May 2014 New Lenox Real Estate Market Conditions

Let’s take a look at the New Lenox real estate market conditions during May 2014.

There were 208 New Lenox homes for sale in May, down 11.9% from May 2013, with 236 homes for sale! There were 40 homes closed in New Lenox during May 2014, down 18.4% with 49 closings last May! New Lenox real estate is still experiencing a lower inventory of homes for sale but the number of closings has also slightly decreased meaning things could be starting to slow down for the summer market.

The average market time for New Lenox during May 2014 was only 66 days compared to 158 days last year in May, which is 58.1% lower!!! The average list price in New Lenox during May 2014 was $293,518 which is 18.4% higher compared to last May’s average list price of $247,828. The average sales price during May 2014 was $262,839 up 18.8% compared to last year’s average sales price of $221,200. The percentage of original list price received is 4.5% higher than last May - 91.7% of the original list price last year compared to 95.8% this year. Market time was dramatically down this May - mostly because the spring market was HOT this year! Properties were selling on average in about 2 months. Properties are being listed and sold for higher prices and sellers are receiving nearly 96% of their asking price! Good news all around!

The number of new listings during May 2014 was 13.5% higher than last year – 84 new listings this May compared to 74 new listings last May. The number of listings under contract increased by a whopping 40% this May compared to last – 63 listings under contract this May compared to only 45 listings under contract last May! If you are thinking of selling in New Lenox, this might be the right time for you! Contact The York Team for more information!