Thursday, January 31, 2008

Calumet City, IL 60409 - Year End 2007


A local appraiser looks at the current real estate market

The city of Calumet City is located approximately 20 miles southeast of the Chicago "Loop" in suburban Cook County. The population was 39,072 at the 2000 census. The village has a total area of 7.4 square miles.

Cal City is bordered by Burnham to the north; Hammond, Indiana to the east, Lansing to the south and South Holland to the west.

According to data from the Northern Illinois MLS, there were 368 sales of single family homes in 2007. The sales volume was down from 499 sales in 2006. Sales prices decreased slightly with the average 2007 sales price at $129,299.00, compared to $130,640.00 in 2006. Marketing times were an average of 129 days on the market, up over the 2006 average of 93 days.

As of January 30, 2008 there are 428 active listings of single family detached homes in the MLS. At the 2007 level of absorption this is 13.95 months of unsold available inventory. A 3-4 months supply of inventory is considered "in balance", this level is an oversupply.

To recap 2007 for detached homes, sales volume was down -26.25%, average sales prices are considered stable with only a -1.02% decline, and the days on the market were up +38.70%. This market is oversupplied and the 428 active listings have already been on the market an average of 164 days.

The condo/townhouse market had 41 sales, down from the 64 properties that sold in 2006. Sales prices saw a decrease with the average 2007 sales price at $94,256.00, compared to $101,849.00 in 2006. Marketing times were an average of 112 days on the market, up over the 2006 average of 82 days.

There are 32 active listings of attached homes in the MLS. Based on the 2007 level of absorption this is 9.38 months of unsold inventory.

The condo/townhouse market is over supplied, sales volume was down -35.93%, average sales price declined -7.45%, and the days on the market were up +36.58%. The 32 active MLS listings have already been on the market an average of 131 days.

If you have an active listing or need to sell in 2008 now is the time to get an appraisal. The market has changed and only the most competitively priced homes will be selling soon.

Make sure that your listing is competitive, get a current appraisal. Complete appraisals of single family homes and condominiums start at $275.00. this is a small price to pay for knowledge that will help you position your house to sell in the current market.

Citywide Services provides residential appraisal service in Calumet City, Il. 60409. Our appraisers are state certified and have experience with single family homes, town houses, condominiums as well as small residential income properties. When you need to find an appraiser in Cook County contact Citywide 1-800-405-9718http://www.appraisercitywide.com/

Dolton, Illinois 60419 - Year End 2007

A local appraiser looks at the real estate market

The village of Dolton is located approximately 17 miles south of the Chicago "Loop" in suburban Cook County. The population was 25,614 at the 2000 census. The village has a total area of 4.7 square miles.

Dolton is bordered by Chicago to the north; South Holland to the south; Harvey and Riverdale to the west; and Calumet City to the east.

According to data from the Northern Illinois MLS, there were 292 sales of single family homes in 2007. The sales volume was down from 431 sales in 2006. Sales prices decreased slightly with the average 2007 sales price at $125,018.00, compared to $125,527.00 in 2006. Marketing times were an average of 112 days on the market, up over the 2006 average of 97 days.

As of January 30, 2008 there are 318 active listings of single family detached homes in the MLS. At the 2007 level of absorption this is 13.07 months of unsold available inventory. A 3-4 months supply of inventory is considered "in balance", this level is an oversupply.

To recap 2007 for detached homes, sales volume was down -32.25%, average sales prices are considered stable with only a -0.40% decline, and the days on the market were up +15.461%. This market is oversupplied and the 318 active listings have already been on the market an average of 168 days.

If you have an active listing or need to sell in 2008 now is the time to get an appraisal. The market has changed and only the most competitively priced homes will be selling soon.

Make sure that your listing is competitive, get a current appraisal. Complete appraisals of single family homes and condominiums start at $275.00. this is a small price to pay for knowledge that will help you position your house to sell in the current market.

Citywide Services provides residential appraisal service in Dolton, Il. 60419. Our appraisers are state certified and have experience with single family homes, town houses, condominiums as well as small residential income properties. When you need to find an appraiser in Cook County contact Citywide 1-800-405-9718http://www.appraisercitywide.com/

Wednesday, January 30, 2008

Naperville, IL 60540 - Year End 2007

A look at the current real estate market by a local appraiser

Naperville is a city located in DuPage County, and Will County, Illinois. As of the 2000 census, the city had a total population of 128,358; a special census in 2003 estimated the population at 135,858. Approximately 95,000 live in DuPage County, while about 40,000 reside in Will County.

The city's municipal neighbors include Warrenville to the north, Lisle & Woodridge to the east, Bolingbrook to the south, and Aurora to the west.

Naperville experienced a population explosion in the 1980s and 1990s following the construction of the East-West Tollway and North-South tollways. In the past two decades, it has nearly quadrupled in size as Chicagoland's urban sprawl brought corporations, jobs, and wealth to the area.

Major employers nclude Bell Labs and Western Electric, Amoco Labs, Nalco Chemical, NiCor, and more recently by Edward Hospital. Tellabs and Laidlaw have corporate headquarters in Naperville, and ConAgra's Packaged Meats and Deli division's offices are also in Naperville. Also, Fermilab and Argonne National Laboratory are nearby.

According to data from the Northern Illinois MLS, there were 1458 sales of single family homes in 2007. The sales volume was down from 1706 sales in 2006. Sales prices increased with the average 2007 sales price at $512,065.00, compared to $504,997.00 in 2006. Marketing times were an average of 128 days on the market, up over the 2006 average of 83 days.

As of January 30, 2008 there are 956 active listings of single family detached homes in the MLS. At the 2007 level of absorption this is 7.86 months of unsold available inventory. A 3-4 months supply of inventory is considered "in balance", this level is an oversupply.

To recap 2007 for detached homes, sales volume was down -14.53%, average sales prices were up +1.39%, and the days on the market were up +54.21%. This market is oversupplied and the 956 active listings have already been on the market an average of 230 days.

