My prior post had a lot of data for Orland Park real estate market statistics for 2014. It was a long post and I decided to create a separate post for the month-by-month comparison. This is one of my favorite graphs to view at year end since I like to see which months had the most single family Orland Park homes go under contract.
Orland Park Homes Under Contract
The reason I feel this is the most important factor on the graph is to show actual buyer and sales activity from month to month in a given year. This shows whether seasons and weather really do affect sales. The months with the highest under contract listings means that was when the most buyers were out looking at Orland Park homes for sale.
The graph above shows us that our busiest month for homes going under contract was October last year. That is very interesting because the busiest month is usually one of the summer months, specifically July. The reason for that is usually because buyers want to get a home under contract in time for their children to start the school year, especially if it's a move to a new school/district. Every year is different, as this shows.
The next busiest months for accepted contracts was May, which I can understand because of the Spring season bringing out many buyers to begin their search. And the 3rd busiest month for contracts being written and accepted was July, which has been first for many years past.
The slowest month for accepted contracts was February, which is interesting, because in other years it is November or December. Following February as the slowest month was September. That would make sense to me with the school year beginning if October wasn't the busiest month last year. You can't predict these stats.
Sold and Closed Orland Park Homes
Not every home that goes under contract will make it to the closing table. Some people lose their jobs before they close, some homes don't pass the home inspection and that particular buyer will walk. And some buyers, even though they were pre-qualified, end up not being approved for the mortgage. That's a blog post in itself.
The sold figures are very important because these are the final parameter of the amount of Orland Park homes actually sold over the year. Being under contract is important to show activity, but sold listings are the true data of contracts that made it to closing and those listings are what appraisers use to create their property appraisals.
New Orland Park Homes Listed
To me this isn't the most important piece of data in the above graph as not all of those new listings will sell. Some sellers put a home on the market and aren't that motivated to actually sell. Many list too high just to test the market and see if they can get their price. As you'll see above, there are more new listings on the market than those that received contracts or closed in 11 of the months. The only month where less Orland Park sellers put their homes on the market was December, and I certainly understand that.
Sometimes a listing doesn't appear to be overpriced, but buyers feel it is for the current condition of the home. For instance, if a seller sees a comparable listing that sold for $300,000 that is the same style, same amount of bedrooms, baths, etc., they believe they should receive near the same. They don't take into consideration that unlike their home, the other one had an updated kitchen & bathrooms or a finished basement and the new seller's home has an unfinished basement. A good agent will try to point these differences out but some sellers won't listen and expect the same amount of money for their home without updates as the home with updates got. Their home will probably sit on the market a long time unless their agent can convince them to start reducing.
How is This Year Comparing?
We started out very busy and then there was a lull, but it's picking up again. We can't blame weather conditions because last winter was as bad as this winter, if not worse. I was a little surprised at the above graph so I wouldn't even try to predict how things will shake out for 2015. 2014 was our best year ever in the 32 years I've been licensed. I'm hoping 2015 will be just as good, if not better.
If you're thinking about buying and/or selling an Orland Park home, give The Judy Orr Team a call or use our Contact Form. You can get a free, Instant Market Activity Report by clicking here (be sure to create as small a radius around your home as possible to get the most accurate results - this is what is currently up for sale in your area). For a more detailed and accurate market value fill out this form. Even sellers like to see what's currently on the market - so create your Automated Home Search here.