Palatine Real Estate Update: The Market is Moving Fast

How fast is fast?

Buying and selling in this market is FAST, does this change the process of searching for a home?

The current market in Palatine is boasting fast market times with less than days, sometimes hours before new listings are selling.

There have been a total of 38 new single-family listings in Palatine in the last two weeks, and 7 are under contract, with an average market time of 11 days.

What’s driving this quick turnaround? Lack of inventory. The attached chart to the right shows absorption rate for Palatine. With 7 new listings under uncontract in just days; the current absorption rate is up 26% since the beginning of 2013.

What is interesting about this marketplace is the pricing. The chart to the right shows the median price of sold property of the last six months is up 23%, but actual selliing price is down 4.3%. This suggests that although property is being listed for sale higher, actual final sales price is still within the market.

For example: 21 Leonard in Palatine in was originally listed in 2012, for $319,000 and dropped to $299,000 then taken off the market. It was relisted on April 8^th, still at $299,000 with at least one contract on April 12th. We will not know the closed price until the property closes, but can be certain the offer was aggressive. Buyers broker Gregg Bernadette who represents buyers explains, “Today’s buyer must have an on-call mentality,” He Said. “Today's listings, that are well priced, they sell fast”.

In a traditional market the typical process would be for a buyer to go on a tour with a broker, viewing several homes in a few hours. Today, buyers are ready to drop everything to view new listings. “Buyers who cannot move on a property quickly will loose opportunities in todays fast market. My buyers understand that they may get a call from me, and we will need to view the property immediately and have an offer in hand.” Bernadette continued.

For sellers this is exciting. Being able to sell you home quickly is a top priority for most homeowners in the marketplace, but conversely can be frustrating for buyers. Ready, willing and able to buy armed with a pre-approval or proof of funds can make the process go more smoothly. A broker, who knows the market place, will also be able to guide you in this fast paced environment.

Holly Connors is a senior broker and founding member of @properties. For more information, Holly can be reached at 773.862.0200 or holly@atproperties.com. You can also visit her website at hollydanielsonconnors.com.