Palatine Single Family Market Update

Here are a few charts that we use to track the market. These charts allow you to see a snap shot of the market based on the last day of each month. While charts do provide a good overview it is only a small part of how we track the markets. For more details about the Palatine market feel free to contact us.

These charts show market activity until the end of August 2008 and include the previous two years worth of data for comparison purposes.

Palatine Single Family Market Overview Chart**
This chart shows the number of properties for sale including their average days on market, number of properties under contract including their average days on market, and the number of properties that closed during the month including their average days on market.

Palatine Single Family Month Supply Chart**
This chart shows the months of inventory as of the last day of the month for the last two years.

The total months supply is a very important indicator as to how the market is doing. When this number increases drastically then you know that homes aren’t selling fast enough to keep up with the amount of inventory coming onto the market. It is the best tracking of supply vs demand.

For the month of August you will notice that in 2006 there was 10.4 months of inventory, then in 2007 we have 11 months of inventory, and this year was 11.1 months of inventory. Really there hasn’t been a drastic change in during this 3 year period.

What does this all mean? Just that we are still in a buyer market and that there are some great homes that are still selling. These homes are taking longer to sell at an average of 93 days for those that closed in August of 2008. If you need to sell there are still buyers out there and yes they can still get a mortgage.

**To access full size views of these charts just click on the chart.