February 2016 New Lenox Real Estate Market Update

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

 

There were 163 New Lenox homes for sale in February, down 15.5% from February 2015, with 193 homes for sale. There were 32 homes closed in New Lenox during February 2016, up 6.7% from last year with 30 closings last February. Inventory in New Lenox is still down while closings are still up creating tons of competition for buyers this spring!

The average market time for New Lenox during February 2016 was 200 days compared to 221 days last year in February, which is 9.5% lower. The average list price in New Lenox during February 2016 was $279,488 which is 1.5% lower compared to last February’s average list price of $283,855. The average sales price during February 2016 was $264,678 up 9% compared to last year’s average sales price of $242,730. The percentage of original list price received is up 3.2% from last February - 91.1% of the original list price last year and 94% this year. Homes are selling more quickly although sellers are listing slightly lower than last year. Sales prices are up and so is the percentage of original list price received which still makes this a great seller’s market!

The number of new listings during February 2016 was 29% lower than last year – 44 new listings this February compared to 62 new listings last February. The number of listings under contract decreased this February compared to last - 29 listings under contract this year compared to 35 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!