As a Long Grove realtor, the number one question that I am always asked is..... "How is the Real Estate Market Doing?" Obviously, my clients ask me this question but I am also asked this question by friends, family and/or acquaintances. I am asked this question at the grocery store, while I am walking my dog, at school functions, as a spectator at my son's volleyball game , parties, anywhere and everywhere.
So to answer "How the market is in Long Grove Illinois" I have summarized the following information for my readers.
1. Home prices in Long Grove are currently similar to what the prices were in 2002/2003
2.There were 9 closed sales in Long Grove, Il in November 2009. compared to only 1 home closed in November 2008. If you would like to know what a particular Long Grove house sold for, just email me and I will be happy to send you the sales price.
3. The highest selling price for a single family home in Long Grove in November 2009 was $971,000 while the lowest sales price in Long Grove in November 2009 was $425,000.
4.Two of the Long Grove November closed sales were foreclosures
5. The average listing market time in Long Grove Illinois in November of 2009 was 177 days - understand that this is an average and that "pricing a home right for today's market and staqing your home" will result in a quicker sale.
6. The median sales price for the 11 months of 2009 in Long Grove was $714,792 down from $835,166 for 11 months of last year. Why has the median price decreased by approx 13% in one year. One reason is that there are more short sales and Bank Owned Property than there have ever been. Yes, there are short sales and bank owned properties in Long Grove. Also, because of these distressed sales, other homes cannot be appraised for normal prices.
The good news is that more homes are being sold every month and when the inventory decreases, homes will of course increase in value.
I think that it is a wonderful time to sell if you are looking for a great opportunity to buy - I have had two clients who recently sold their homes for less than they had paid for them in 2003 but made up the difference and more when they purchased their next home. .
If you do not own anything it's a wonderful time to buy too. With the extended tax credits in place and interest rates under 5% for a conventional loan - there are some amazing opportunities in Long Grove Illinois. Actually one of my lenders said they can get a 4.5 percent 30 year conventional fixed loan.
So How is the Market in Long Grove Illinois? I think it's great! The market in Long Grove Illinois is filled with opportunities!!
Whether you are in the market to buy a home or to sell your current home in Long Grove it is important to keep abreast of the Long Grove market statistics (or at least to work with a Long Grove REALTOR who does.)
If you would like more information about the Chicago Northwest Suburbs,including Buffalo Grove, Lincolnshire, Long Grove, Vernon Hills, and Lake Zurich please do not hesitate to call me at 847-602-5435 or email me at info@buffalogrovehomes.com.
My websites, www.movetolonggrove.com , www.buffalogroveareahomes.com and my blog www.judygreenberg.com will provide you all the information regardless as to whether you are a potential buyer or seller! 
Are you looking for a new home in the near future.?... Then click on icon on the right and I'll help to find you the perfect home.
Judy,
Thank you for your report, much appreciated.
-David
Judy
interesting stats - :)
Great job letting the people know about what's happening in the Real Estate market in your neck of the woods Judy!
Still a buyers market in your area. Hopefully witht eh prices, low interest rates and tax credit you should see things moving early this year.
Hi Judy, I am just beginng to get the imnpotance of these kind of marketing posts for my blog. Is the longer title part of the key word strategy? I will check back later.
Thanks, and have a great new year!