Let’s take a look at the New Lenox real estate market conditions during November 2014.
There were 204 New Lenox homes for sale in November, up 12.1% from November 2013, with 182 homes for sale. There were 23 homes closed in New Lenox during November 2014, down 34.3% with 35 closings last November. Although there are a few more homes for sale, there were less closings than last year in November which indicates that market activity is slowing down a bit.
The average market time for New Lenox during November 2014 was 74 days compared to 146 days last year in November, which is 49.3% lower! The average list price in New Lenox during November 2014 was $300,367 which is 12.2% higher compared to last November’s average list price of $267,597. The average sales price during November 2014 was $202,306 down 14.9% compared to last year’s average sales price of $237,633. The percentage of original list price received is 0.9% lower than last November - 92.6% of the original list price last year compared to 91.8% this year. Although properties seem to be selling in about half the time it took last year, sales prices have dropped off a bit and sellers are receiving a lower percentage of their original list price. I think a lot of sellers became too optimistic about market conditions and listed too high only to ultimately reduce and throw off the averages.
The number of new listings during November 2014 was 56.2% higher than last year – 50 new listings this November compared to only 32 new listings last November! The number of listings under contract increased by 63% this November compared to last – 44 listings under contract this November compared to only 27 listings under contract last November! If you are thinking of selling in New Lenox, this might be the right time for you! Contact The York Team for more information!