The condo/townhouse market had 811 sales, down from the 870 properties that sold in 2006. Sales prices saw a decrease with the average 2007 sales price at $225,755.00, compared to $253,048.00 in 2006. Marketing times were an average of 91 days on the market, up over the 2006 average of 61 days.

There are 469 active listings of attached homes in the MLS. Based on the 2007 level of absorption this is 6.93 months of unsold inventory.

The condo/townhouse market is over supplied, sales volume was down -6.78%, average sales price declined -10.78%, and the days on the market were up +49.18%. The 469 active MLS listings have already been on the market an average of 155 days.

If you have an active listing or need to sell in 2008 now is the time to get an appraisal. The market has changed and only the most competitively priced homes will be selling soon.

Make sure that your listing is competitive, get a current appraisal. Complete appraisals of single family homes and condominiums start at $275.00. this is a small price to pay for knowledge that will help you position your house to sell in the current market.

Citywide Services provides residential appraisal service in Naperville, Illinois. Our appraisers are state certified and have experience with single family homes, town houses, condominiums as well as small residential income properties. When you need to find a real estate appraiser in DuPage or Will County contact Citywide 1-800-405-9718 http://www.appraisercitywide.com

West Dundee, IL 60118 - Year End 2007

A look at the real estate market by a local appraiser

West Dundee is a village located in Kane County, Illinois. As of the 2000 census, the village had a total population of 5,428. The total area of the village is 2.7 square miles. West Dundee lies across the Fox River from East Dundee and Carpentersville, Elgin is on the south and Sleepy Hollow is on the west.

According to data from the Northern Illinois MLS, there were 66 sales of single family homes in 2007. The sales volume was down from 83 sales in 2006. Sales prices decreased with the average 2007 sales price at $347,894.00, compared to $373,576.00 in 2006. Marketing times were an average of 199 days on the market, up over the 2006 average of 113 days.

As of January 26, 2008 there are 77 active listings of single family detached homes in the MLS. At the 2007 level of absorption this is 14.00 months of unsold available inventory. A 3-4 months supply of inventory is considered "in balance", this level is an oversupply.

To recap 2007 for detached homes, sales volume was down -20.48%, average sales prices were down -6.87%, and the days on the market were up +76.10%. This market is oversupplied and the 77 active listings have already been on the market an average of 218 days.

If you have an active listing or need to sell in 2008 now is the time to get an appraisal. The market has changed and only the most competitively priced homes will be selling soon.

Make sure that your listing is competitive, get a current appraisal. Complete appraisals of single family homes and condominiums start at $275.00. this is a small price to pay for knowledge that will help you position your house to sell in the current market.

Citywide Services provides residential appraisal service in West Dundee, Illinois 60118. Our appraisers are state certified and have experience with single family homes, town houses, condominiums as well as small residential income properties. When you need to find a real estate appraiser in Kane County contact Citywide 1-800-405-9718 ttp://www.appraisercitywide.com

River Forest, IL 60305 - Year End 2007



A look at the real estate market as seen by a local appraiser


River Forest is a suburban village in Cook County. According to the 2000 census the population was 11,635.

The village is bordered by Elmwood Park, on the north, Oak Park on the east, Forest Park on the south and Maywood on the west.

The village has a wide variety of home styles including those by noted Prairie School architects. There are homes designed by William Drummond, H.C. Fiddelke, Purcell & Elmslie, E.E. Roberts, Robert Spencer, Tallmadge & Watson, John Van Bergen and Frank Lloyd Wright.

Two universities make their home in River Forest, Dominican University and Concordia University.

According to data from the Northern Illinois MLS there were 83 sales of detached single family homes in 2007. The sales volume was up +3.75% from 80 sales in 2006. Sales prices saw a increase of +5.41% with the average 2007 sales price at $918,405.00,compared to $871,190.00 in 2006. Marketing times were an average of 122 days on the market, up over the 2006 average of 75 days.

As of January 19, 2008 there are 52 active listings of detached homes in the MLS. At the 2007 level of absorption this is 7.52 months of available inventory. A 3-4 months supply of inventory is considered "in balance", this level is an oversupply. In addition these listings have already been on the market an average of 223 days.

There were 54 sales of attached homes & condominiums in 2007, down -38.63% from 88 in 2006. The average sales price was $243,132.00, this was a slight increase of 1.02% from $240,634.00 in 2006. Marketing times were an average of 156 days on the market, an increase of +60.82% over the 2006 average of 97 days.

Currently there are 56 active listings of attached homes & condominiums. At the 2007 level of absorption of 4.50 sales per month there is 12.44 months of available inventory. These listings have been on the market an average of 223 days.

Overall prices were up for 2007, however, the market is oversupplied. The current lack of Jumbo mortgages will make for an interesting year in this real estate market. If you have an active listing or need to sell in 2008 now is the time to get an appraisal. The market has changed and only the most competitively priced homes will be selling soon.

Make sure that your listing is competitive, get a current appraisal. Complete appraisals of single family homes and condominiums start at $275.00. this is a small price to pay for knowledge that will help you position your house to sell in the current market.

Citywide Services provides residential appraisal service in River Forest, Illinois 60305. Our appraisers are certified by the State of Illinois. We have experience with all types of residential property and appraise single family homes, townhouses, condominiums as well as small residential income properties. When you need to find an appraiser in Cook County contact Citywide 1-800-405-9718 http://www.appraisercitywide.com/

Tuesday, January 29, 2008

Oak Park, Il 60302 - Year End 2007

A look at the current real estate market by a local appraiser

The village of Oak Park is located approximately 8 miles west of the Chicago "Loop" in suburban Cook County, Illinois. As of the 2000 census, the village had a total population of 52,524. Oak Park's convenient location, proximity to transportation and a wide array of housing, attracts a variety of home buyers.

Oak Park is bordered by Chicago's Galewood/Austin neighborhood on the north and east. Berwyn & Cicero to the south, Forest Park & River Forest to the west.

The village is rich in history and has produced a number of famous people, among them authors Edgar Rice Burroughs and Ernest Hemingway. Oak Park is known for its architecture. The town has two national historic districts, including over 300 noteworthy buildings. In addition to the Prairie School designs, the neighborhood has an extensive collection of Victorian and other styles. Oak Park has the largest collection of buildings designed by Frank Lloyd Wright, including his Home & Studio.

