We would be happy to discuss St Charles home prices with you and answer any of your questions.

As further evidence that sellers are pricing their St Charles homes more in line with market trends, and that buyers are paying more for these homes, the list-to-sales price ratio is up 6.1% from 2012.

These figures show the amount St Charles home sellers are getting for their home in comparison to what they were asking.  Home sellers right now in St Charles are averaging 93.2% of their asking price.

This is good but we still have room for improvement as the average years ago was 97%.

To sum up where St Charles IL home prices are headed;

• Sellers need to be more realistic in pricing their home
• Home values have gone up slightly and are expected to rise
• Buyers are seeing the value again and paying a little more
• Buyers are also paying more as a result of a dip in St Charles housing inventory.

Find out what someone would pay for your St Charles IL home.  Give us a call if we can be of any assistance at (630) 488-3300.