January 2016 New Lenox Real Estate Market Conditions

Let’s take a look at the New Lenox real estate market conditions during January 2016.

 

There were 162 New Lenox homes for sale in January, down 16.5% from January 2015, with 194 homes for sale. There were 27 homes closed in New Lenox during January 2016, up 8% from last year with 25 closings last January. There is less inventory and more closings which will create more competition for buyers this spring!

The average market time for New Lenox during January 2016 was only 108 days compared to 137 days last year in January, which is 21.2% lower. The average list price in New Lenox during January 2016 was $332,624 which is 16.6% higher compared to last January’s average list price of $285,204. The average sales price during January 2016 was $247,558 up 9% compared to last year’s average sales price of $226,504. The percentage of original list price received is up 7.6% from last January - 89.6% of the original list price last year and 96.4% this year. Homes are selling more quickly and prices are up! Sellers are listing for more and houses are selling for more. Sellers are also receiving a higher percentage of their original listing price.

The number of new listings during January 2016 was 3.6% higher than last year – 58 new listings this January compared to 56 new listings last January. The number of listings under contract increased this January compared to last - 32 listings under contract this year compared to 28 last year which is 14.3% higher. If you are thinking of selling in New Lenox, this might be the right time for you! Contact The York Team for more information! Take advantage while housing inventory is low before interest rates go up!