what can we tell from the data?
We’ve gathered 3 years of Glenview real estate market’s data, and dissected them into four groups by homes’ price range. There has been a growing number of homes for sale on the market, as is shown in the growing bars in each price group. So what does this mean?
For example, say you are selling a home priced around $400k. Two years ago, your have 117 competitors, this year, you have 150 competitor – that’s over 20% increase in housing supplies! It is a boon for buyers, but a pressure for sellers.
It's slowly shifting to a buyer's market
Glenview real estate market is still in the healthy range. But the influx of homes for sale certainly pushed it more and more towards a buyer’s market. The bars on the right shows the months of supply. Homes above $450k are pushing towards 8 months of supply, which indicates slight over-supply; whereas cheaper homes under $450k still have a really short turnaround time, meaning homes are getting snatched up right when they hit the market.
This gives buyers of medium to high-end homes more room to select and negotiate.
How much can sellers get
On average, Glenview homes can sell for 94-96% of their original listing price.This ratio has been fairly stable for the past 3 years. But we see a big dip in June 2019 for homes priced over $1.2 million, the final price is only 87% of the original listing price. This is most likely due to some one-off cases.
Some interesting tidbit: Single family homes tend to sell slightly more discounted (average 94%) than attached homes (condos and townhomes, average 96%).
So sellers, be realistic about your price expectation, and prepare to see some serious negotiations.
Want to know about your local market?
Drop us a line on Facebook. We do periodic market analysis if we see something interesting, and based on requests. Hopefully these tidbits can help you with your next real estate transaction.