Joliet, IL Real Estate Market Report, June 2010

Attached below is the Joliet, IL Real Estate Market Report for June, 2010. Some of the highlights in the report include:

Median Price

• Median price for active Joliet homes for sale listings is at its highest in 12 months at $154,850. That is up 3.2% from June 2009
• After a slip in May, the median price for Joliet homes that went under contract in June is back up to $139,000, but is down 4.1% from June 2009.
• Median price for Joliet homes that closed/sold in June was at $120,000 which was down significantly, 17.2%, from $145,000 in June 2009. 

Supply & Demand

• The most significant highlight is that Average Days On Market (DOM) for active Joliet homes for sale listings has been dropping all year and found a new low at 151 days. What hasn't changed, though, is the Average DOM for closed/sold properties. What that is telling me is that homeowners are getting frustrated with the marketing process and are taking their homes off the market.

Months Supply of Inventory (MSI)
(The amount of months that it would take to sell every active listing at the current sales pace. Found by dividing active listings by sold listings)

• The current MSI is 7.8 months supply of homes.
• 7.8 months is the lowest supply of homes in the last 12 months, but that is probably driven by all the Joliet homebuyers that wrote contracts in April (highest # of contracts in 12 months, 122) and had to close by June 30th to get the Homebuyer Tax Credit.
• I am very encouraged, though, by the new contracts, 97, that were written in June. And here we thought that the buyer spigot had been turned off with no tax credit buyers. Lets see (and pray) that this trend holds up.

To view the entire report, click on the link below:

Joliet Real Estate Report JUNE 2010.pdf (654 KB)

For more information about Joliet, IL homes for sale and Joliet, IL real estate statistics, please give me, Tim Soper of Realty Executives Success, at (815) 439–5051 or fill out the contact form on the right.