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Old Northwest Land Co inc. © All Rights Reserved.
117 Irvine St. Ste. C, Galena, IL 61036
sales@oldnorthwestlandco.com
Telephone: 815.777.1776
(815) 297-2614
(815) 777-1776 office (815) 880-7810 fax
LaVonne Deininger, Broker/Owner
Licensed in Illinois, Iowa & Wisconsin
117 Irvine St. Suite C
Galena IL 61036
A Galena Illinois Real Estate Company
A Word of Caution: While this data can be revealing in many ways, it can also be a little misleading. For example: this does show that the total sales volume for the Galena Territory market has decreased since 2005, it does not split out the vacant lots versus homes sold, or tell you the total number of sales. Adding these data points may skew the data to show that while the volume may be down the average price per home sold may be up and this data may be different for homes versus vacant lots. So, it is IMPORTANT to call your professional Realtor® then he/she can interpret the data towards your buying or selling needs and help you make the right informed real estate decisions for your situation.
Current Market Remarks:
The residential market is starting to recover. While it is still impacted by the
foreclosures and desperate sellers, it is a strong buyers’ market. This means there
are bargains out there! While second home prices in the resort areas are beginning
to recover, primary residential homes in our local towns are levelling out. Farms
and vacant land prices are up with the price of corn and soybeans and are a great
value in this uncertain stock market. Commercial real estate in our market is slow
for now, but with unemployment at around 9% it might be time to buy a job at a good
price. This status changes quickly and is monitored closely by our Realtors®.
2011 was down from last year (volume wise and number of sales) about 13.25% from 2010. The first half of the 2011 year was down from last years’ market impacted by the first time home buyers credit during the first half 2010. Foreclosures, low interest rates and buyers looking for bargains in the market did cause some rebounding. So this means that while there is plenty of inventory to find what buyers are looking for, and the list to sale price is down, and the days on market is up, the chances of finding that “steal” is greater. Prices are starting to bottom out and the statistics are leaning towards recovery. So if were waiting for the best time to buy: IT IS NOW! The homes and properties that are not selling are the ones that are not priced properly for today’s declining market or do not have the proper exposure (advertising). All very good reasons to use a professional Realtor® to list, sell and help you buy property in today’s rapidly changing market.
Annual Statistical Data for the Realtor Association of Northwestern Illinois UPDATED: February 3rd, 2012
