Following is some information from a program called Infosparks, a data gathering company.
February Months Supply of Orland Park Homes For Sale
The chart above tells us that we are close to a Seller's Market. If this keeps up prices will continue to rise. Anything from 1-4 months supply of homes denotes a Seller's Market. 5-6 months is a neutral market and more than a 6 month supply is a Buyer's Market. It's been a busy couple of months with buyers and many are feeling the pinch when they finally decide to make an offer and the house they loved is already under contract.
Days on Market for Orland Park Homes
We had one of our best years in 2014, and I remember having an active winter season. You can see the change from February 2014 to 2015. It's better this year so this might be a favorable year to sell an Orland Park home.
Percentage of Average List to Sale Price
This is the average reduction Orland Park home sellers have taken from their original list price to the accepted contract price. You can see that this year our activity is better with less inventory and quicker sales, but the ratio of original list price vs. contract price is lower in 2016. As an example, if the original list price of a home was $300,000, it's a good guess that today's seller will get an agreed upon price of around $273,000.
This is just a set of data comparing many different types and styles of homes in different kinds of condition. For instance, you might have the most updated, clean and nicest Orland Park home priced at $300,000 and might get very close to your asking price if not your asking price (which usually only happens if there are multiple offers).
The truth is, many sellers start out at the top of their price range, but their home might not be the cream of the crop. So they end up taking price reductions until they get an accepted offer. In the seller's mind, their Orland Park home was worth $300,000, but buyers didn't agree. Maybe when they took one or more price reductions (depending on how low they went), they were finally at the price they should have been at to begin with.
The Orland Park Real Estate Market Looks Good
We're super busy with buyers and almost all of our listings are under contract with the exception of our newest listings. If you'd like to see current market activity in your area so you can get an idea of what you can ask for your home, please click here. You'll get a CMA (Comparative Market Analysis) that will pull area listings - showing sold properties and currently active, so you can see where prices are.
If you're considering buying and/or selling an Orland Park home, give The Judy Orr Team a call at 708-536-8200 or use our Contact Form. Even sellers like to see what's currently on the market - so create your Automated Home Search here. Check Orland Park homes for sale by clicking the link.