What’s Happening to Home Prices in McHenry County?

The Chicago Tribune has created an interactive map that shows how much home prices have changed in the last year and in the last five years, as well as the average home price.

In the last week or so, I heard a newscast that said the average home increased 11% in price over the last year.

Let me summarize some of the McHenry County data:

This is the information which can be found on the Chicago Tribune's interactive map on home prices.

This is the information which can be found on the Chicago Tribune’s interactive map on home prices.

Algonquin

  • 1 year change – plus 1.2%
  • 5 year change – minus 33.8%
  • Prices are equal to what whey were in 1998

Barrington

  • 1 year change – plus 3.5%
  • 5 year change – minus 27.6%
  • Prices are equal to what whey were in 2000

Cary

  • 1 year change – plus 7/10ths of one percent
  • 5 year change – minus 34.4%
  • Prices are equal to what whey were in 1998

Crystal Lake 60012

  • 1 year change – plus 6/10ths of one percent
  • 5 year change – minus 32.1%
  • Prices are equal to what whey were in 1998

Crystal Lake 60014

  • 1 year change – plus 1.1%
  • 5 year change – minus 33.8%
  • Prices are equal to what whey were in 1997

Fox River Grove

  • 1 year change – plus 3.2%
  • 5 year change – minus 32.7%
  • Prices are equal to what whey were in 1999

Harvard

  • 1 year change – minus 2.5%
  • 5 year change – minus 34.7%
  • Prices are equal to what whey were in 1993

Huntley

  • 1 year change – plus 2%
  • 5 year change – minus 33.5%
  • Prices are equal to what whey were in 1995

Island Lake

  • 1 year change – plus 4/10ths of one percent
  • 5 year change – minus 32.9%
  • Prices are equal to what whey were in 1999

Lake in the Hills

  • 1 year change – plus 7/10ths of one percent
  • 5 year change – minus 35%
  • Prices are equal to what whey were in 1997

Marengo

  • 1 year change – plus 1/10ths of one percent
  • 5 year change – minus 35.4%%
  • Prices are equal to what they were in 1996

McHenry 60050

  • 1 year change – plus 3/10ths of one percent
  • 5 year change – minus 32.9%
  • Prices are equal to what whey were in 1999

McHenry 60051

  • 1 year change – plus 3/10ths of one percent
  • 5 year change – minus 34.5%
  • Prices are equal to what whey were in 1997

Spring Grove

  • 1 year change – minus 2/10ths of one percent
  • 5 year change – minus 32.3%
  • Prices are equal to what they were in 1998

Wonder Lake

  • 1 year change – ;lus 2/10ths of one percent
  • 5 year change – minus 35.2%
  • Prices are equal to what whey were in 1997

Woodstock

  • 1 year change – minus 6/10ths of one percent
  • 5 year change – minus 36.7%
  • Prices are equal to what they were in 1994

Towns not listed either have insufficient data or I could not find them on the map.


Comments

What’s Happening to Home Prices in McHenry County? — 6 Comments

  1. Looks like another ‘program glitch’, like the IAR had a while back, that inflated prices by 25.5%.

    Just paid for appraisals on props in 60050 and 60148 and still down 66.4%.

    Getting ready for my annual ‘complaint’ s to the assessors.

    30 years ago property taxes were an afterthought.

    Fast forward, I now spend time and treasure fending them off and is the first thing I look at in when considering a purchase.

  2. There are different home price indexes from different companies that use different criteria.

    It’s helpful to know not only what the index measures, but what it doesn’t measure.

  3. Probably would have been wise to provide a citation for your otherwise context and fact-free anecdote from a ‘news report’ you heard, Cal.

    30 seconds of Google activity yielded this report from June 18:

    http://www.housingviews.com/2013/06/18/economic-research-u-s-home-prices-suddenly-surge-but-talk-of-a-bubble-may-be-premature/

    Two items in the article are of particular interest:

    “…We recently raised our 2013 forecast for the S&P/Case-Shiller 20-City Home Price Index to an 11% year-over-year increase, from 8% (see chart). The index is a three-month moving average, and it was up 11% year-over-year as of March. And while that was the biggest jump in seven years, recent increases are from significantly depressed levels. In this light, it pays to remember that a 50% jump after a 50% tumble represents a 25% decline…”

    It’s a forecast, based on a 90 day moving average. Of 20 metropolitan areas in the United States. McHenry County? A tiny, tiny part of that survey.

    Read about the survey here:

    http://us.spindices.com/indices/real-estate/sp-case-shiller-20-city-composite-home-price-index

    And:

    “…Homebuilders we rate have reported an 11% increase in average selling prices (ASP) so far this year, with several seeing ASPs jump more than 15%. The limited supply of homes for sale in many markets and a shift to higher-priced luxury homes are driving these gains. In addition, home affordability–supported by historically low mortgage rates–is high, which has boosted buyer demand despite relatively modest job and income growth in the past year. We expect homebuilders to continue to enjoy rising ASPs, though perhaps at a slower rate as supply increases….”

    So some homebuilders self-reported higher average selling prices- for NEW homes.

    Crack financial analysis on your part, Cal. Certainly justifies the $79,000/year we taxpayers have to give you for a whopping 16 years of State employment.

  4. As I have pointed out before my pension includes four years in the Department of Central Management Services and four years as McHenry County Treasurer for a total of 24 years.

    I usually listen to WBBM Radio while in the car. McHenry County is clearly not recovering as well as many other parts of the country.

  5. Cal- the “16 years of State employment” is your own statement from your own blog.

    You were McHenry County Treasurer for 4 years- in the 1960s!!!!

    Please tell us what you annual salary was for that position. Did you contribute any more than the 4.5% that current County employees currently contribute to the IL Municipal Employee Fund? Can you show me an interest table that shows what kind of return you would need- over DECADES- to yield $13,000/year since 2001?

    If there’s a question: $13,000= 16% of $79,000; 4 years= 16% of 24 years….

    As to your 4 years in the Department of Central Management Services- please show the solution to the same problem as above(the “16% solution).

    Also- what years did you work in that capacity, and why, when you repeatedly(search your own blog) refer to your 16 years of State employment, fail to acknowledge the 4 years of employment at what was, presumably, a State position.

    The term ’20 years of State employment’ should appear regularly in your own references to your own career- but it does not.

    And let’s not get started on the free health insurance you receive.

    Must be nice to benefit from a system that, whenever costs and benefits increase, those increases are passed along the customers under threat of criminal charges. Ironically, those customers are also your employers.

    As an owner and director of a 130 year old manufacturing firm, with a union pension plan, in the real world- well, I cannot extort more money from customers. Nor could I, based on 130 years of company data, ever hope to give retirees what you get. It is an actuarial impossibility.

  6. There was a buy-in for the four years as County Treasurer. I was paid $10,000 a year. That was back in the 1970’s during my first eight years as State Rep. When I worked for the Department of Central Management Services, during the first four years I was in the General Assembly Retirement System, allowed by some pension law I did not vote for. The contribution rate was 11.5%, the same as legislators.

    If you are looking for someone to blame for the problem, I would suggest finding someone who voted for the 3% annual pension compounding in the 1980’s.

    I was not in office.

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