OCTOBER 2015 NEW LENOX REAL ESTATE MARKET CONDITIONS

Let’s take a look at the New Lenox real estate market conditions during October 2015.

There were 187 New Lenox homes for sale in October, down 21.1% from October 2014, with 237 homes for sale. There were 42 homes closed in New Lenox during October 2015, down 14.3% from last year with 49 closings last October. While there is still less inventory than last year, there were also fewer closings which could indicate things are slowing down for the season. We’ve definitely noticed the market slowing down this fall compared to previous years.

The average market time for New Lenox during October 2015 was 85 days compared to only 52 days last year in October, which is 63.5% higher. The average list price in New Lenox during October 2015 was $290,504 which is 9.1% higher compared to last October’s average list price of $266,259. The average sales price during October 2015 was $315,331 up 17% compared to last year’s average sales price of $269,552. The percentage of original list price received is down 3.5% from last October - 96.2% of the original list price last year and only 92.8% this year. This indicates that properties are not selling as fast as last year and sellers are receiving a lower percentage of their original list price. While prices are are still up overall, sellers have become a bit too optimistic about the current state of the market.

The number of new listings during October 2015 was 18.2% higher than last year – 65 new listings this October compared to only 55 new listings last October. The number of listings under contract dramatically increased this October compared to last - 39 listings under contract this year compared to 22 last year. If you are thinking of selling in New Lenox, this might be the right time for you! Contact The York Team for more information!