Wednesday, August 27, 2014
Arlington Heights, IL Condominium Market
Here is what is going on in the condominium market in Arlington Heights, IL. Real estate appraiser Michael Walsh looks at statistics from the MRED MLS for the last twelve months and finds prices increasing, there is a shortage of inventory and marketing times are under 90 days. In the last 30 days there were 54 new listings of attached homes, there were 39 closed sales and 44 under contract. In the last twelve months, the median sales price increased +20.2%, average marketing time declined -36.4% to 84 days on the market, and there is currently a 2.4 month supply of inventory. This level is considered a shortage. Bank Owned and Short Sales accounted for approximately 39% of total sales.