Good morning everyone. What a beautiful spring day! I hope everyone has a wonderful weekend planned. Don’t forget to move your clocks forward on Saturday night before you go to bed.
I have tabulated the results for sales in February for several Metro East towns/cities such as Columbia, IL, Waterloo, IL, Dupo, IL etc.
I have also made a chart with the number of homes for sale in those same towns/cities and I have separated them by price range. You will see the results below.
You can compare these charts to see what the “absorption rate” for a particular price range in a specific town. The “absorption rate” can give you an insight either as a seller or buyer as to what your leverage might be when negotiating an offer.
For example, if you are a seller in Dupo, IL in the price range of $150,000 to $200,000 you will notice there are currently 7 homes on the market. In February you will notice 0 homes sold. Therefore, if you want to sell next month, you may want to consider adjusting your price.
Another example, if you are a buyer in Columbia, IL in the $250,000 to $300,000 price range you will notice there was 1 sale last month and there are currently 11 homes on the market. That means there is an 11 month supply of homes on the market in that price range. As a buyer, that would lead me to the conclusion that I could probably get a great value on a home in that price range since there is so much competition.
I hope you find this information helpful! Have a great day!
|Listed As of March 1||$100,000 & Under||$100,000 -$150,000||$150,000- $200,000||$200,000 – $250,000||$250,000 – $300,000||$300,000 & Above||Total|
|Sold in February||$100,000 & Under||$100,000 -$150,000||$150,000- $200,000||$200,000 – $250,000||$250,000 – $300,000||$300,000 & Above||Total|