Monday, January 14, 2013

Number of Distressed Sales lower in Thornwood than Kane County

In Kane County 49% of all residential sales occurring in 2012 were distressed sales. However, properties in Thornwood fared better than Kane county with 34.6% of all residential sales being of a distressed nature.  If only single family detached homes are considered, 22.6% of the single family homes in Thornwood were distressed sales. A distressed sale is a bank owned (foreclosure), a short sale, a court or auction sale.

Inventory levels in Thornwood are significantly below the surrounding communities with Thornwood having 3.6 month of inventory of detached SF homes and Kane County having 7.9 months supply.

Check out  my blog where I post monthly inventory levels for several Fox Valley communities.

Information obtained from MRED MLS and deemed reliable.

Friday, January 4, 2013

2012 Housing Statistics for Thornwood

Here is a summary of 2012 statistics 
for the single family detached homes in the  
Thornwood neighborhood in South Elgin, Illinois.

  •  61  Single Family Homes sold in Thornwood with an average marketing time of  96  days.
  • $365,000   Median home price.
  • $388,390    Average home price.
  • $ 690,000   Highest price home sale.
  • $ 225,000   Lowest price home sale.

18  homes did not sell because they expired or cancelled. The sold price as a percentage of  list price is 96% and  the sold price as a percentage of ORIGINAL list price is 93 %  (Price was reduced) .

Market improvements noted are a 65%  increase in the number of single family homes sold. The marketing time decreased from 196 average days on market to only 96 average days on market.
However, the average home price for 2012 of $388,390 is 2% lower than in 2011 while the median home price remained at $365,000.

Conclusion is that more homes sold more quickly at slightly lower prices in 2012 than in 2011 in Thornwood.