Location, location, location. Let’s drill down into the St Charles market and look at supply and demand.
The numbers in the chart above were compiled from Midwest Real Estate Data (MRED) on Wednesday, February 15, 2017. They provide you a pretty detailed glimpse into our local real estate market.
As a whole, the city of St Charles has 662 homes for sale and had 430 closings in the last 6 months. That’s an average of 71 closings per month. Doing the math shows St Charles currently has 9.2 months of housing inventory. This puts us in a buyers market. Supply is higher than current demand. Selling your home right now may be more difficult than usual. Where you live can change your success.
Drilling down to the subdivision-level tells a more complete story. Looking only at neighborhoods with 4 or more closings in the last 6 months, we have 5 neighborhoods where selling should be a breeze. The following St Charles subdivisions are currently in a sellers market;
- Fox River Estates
- Hunters Fields
- Remington Glen
- Townes of Fox Chase
- Wildwood Cove
If you live in one of these areas and are considering selling – NOW IS THE TIME! Demand far outweighs the supply. You could experience a quick sale for top dollar. In the last 6 months, these 5 neighborhoods accounted for 7% of closings but now only offer 1% of the local housing inventory.
Looking at the chart above shows several St Charles neighborhoods with a 3-6 month supply of housing. This represents a stable market and selling should also be fairly successful right now.
There are 9 subdivisions where there is a definite glut of inventory putting these areas in a buyers market. Homes in these neighborhoods can be expected to take longer to sell, and may end up going for less than asking price. The neighborhoods of Fox Mill, Hunt Club and Prairie Lakes have exceedingly large amounts of inventory. If you need to sell your home in these neighborhoods, you’ll need to stand out with an attractive price and aggressive marketing plan.
If you’ve been considering selling your home, don’t wait until the Spring market when your competition will explode. You need to get your home on the market sooner. Start the process by finding out what your home is currently worth with our instant online home value analysis.