THE PALATINE REAL ESTATE MARKET OVERVIEW - December 2019

The Property Up team has analyzed the December 2019 statistics for the Palatine real estate market and has determined that there is a balanced market, favoring both buyers and sellers.

This means that properties are selling at about market value. This is supported by the fact that in November there were 69 homes in which buyers paid under asking price, 2 where they spent asking price and 5 where the buyers paid over asking price.

In December there are 584 homes actively for sale, and 1245 homes were sold in the past year. This helps analyze that there is approximately a 5.63 month supply of homes, which indicates the market has slightly picked up since last month.

Compared with a year ago, there are 17 more homes for sale than there were in December 2018 when there were 567 for sale, and in 2019 there are 584. The market is a bit slower in November 2019 when 76 homes were sold. There were 84 homes that sold in November 2018.

Single-family homes were selling in November 2019, with 34 single-family homes sold as well as 21 condos.

The market slowed down just slightly in November compared with October 2019 with homes selling approximately 4 days faster. In October homes sold in an average of 45 days and in November that figure fell to 41 days. Condos sold a bit slower. The average days on the market for Palatine condos was 47 days in November, compared to 37 in October 2019.

There is good news for buyers overall in Palatine as prices continue to trend downward. In October the average list price was $324,000. In November it was $318,000. The median sold price, however, increased from $246,000 in October to $280,000 in November. This does not necessarily mean the same homes for sale in Palatine would see this type of price changes, but the overall average of homes listed showed these fluctuations.

Based on recent sales, buyers with a budget between $77,000 and $178,000 might expect to be able to find up to a 1.5-bedroom home, a 1.2-bath home and perhaps a 885 square foot home.

Buyers with a budget of $178,000 to $450,000 would be able to find 3.1 bedrooms, 2 baths, and about 1825 square feet.

Buyers over $450,000 were buying homes with 4.3 bedrooms, 2.9 bathrooms, and above 3269 square feet.

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This release was published on openPR.