It's time for some good news for my friends in the Northwest suburbs!
The graph above shows the annualized mean sales price by quarter for detached housing in the Village of Hoffman Estates, IL. It shows a downward trend after the market peaked at the end of 2007, with significant declines to follow over the next 8 quarters.
According to a current apprasial I am working on, in the 12 month period between 3/14/2009 and 3/14/2010, the average sales price in all of Hoffman Estates is $286,614.
As you can see, at the end of the year, for the period between 1/1/2009 and 12/31/2009, the mean sales price was $282,791. This represents an approximate 1.5% increase from the average sale price just 2.5 months ago.
I'm seeing this positive trend in about 50% of the areas that I am doing appraisals in right at this moment.