According to data from the Northern Illinois MLS, there were 379 sales of single family homes in 2007. The sales volume was down from 405 sales in 2006. Sales prices increased with the average 2007 sales price at $525,871.00, compared to $512,969.00 in 2006. Marketing times were an average of 106 days on the market, up over the 2006 average of 78 days.

As of January 27, 2008 there are 260 active listings of single family detached homes in the MLS. At the 2007 level of absorption this is 8.23 months of unsold available inventory. A 3-4 months supply of inventory is considered "in balance", this level is an oversupply.

To recap 2007 for detached homes, sales volume was down -6.41%, average sales prices increased +2.51%, and the days on the market were up +35.89%. This market is oversupplied and the 260 active listings have already been on the market an average of 176 days.

The condo/townhouse market had 486 sales, down from the 616 properties that sold in 2006. Sales prices increased with the average 2007 sales price at $273,628.00, compared to $230,434.00 in 2006. Marketing times were an average of 150 days on the market, up over the 2006 average of 94 days.

There are 318 active listings of attached homes in the MLS. Based on the 2007 level of absorption this is 7.85 months of unsold inventory.

The condo/townhouse market is over supplied, sales volume was down -21.10%, and the days on the market were up +59.57%. The 318 active MLS listings have already been on the market an average of 216 days. Average sales prices increased +18.74% over 2006. This is a reflection of new construction condominiums in the market and not appreciation.

If you have an active listing or need to sell in 2008 now is the time to get an appraisal. The market has changed and only the most competitively priced homes will be selling soon.

Make sure that your listing is competitive, get a current appraisal. Complete appraisals of single family homes and condominiums start at $275.00. this is a small price to pay for knowledge that will help you position your house to sell in the current market.

Citywide Services provides residential appraisal service in Oak Park, Illinois. Our appraisers are certified by the State of Illinois. We have experience with all types of residential property and appraise single family homes, townhouses, condominiums as well as small residential income properties. When you need to find an appraiser in Cook County contact Citywide 1-800-405-9718 http://www.appraisercitywide.com/

Sleepy Hollow, IL 60118 - Year End 2007

Sleepy Hollow is a village located approximately 50 miles northwest of the Chicago "Loop" in suburban Kane County, Illinois. The 2006 population was 3,708. The village is predominantly detached single family homes and has a total area of 6 square miles.

The village is bordered by West Dundee on the north & east, and the city of Elgin on the south and west.

According to data from the Northern Illinois MLS, there were 19 sales of single family homes in 2007. The sales volume was down from 31 sales in 2006. Sales prices decreased with the average 2007 sales price at $363,199.00, compared to $374,900.00 in 2006. Marketing times were an average of 170 days on the market, up over the 2006 average of 119 days.

As of January 26, 2008 there are 34 active listings of single family detached homes in the MLS. At the 2007 level of absorption this is 21.51 months of unsold available inventory. A 3-4 months supply of inventory is considered "in balance", this level is an oversupply.

To recap 2007, sales volume was down -38.70%, average sales prices were down -3.12%, and the days on the market were up +42.85. This market is oversupplied and the 34 active listings have already been on the market an average of 193 days.

If you have an active listing or need to sell in 2008 now is the time to get an appraisal. The market has changed and only the most competitively priced homes will be selling soon.

Make sure that your listing is competitive, get a current appraisal. Complete appraisals of single family homes and condominiums start at $275.00. this is a small price to pay for knowledge that will help you position your house to sell in the current market.

Citywide Services provides residential appraisal service in Sleepy Hollow, IL. 60118. Our appraisers are certified by the State of Illinois. We have experience with all types of residential property and appraise single family homes, townhouses, condominiums as well as small residential income properties. When you need to find an appraiser in Kane County contact Citywide 1-800-405-9718 http://www.appraisercitywide.com/

Monday, January 28, 2008

Forest Park, IL 60130 - Year End 2007


A look at the real estate market by a local appraiser


The village of Forest Park is located approximately 9 miles west of the Chicago "Loop" in suburban Cook County, Illinois. As of the 2000 census, the village had a total population of 15,688.

Forest Park is bordered by River Forest to the north, Oak Park to the east, North Riverside to the south, and Maywood to the west.

According to data from the Northern Illinois MLS, there were 59 sales of single family homes in 2007. The sales volume was down from 75 sales in 2006. Sales prices decreased slightly with the average 2007 sales price at $326,132.00, compared to $329,053.00 in 2006. Marketing times were an average of 140 days on the market, up over the 2006 average of 86 days.

As of January 19, 2008 there are 43 active listings of single family detached homes in the MLS. At the 2007 level of absorption this is 8.75 months of unsold available inventory. A 3-4 months supply of inventory is considered "in balance", this level is an oversupply.

To recap 2007 for detached homes, sales volume was down -21.33%, average sales prices were stable, down -0.88%, and the days on the market were up +62.79%. This market is oversupplied and the 43 active listings have already been on the market an average of 217 days.

If you have an active listing or need to sell in 2008 now is the time to get an appraisal. The market has changed and only the most competitively priced homes will be selling soon.

Make sure that your listing is competitive, get a current appraisal. Complete appraisals of single family homes and condominiums start at $275.00. this is a small price to pay for knowledge that will help you position your house to sell in the current market.

Citywide Services provides residential appraisal service in Forest Park, IL. 60130. Our appraisers are certified by the State of Illinois. We have experience with all types of residential property and appraise single family homes, townhouses, condominiums as well as small residential income properties. When you need to find an appraiser in Cook County contact Citywide 1-800-405-9718 http://www.appraisercitywide.com/

Sunday, January 27, 2008

South Elgin, IL 60177 - Year End 2007

A look at the real estate market by a local appraiser

The village of South Elgin is located approximately 43 miles northwest of the Chicago "Loop" in suburban Kane County. The population was 16,100 at the 2000 census, and estimated to be 20,758 as of 2005. In July 2007, Money magazine named South Elgin as 82 of 100 entries in its "America's Best Places To Live" edition.

