FEBRUARY 2015 NEW LENOX REAL ESTATE MARKET CONDITIONS

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

There were 176 New Lenox homes for sale in February, down 2.2% from February 2014, with 180 homes for sale. There were 29 homes closed in New Lenox during February 2015, up 45% from last year with only 20 closings last February. With slightly less inventory and more properties closing, this is a great sign for the start of the spring market!

The average market time for New Lenox during February 2015 was 223 days compared to only 175 days last year in February, which is 27.4% higher. The average list price in New Lenox during February 2015 was $283,854 which is 2% lower compared to last February’s average list price of $289,712. The average sales price during February 2015 was $241,617 down 0.5% compared to last year’s average sales price of $242,904. The percentage of original list price received is 2.6% lower than last February - 93.4% of the original list price last year compared to 91% this year. Properties are taking a bit longer to sell and the average listing price is a little lower than last year, but average sales price has remained about the same. Sellers are receiving a smaller percentage of original listing price but that could also be because they were originally listing too high to begin with since people were becoming overly optimistic about the real estate market.

The number of new listings during February 2015 was 40.9% higher than last year – 62 new listings this February compared to only 44 new listings last February. The number of listings under contract increased by 32.4% this February compared to last – 45 listings under contract this February compared to only 34 listings under contract last February! If you are thinking of selling in New Lenox, this might be the right time for you! Contact The York Team for more information!