Archive for the 'By The Numbers' Category

Downers Grove Real Estate – by the numbers – September edition

September 4th, 2009 by Michael Long
Categories: By The Numbers
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I try my best to put together monthly market statistics to share with everyone. I normally follow a pretty simple format and concentrate on the “popular” statistics such as median sold price, market time, supply & demand and a few others.

Lately I’ve been looking into a few more obscure (lack of a better word) numbers and was surprised at what I was seeing. I’m starting here with Downers Grove but this number below is pretty close for all surrounding areas like Lisle, Naperville and Westmont. No market in Chicago’s Western Suburbs has been spared. So, every week, on top of my normal statistics I’m starting a more straightforward numbers game on the communities I cover. The numbers will range from real estate market statistics, dates important to that community and a wide array of other options. All that being said….here is our number for this edition in Downers Grove, IL:

82%

Looking at the past 6 months of sold properties in Downers Grove I look at a few things on top of sale price. I look at the average list price from when it sold and I also look at the ORIGINAL LIST PRICE. This is where our number comes from. Over the past six months the ORIGINAL LIST PRICE to SALE PRICE ratio for Downers Grove single family homes is 82%. The average original list price over the past six months was $465,328. The average list price when is finally sign a contract is $409,625 (a difference of $55,703). That means the average home in Downers is lowering their price almost $56,000 before it goes under contract. Average sale price was $379,340. Almost $100K from original list price or 82% of original list price. The list price from the time it goes under contract to the time is sells was 93%…which sounds a lot better but doesn’t paint the long road it took to get to the percent. That sums up this market that we are currently in. Something to note: this does include distressed properties….too tough to weed out using this report.

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