South Elgin is bordered by the city of Elgin to the north, Bartlett to the east, Valley View to the south, and unincorporated Kane County to the west.

According to data from the Northern Illinois MLS, there were 198 sales of single family homes in 2007. The sales volume was down from 272 sales in 2006. Sales prices increased with the average 2007 sales price at $318,988.00, compared to $309,060.00 in 2006. Marketing times were an average of 126 days on the market, up over the 2006 average of 93 days.

As of January 27, 2008 there are 140 active listings of single family detached homes in the MLS. At the 2007 level of absorption this is 8.48 months of unsold available inventory. A 3-4 months supply of inventory is considered "in balance", this level is an oversupply.

To recap 2007 for detached homes, sales volume was down -27.20%, average sales prices were up +3.21%, and the days on the market were up +35.48%. This market is oversupplied and the 140 active listings have already been on the market an average of 180 days.

The condo/townhouse market had 150 sales, down from the 187 properties that sold in 2006. Sales prices saw a slight increase with the average 2007 sales price at $188,084.00, compared to $184,884.00 in 2006. Marketing times were an average of 111 days on the market, up over the 2006 average of 66 days.

There are 98 active listings of attached homes in the MLS. Based on the 2007 level of absorption this is 7.84 months of unsold inventory.

The condo/townhouse market is over supplied, sales volume was down -19.78%, average sales prices are considered stable with a +1.73% change, and the days on the market were up +68.18%. The 98 active MLS listings have already been on the market an average of 128 days.

If you have an active listing or need to sell in 2008 now is the time to get an appraisal. The market has changed and only the most competitively priced homes will be selling soon.

Make sure that your listing is competitive, get a current appraisal. Complete appraisals of single family homes and condominiums start at $275.00. this is a small price to pay for knowledge that will help you position your house to sell in the current market.

Citywide Services provides residential appraisal service in South Elgin, IL. 60177. Our appraisers are certified by the State of Illinois. We have experience with all types of residential property and appraise single family homes, townhouses, condominiums as well as small residential income properties. When you need to find an appraiser in Kane County contact Citywide 1-800-405-9718 http://www.appraisercitywide.com/

Westchester, Il 60154 - Year End 2007

A local appraiser looks at the real estate market

Westchester is a village located in Cook County, Illinois. It is a western suburb of Chicago. As of the 2000 census, the village had a total population of 16,824. The village has a total area of 3.2 square miles. The village's municipal neighbors include Hillside & Bellwood to the north, Broadview to the east, La Grange Park to the south, and Oak Brook to the west.

According to the Northern Illinois MLS there were 200 sales of single family detached homes in 2007. Volume was down -27.79% from the 277 sales closed in 2006. The average sales price is down slightly -0.21% for a 2007 average of $288,624.00 from the 2006 average of $289,238.00. Marketing times were an average of 110 days on the market, up +37.50% from the 2006 average of 80 days.

As of January 26,2008 there are 124 active listings of single family detached homes in the MLS. At the 2007 level of absorption of 16.66 sales per month, this is 7.44 months of unsold available inventory. A 3-4 months supply of inventory is considered "in balance", this level is an oversupply. The current listings have been on the market for an average of 171 days.

Attached homes and condominiums had 34 sales in 2007, down -19.04% from 42 in 2006. The average sales price was $313,363.00, this was a decrease of -9.30% from $345,498.00 in 2006. Marketing times were an average of 135 days on the market, up from the 2006 average of 69 days.

There are 24 active listings of townhouses & condo's. At the 2007 level of absorption of 2.83 sales per month there is 8.48 months of available inventory. The current listings have been on the market for an average of 189 days.

Overall prices of single family homes are stable, attached home prices have declined. Marketing times have increased and there is a large oversupply of inventory that has been sitting on the market a long time. Asking prices will decline in the spring market.

If you have an active listing or need to sell in 2008 now is the time to get an appraisal. The market has changed and only the most competitively priced homes will be selling soon.

Make sure that your listing is competitive, get a current appraisal. Complete appraisals of single family homes and condominiums start at $275.00. this is a small price to pay for knowledge that will help you position your house to sell in the current market.

Citywide Services provides residential appraisal service in Westchester, Illinois 60154. Our appraisers are state certified and have experience with single family homes, town houses, condominiums as well as small residential income properties. When you need to find an appraiser in Cook County contact Citywide 1-800-405-9718 http://www.appraisercitywide.com/

Darien, IL 60561 - Year End 2007

A local appraiser looks at the real estate market

Darien is a city located in DuPage County, Illinois, USA. As of the 2000 census, the city had a total population of 22,860. According to the United States Census Bureau, the city has a total area of 6.1 square miles.

The city's municipal neighbors include Westmont to the north, Willowbrook on the north, east and south, and Downers Grove & Woodridge to the west.

According to data from the Northern Illinois MLS, there were 123 sales of detached single family homes in 2007. The sales volume was down from 163 sales in 2006. Sales prices decreased with the average 2007 sales price at $385,322.00, compared to $403,979.00 in 2006. Marketing times were an average of 114 days on the market, up over the 2006 average of 81 days.

As of January 26, 2008 there are 97 active listings of single family detached homes in the MLS. At the 2007 level of absorption this is 9.46 months of unsold available inventory. A 3-4 months supply of inventory is considered "in balance", this level is an oversupply.

To recap 2007 for detached homes, sales volume was down -30.06%, average sales prices were down -4.61%, and the days on the market were up +40.74. This market is oversupplied and the 97 active listings have already been on the market an average of 178 days.

The condo/townhouse market had 125 sales, down from the 180 properties that sold in 2006. Sales prices saw a slight decrease with the average 2007 sales price at $252,236.00, compared to $254,807.00 in 2006. Marketing times were an average of 103 days on the market, up over the 2006 average of 547 days.

There are 84 active listings of attached homes in the MLS. Based on the 2007 level of absorption this is 8.06 months of unsold inventory.

