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In order to get a really good grip on what is going on in real estate right now here in Plainfield, it becomes necessary to compare apples to apples.

I got a little curious this afternoon about how the Plainfield real estate market in September 2008 compared to the real estate market of September 2006 and also of 2007.

With all the doom and gloom of the economy in recent weeks, the obvious question becomes…

How is Plainfield fairing through all of this?

Well, heres the breakdown of Plainfield Real Estate for September 2006-2008:

In hopes of putting these numbers in proper perspective, its obvious that the number of closed Plainfield properties dramatically declined between 2006 and 2007, but that the minimum home price peaked at the same time.  And while home prices have declined steadily since 2006, the volume of closings seems to be on the rebound in September 2008.

In September 2008:

The minimum home price is down 25.2% from 2006.
The minimum home price is down 31.9% from 2007.

The maximum home price is down 18.5% from 2006.
The maximum home price is down 29.2% from 2007.

The volume of home closings is down 45% from 2006.
The volume of home closings is up 25% from 2007.

Tracking short sale closings is a recent feature of the MLS so the only data available is for 2008, but only 16 of the 76 properties sold this month were short sales.  This is a good sign that we may be heading out of dark days when it comes to Plainfield real estate.

The key trigger to a hopeful upswing to Plainfield real estate is that the volume of single family home closings is up 25% from this time last year.  Yes, prices have taken a dramatic dip since 2006, but the biggest factor in reaching the bottom of this real estate black hole is that people are still buying!

No, you wont get top dollar for your Plainfield real estate, BUT all things are relative… and you wont pay as much either

If you want to know more about what is happening in Plainfield real estate, or need someone to help you decide if this is a good time to move, call me at 630-673-6233.  I can help you, and I always answer my phone.  Hey, who else gives you this info for free?!