National news stories are reporting that the housing market is on the upswing. Is this trend happening in Brookfield? Let’s look at its real estate market with our focus on three-bedroom, single family homes and get a snapshot of Brookfield’s current activity. Right now there are 50 of these types of homes for sale. Asking prices range from $97,500 to $379,900 with the median price-point at $204,250. These listings include 11 Short Sales listed from that low of $97,500 to $235,000.
Considering that only six of these kinds of homes closed in February, 2013, it seems like there’s a lot of inventory in Brookfield for potential buyers and indicates that competition among sellers may be tough. It’s all about the supply, the number of seller’s homes on the market, and buyer demand. But wait, first glances at real estate statistics are never enough. No one can get a “feel” for the market without digging deeper.
And, when we do, we see that of these 50 homes on the market, 18 of them are now “contingent”. This means that over a third of this available inventory has turned into a contractual offer from a buyer to a seller! Specifics still need to be worked out, such as each party’s attorney’s review of the conditions of the sale and results from the buyer’s home inspection of the property, but the first step towards closing has started. The sale may fall apart; but the process has begun.
It’s important to note that of these contingency offers, seven of them are among those 11 short sale listings. If these sales proceed to close, it will help cleanup the distressed property inventory which has been a drag on this local market.
So, yes, it looks like Brookfield is seeing positive movement in its sale of three-bedroom, single family homes. This seems to indicate good news for its real estate market as a whole.
Maria Murzyn is a Realtor at Better Homes and Gardens Gloor Realty in Oak Park and also works for Wednesday Journal Publications which publishes the RB Landmark. All data is taken from the MRED, Midwest Real Estate Data. And, if you are looking for ideas on “Fun, Frugal Events” in our area, go to www.oakpark.com and see her local events blog under the Calendar menu.