The condo/townhouse market is over supplied, sales volume was down -30.55%, average sales prices are considered stable with a -1.00% change, and the days on the market were up +90.74%. The 84 active MLS listings have been on the market an average of 144 days.

If you have an active listing or need to sell in 2008 now is the time to get an appraisal. The market has changed and only the most competitively priced homes will be selling soon.

Make sure that your listing is competitive, get a current appraisal. Complete appraisals of single family homes and condominiums start at $275.00. this is a small price to pay for knowledge that will help you position your house to sell in the current market.

Citywide Services provides residential appraisal service in Darien, IL. 60561. Our appraisers are certified by the State of Illinois. We have experience with all types of residential property and appraise single family homes, townhouses, condominiums as well as small residential income properties. When you need to find an appraiser in Dupage County contact Citywide 1-800-405-9718 http://www.appraisercitywide.com/

East Dundee, IL 60118 - Year End 2007

An appraisers look at the real estate market

East Dundee is a village located in Kane County and a small section in Cook County, Illinois. As of the 2000 census, the village had a total population of 2,955. The village has a total area of 2.9 square miles.

According to data from the Northern Illinois MLS, there were 35 sales of detached single family homes in 2007. The sales volume was down from 45 sales in 2006. Sales prices decreased with the average 2007 sales price at $252,980.00, compared to $263,941.00 in 2006. Marketing times were an average of 99 days on the market, up slightly over the 2006 average of 94 days.

As of January 26, 2008 there are 32 active listings of single family detached homes in the MLS. At the 2007 level of absorption this is 10.99 months of unsold available inventory. A 3-4 months supply of inventory is considered "in balance", this level is an oversupply.

To recap 2007 for detached homes, sales volume was down -22.22%, average sales prices were down -4.15%, and the days on the market were up +5.31. This market is oversupplied and the 32 active listings have already been on the market an average of 172 days.

The condo/townhouse market had 18 sales, down from the 31 properties that sold in 2006. Sales prices saw a increase with the average 2007 sales price at $199,027.00, compared to $195,006.00 in 2006. Marketing times were an average of 159 days on the market, up over the 2006 average of 147 days.

There are 29 active listings of attached homes in the MLS. Based on the 2007 level of absorption this is 19.33 months of unsold inventory.

The condo/townhouse market is over supplied, sales volume was down -41.93%, average sales prices are up +2.06%, and the days on the market were up +8.16%. The 29 active MLS listings have been on the market an average of 209 days.

If you have an active listing or need to sell in 2008 now is the time to get an appraisal. The market has changed and only the most competitively priced homes will be selling soon.

Make sure that your listing is competitive, get a current appraisal. Complete appraisals of single family homes and condominiums start at $275.00. this is a small price to pay for knowledge that will help you position your house to sell in the current market.

Citywide Services provides residential appraisal service in East Dundee, Illinois 60118. Our appraisers are certified by the State of Illinois. We have experience with all types of residential property and appraise single family homes, townhouses, condominiums as well as small residential income properties. When you need to find an appraiser in Kane or Cook County contact Citywide 1-800-405-9718 http://www.appraisercitywide.com/

Saturday, January 26, 2008

Maywood, Il 60153 - Year End 2007

Maywood is a village located approximately 11 miles west of the Chicago "Loop" in suburban Cook County, Illinois. As of the 2000 census, the village had a total population of 26,987.

The village's municipal neighbors include Melrose Park to the north, River Forest & Forest Park to the east, Broadview to the south, and Bellwood to the west.

According to the Northern Illinois MLS there were 145 sales of single family detached homes in 2007. Volume was down -49.73% from the 241 sales closed in 2006. The average sales price for 2007 was $172,998.00, this is a decline from the 2006 average of $179,677.00. Marketing times were an average of 121 days on the market, up +47.56% from the 2006 average of 82 days.

As of January 19,2008 there are 202 active listings of single family detached homes in the MLS. At the 2007 level of absorption of 12.08 sales per month, this is 16.72 months of unsold available inventory. A 3-4 months supply of inventory is considered "in balance", this level is an oversupply. The current listings have already been on the market for an average of 156 days.

The neighborhood is being negatively affected by recent curbs on subprime lending. Prices of single family homes have already declined -3.71%, marketing times have increased and there is a huge oversupply of unsold homes. To clear all this unsold inventory I expect asking prices to decline in the spring market.

If you have an active listing or need to sell in 2008 now is the time to get an appraisal. The market has changed and only the most competitively priced homes will be selling soon.

Make sure that your listing is competitive, get a current appraisal. Complete appraisals of single family homes and condominiums start at $275.00. this is a small price to pay for knowledge that will help you position your house to sell in the current market.

Citywide Services provides residential appraisal service in Maywood, Illinois 60153. Our appraisers are state certified and have experience with single family homes, town houses, condominiums as well as small residential income properties. When you need to find an appraiser in Cook County contact Citywide 1-800-405-9718 http://www.appraisercitywide.com/

Trailing market's wild ride this week

Wow. The basics: mortgages were at 5.75 percent last week, Monday a holiday, Tuesday markets stunned by the Fed's 0.75 percent cut; mortgages early Wednesday morning fell to 5.375 percent(!), wholesale rate-locking Web sites crashed in an hour, mortgages back up to 6 percent(!!) by Thursday noon. Citibank wholesale raised its rates nine separate times in 24 hours.

Summary: The economy -- including housing -- is probably better than feared, and we'll all be OK. However, this was the worst week for economic public policy in my memory. We'll survive it, too.

Read the entire Lou Barnes article at Inman News

Hillside, IL 60162 Year End 2007

The village of Hillside is located approximately 13 miles west of the Chicago "Loop" in suburban Cook County. As of the 2000 census the population was 8,500. The village's municipal neighbors include Berkeley to the north & west, Bellwood to the east, and Westchester to the south.

According to the Northern Illinois MLS there were 63 sales of single family detached homes in 2007. Volume was down -83.23% from the 102 sales closed in 2006. The average sales price increased +2.36% for a 2007 average of $231,742.00 from the 2006 average of $226,250.00. Marketing times were an average of 98 days on the market, up +44.11% from the 2006 average of 68 days.

As of January 19,2008 there are 69 active listings of single family detached homes in the MLS. At the 2007 level of absorption of 5.25 sales per month, this is 13.14 months of unsold available inventory. A 3-4 months supply of inventory is considered "in balance", this level is an oversupply. The current listings have been on the market for an average of 179 days.

Overall sales prices have seen a small increase in the last year, however, there is a large oversupply of inventory that has been on the market a long time. Asking prices will decline in the spring market.

If you have an active listing or need to sell in 2008 now is the time to get an appraisal. The market has changed and only the most competitively priced homes will be selling soon.

Make sure that your listing is competitive, get a current appraisal. Complete appraisals of single family homes and condominiums start at $275.00. this is a small price to pay for knowledge that will help you position your house to sell in the current market.

Citywide Services provides residential appraisal service in Hillside, IL. 60162. Our appraisers are certified by the State of Illinois. We have experience with all types of residential property and appraise single family homes, townhouses, condominiums as well as small residential income properties. When you need to find an appraiser that knows Cook County contact Citywide 1-800-405-9718 http://www.appraisercitywide.com/

Bellwood, IL 60104 - Real Estate 2008


The Village of Bellwood is located 13 miles west of downtown Chicago in suburban Cook County.

Bellwood's municipal neighbors include Melrose Park to the north, Maywood to the east , Westchester to the south, and Hillside & Berkeley to the west. Transportation links include the major east-west arterial streets of Butterfield Road and St. Charles Road. The major north-south arterial is Mannheim Road (Route 12-45).

The village is located at the juncture of the Eisenhower Expressway (I-290) and the Tri-State Tollway (I-294). Bellwood is easily accessible from all directions and commuting to Chicago is easy with service from the METRA commuter rail line and PACE bus service. O'Hare Airport is 13 miles from the village.

According to the Northern Illinois MLS there were 110 sales of single family detached homes in 2007. Volume was down -41.96% from the 224 sales closed in 2006. The average sales price decreased -2.62% for a 2007 average of $188,461.00 from the 2006 average of $193,540.00. Marketing times were an average of 110 days on the market, up +57.14% from the 2006 average of 70 days.

As of January 19, 2008 there are 142 active listings of single family detached homes in the MLS. At the 2007 level of absorption of 10.83 sales per month, this is 13.11 months of unsold available inventory. A 3-4 months supply of inventory is considered "in balance", this level is an oversupply. The current listings have been on the market for an average of 172 days.

Overall sales prices have only seen a small decline so far, however, there is a large oversupply of inventory that has been on the market a long time. Asking prices will decline in the spring market.

If you have an active listing or need to sell in 2008 now is the time to get an appraisal. The market has changed and only the most competitively priced homes will be selling soon.

Make sure that your listing is competitive, get a current appraisal. Complete appraisals of single family homes and condominiums start at $275.00, this is a small price to pay for knowledge that will help you position your house to sell in the current market.

Citywide Services provides residential appraisal service in Bellwood, IL. 60104. Our appraisers are certified by the State of Illinois. We have experience with all types of residential property and appraise single family homes, townhouses, condominiums as well as small residential income properties. When you need to find an appraiser that knows Cook County contact Citywide 1-800-405-9718 http://www.appraisercitywide.com/

Friday, January 25, 2008

Huntley, IL 60142 - Real Estate 2007

The village of Huntley is located approximately 60 miles northwest of the Chicago "Loop" in suburban Kane & McHenry County. In 2006, the U.S. Census Bureau estimated the village's population to be 20,047. According to the 2000 Census, the village had a population of 5,730. This rapidly expanding village has adopted a very aggressive development strategy, a consultant for the village has predicted that by 2020, Huntley will be home to 50,191 people and will max out with a 62,560 population.

According to the Northern Illinois MLS there were 301 sales of single family detached homes in 2007. Volume was down -14.00% from the 350 sales closed in 2006. The average sales price decreased -2.94% for a 2007 average of $298,487.00 from the 2006 average of $307,537.00. Marketing times were an average of 112 days on the market, up +20.43% from the 2006 average of 93 days.

As of January 25, 2008 there are 304 active listings of single family detached homes in the MLS. At the 2007 level of absorption of 25 sales per month, this is 12.16 months of unsold available inventory. A 3-4 months supply of inventory is considered "in balance", this level is an oversupply. The current listings have been on the market for an average of 210 days.

Attached homes and condominiums had 123 sales in 2007, down -22.15% from 158 in 2006. The average sales price was $186,175.00, this was a slight decrease of -0.01% from $186,208.00 in 2006. Marketing times were an average of 80 days on the market, up from the 2006 average of 66 days.

There are 84 active listings of townhouses & condo's. At the 2007 level of absorption of 10.25 sales per month there is 8.19 months of available inventory. The current listings have been on the market for an average of 179 days.

Overall sales prices have only seen a small decline so far, however, there is a large oversupply of inventory that has been on the market a long time. Asking prices will decline in the spring market.

If you have an active listing or need to sell in 2008 now is the time to get an appraisal. The market has changed and only the most competitively priced homes will be selling soon.

Make sure that your listing is competitive, get a current appraisal. Complete appraisals of single family homes and condominiums start at $275.00. this is a small price to pay for knowledge that will help you position your house to sell in the current market.

Citywide Services provides residential appraisal service in Huntley, IL. 60142. Complete appraisals of single family homes and condominiums start at $275.00. Our appraisers are certified by the State of Illinois. We have experience with all types of residential property and appraise single family homes, townhouses, condominiums as well as small residential income properties. When you need to find an appraiser that knows the Huntley area contact Citywide 1-800-405-9718

Thursday, January 24, 2008

Lake In The Hills, 60156 - Year End 2007

Lake in the Hills is located approximately 55 miles northwest of the Chicago "Loop" in suburban McHenry County. As of the 2000 census, the village had a total population of 23,152. A 2006 special census put the population at 29,195. LITH has a total area of 9.6 square miles.

The village's municipal neighbors include Crystal Lake to the north, Algonquin to the east & south, and Huntley the west.

According to the Northern Illinois MLS there were 300 sales of single family detached homes in 2007. Volume was down -31.81% from the 440 sales closed in 2006. The average sales price decreased slightly -1.29% for a 2007 average of $273,113.00 from the 2006 average of $276,689.00. Marketing times were an average of 118 days on the market, up +42.16% from the 2006 average of 83 days.

As of January 24, 2008 there are 257 active listings of single family detached homes in the MLS. At the 2007 level of absorption of 25 sales per month, this is 10.28 months of unsold available inventory. A 3-4 months supply of inventory is considered "in balance", this level is an oversupply. The current listings have been on the market for an average of 183 days.

Attached homes and condominiums had 164 sales in 2007, down -35.17% from 253 in 2006. The average sales price was $181,085.00, this was a slight decrease of -0.42% from $181,866.00 in 2006. Marketing times were an average of 112 days on the market, up from the 2006 average of 65 days. There are 125 active listings of townhouses & condo's. At the 2007 level of absorption of 13.66 sales per month there is 9.15 months of available inventory. The current listings have been on the market for an average of 167 days.

Overall sales prices have only seen a small decline so far, however, there is a large oversupply of inventory that has been on the market a long time. Asking prices will decline in the spring market.

If you have an active listing or need to sell in 2008 now is the time to get an appraisal. The market has changed and only the most competitively priced homes will be selling soon.

Make sure that your listing is competitive, get a current appraisal. Complete appraisals of single family homes and condominiums start at $275.00. this is a small price to pay for knowledge that will help you position your house to sell in the current market.

Citywide Services provides residential appraisal service in Lake in the Hills, IL. 60156. Our appraisers are certified by the State of Illinois. We have experience with all types of residential property and appraise single family homes, townhouses, condominiums as well as small residential income properties. When you need to find an appraiser that knows McHenry County contact Citywide 1-800-405-9718

Wednesday, January 23, 2008

Time to Refinance?

Mortgage refinancing is rising in popularity again -- and in light of today's emergency 0.75 percentage-point interest-rate cut by the Federal Reserve, it may look like an even better move.

With the refinance share of mortgage activity last week increasing to 62.7% of total applications from 57.7% the previous week, as the Mortgage Bankers Association announced Wednesday, it's clear that a lot of people have already jumped on board.

The average contract interest rate for 30-year fixed-rate mortgages decreased in the week ending Jan. 11 to 5.62% from 5.73%, while the 15-year fixed-rate mortgages decreased to 5.07% from 5.21%, says the MBA.

"Given the current trends in the housing market and the economy in general, it would not be surprising to see mortgage rates moving lower through out 2008," says Steve Habetz, president of Threshold Mortgage in Westport, Conn.

Read the entire article at TheStreet.com

Berkeley, Il 60163 - Year End 2007



The village of Berkeley is located approximately 14 miles west of the Chicago "Loop" in suburban Cook County. The land area of the village is one square mile. The population was 5,245 according to the 2000 census.

The village's municipal neighbors include Northlake to the north, Bellwood to the east, and Hillside to the south and Elmhurst to the west. The Illinois Prairie Path passes through the village. METRA Commuter rail service is available in downtown Berkeley.

According to the Northern Illinois MLS there were 48 sales of single family detached homes in 2007. Volume was down -32.39% from the 71 sales closed in 2006. The average sales price increased +4.842% for a 2007 average of $269,820 from the 2006 average of $257,349.00. Marketing times were an average of 84 days on the market, down slightly from the 2006 average of 85 days.

As of January 19, 2008 there are 45 active listings of single family detached homes in the MLS. At the 2007 level of absorption of 4 sales per month, this is 11.25 months of unsold available inventory. A 3-4 months supply of inventory is considered "in balance", this level is an oversupply.

Due to the low volume of sales these listings have been on the market an average of 202 days. If you have an active listing or need to sell in 2008 now is the time to get an appraisal. The market has changed and only the most competitively priced homes will be selling soon. Make sure that your listing is competitive, get a current appraisal by a certified appraiser.

Complete appraisals of single family homes and condominiums start at $275.00. this is a small price to pay for knowledge that will help you position your house to sell in the current market.

Citywide Services provides residential real estate appraisal service in Berkeley, IL. 60163. Our appraisers are certified by the State of Illinois. We have experience with all types of residential property and appraise single family homes, townhouses, condominiums as well as small residential income properties. When you need to find an appraiser that knows Cook County contact Citywide 1-800-405-9718

Tuesday, January 22, 2008

Price reduction not always a red flag

Several years ago, a home listed for sale developed a stigma if it didn't sell within a month or two. Today, many sellers have homes listed that have been on the market for six months or longer. In fact, it's so commonplace for it to take a significant time to sell a house that it is no longer a disgrace if a listing doesn't sell right away.

It's an irony of the current market that with all the homes offered for sale, many serious buyers can't find a home to buy. There are often certain types of homes, in certain areas, that just aren't on the market. These are usually prime properties in excellent condition that have broad-based appeal. When these listings come on the market, they are usually snapped up quickly, despite the otherwise slow housing market.

Many buyers are sitting on the fence at this point, watching the market and waiting for a better time to buy. It's impossible to time the housing market, so you won't know precisely when the market will next correct until that correction has already occurred. A market correction can be verified only through hindsight.

Although most buyers feel more comfortable buying in a hot market -- even though it may mean paying more -- there are some buyers who see a slow market as a good buying opportunity.

Read the entire Dian Hymer article at Inman News

Friday, January 18, 2008

Des Plaines, IL 60016, 60018 - Year End 2007

Des Plaines is located approximately 22 miles northwest of the Chicago "Loop" in suburban Cook, County. As of the 2000 census, the population was 58,720. The city has a total area of 14.4 square miles.

Interstate highways - I-90 the Northwest Tollway and I-294 the Tri-State Tollway pass through the city. O'Hare International Airport is adjacent on the southern border. Municipal neighbors include Mount Prospect to the north & west, Park Ridge to the east, and Rosemont to the south.

According to data from the Northern Illinois MLS, there were 312 sales of detached single family homes in 2007. The sales volume was down from 448 sales in 2006. Sales prices decreased with the average 2007 sales price at $348,181.00, compared to $354,993.00 in 2006. Marketing times were an average of 116 days on the market, up over the 2006 average of 72 days.

As of January 18, 2008 there are 313 active listings of single family detached homes in the MLS. At the 2007 level of absorption this is 12.03 months of unsold available inventory. A 3-4 months supply of inventory is considered "in balance", this level is an oversupply.

To recap 2007 for detached homes, sales volume was down -30.35%, average sales prices were down -1.91%, and the days on the market were up +61.11%. This market is oversupplied and the 313 active listings have already been on the market an average of 188 days.

The condo/townhouse market had 460 sales, down from the 695 properties that sold in 2006. Sales prices saw a decrease with the average 2007 sales price at $190,232.00, compared to $197,675.00 in 2006. Marketing times were an average of 125 days on the market, up over the 2006 average of 83 days.

There are 540 active listings of attached homes in the MLS. Based on the 2007 level of absorption this is 14.08 months of unsold inventory.The condo/townhouse market is over supplied, sales volume was down -33.81%, average sales prices are down -3.76%, and the days on the market were up +50.60%. The 540 active MLS listings have been on the market an average of 179 days.

If you have an active listing or need to sell in 2008 now is the time to get an appraisal. The market has changed and only the most competitively priced homes will be selling soon.Make sure that your listing is competitive, get a current appraisal. Complete appraisals of single family homes and condominiums start at $275.00. this is a small price to pay for knowledge that will help you position your house to sell in the current market.

Citywide Services provides residential appraisal service in Des Plaines, Illinois 60016, 60018. Our appraisers are certified by the State of Illinois. We have experience with all types of residential property and appraise single family homes, townhouses, condominiums as well as small residential income properties. When you need to find an appraiser that knows Cook County contact Citywide 1-800-405-9718

Thornton, IL 60476 - Year End 2007

The Village of Thornton is located approximately 20 miles South of the Chicago "Loop" in suburban Cook County.

The Village's municipal neighbors include South Holland to the north, Lansing to the east, Glenwood to the south, and East Hazel Crest & Homewood to the west. O'Hare International Airport is approximately 40 miles from the village.

Thornton is home of the world's largest commercial limestone quarry. The quarry occupies two-thirds of the city of Thornton. The residential area would fit on the quarry's floor. A thirty-three-story building could be built at the bottom of the hole, and its roof would be level with the surface.

According to data from the Northern Illinois MLS, there were 32 sales of single family homes in 2007. The sales volume was down from 47 sales in 2006. Sales prices increase slightly with the average 2007 sales price at $139,678.00, compared to $137,513.00 in 2006. Marketing times were an average of 74 days on the market, a decrease from the 2006 average of 82 days.

As of January 16, 2008 there are 23 active listings of single family homes in the MLS. At the 2007 level of absorption this is 8.64 months of unsold available inventory. A 3-4 months supply of inventory is considered "in balance", this level is a oversupply.

To recap 2007 for detached homes, sales volume was down -31.91%, average sales prices were stable, up -1.54%, and the days on the market down -10.81%. This market is oversupplied and the 23 active listings have already been on the market an average of 140 days.

Citywide Services provides residential appraisal service in Thornton, Il. 60476. Our appraisers are state certified and have experience with single family homes, town houses, condominiums as well as small residential income properties. When you need to find an appraiser in Cook County contact Citywide 1-800-405-9718

Thursday, January 17, 2008

External Obsolescence - a Bad Location


By definition "External Obsolescence" is a defect, usually incurable, caused by negative influences outside a site. In other words the property has a bad location.

In this example a Palatine home backs to railroad tracks and at the time Google took this photograph it captured a low flying aircraft. This is an example of a bad location. The noise from trains and aircraft negatively affect the appeal of this house.

Anything that negatively affects the appeal and marketability of a property is obsolescence. If it comes from outside the properties boundaries its external obsolescence and you cant do anything about it. Noise, odor's , busy streets, all contribute to a bad location, and once you have a bad location you are stuck with it. You may buy it cheaper, however, just say no to bad locations.

I have appraised homes backing to Burger King, the external was the odor of Flame Broiled Whoppers, Condo's backing to the CTA Elevated, a $2 million home right under the approach to O'Hare's busiest runway, homes adjacent to cemetery's, homes siding on alleys, homes next to landfills, and even one adjacent to the 24 hour drive up window for a fast food location.

In the past few years developers in Chicago were building on any available lot they could find, and due to the hot real estate market it seemed that purchasers were buying everything that was built. Unless you tear something down in Chicago all the good locations have been built on years ago. So what's left, lots of property with bad locations.

Yes, in the boom years purchasers overlooked a lot of things, but not anymore. Now that the market has cooled down and there are lots of choices available, what will happen to all those listings with bad external obsolescence? The likely scenario is that they will sit on the market a long time, have many price drops, before some fool buys it thinking he has a great deal.

Before you purchase a property, build a new home, or add a major addition to your home, its a good idea to have an appraisal by a certified professional. Complete appraisals of single family homes and condominiums start at $275.00. The real estate market is complex, give yourself peace of mind, contact Citywide Services 1-800-405-9718

Buying a Foreclosure - Seek Expert Advice

Benny Kass talks about foreclosures at Inman News

I always ask myself one question: If this is such a good deal, why am I going to get it? At these foreclosure sales, there are experts (some people call them "sharks") and there are laypersons. If you really want to pursue this, you must retain counsel and get an immediate title search to determine whether there are any other liens or encumbrances other than the $580,000 mortgage.

You should also talk with the homeowners who are facing foreclosure. Perhaps they would be willing to sell the house to you if you will pay off their mortgage? Even if they are unwilling to do this, at least you will have had an opportunity to inspect the entire property. That's a must; many people buy houses sight unseen only to discover major -- and expensive -- problems after they take title.

You should also talk with the lender or its attorneys. Some lenders will be willing to cooperate and assist you in buying. Other lenders take the position that they do not have the right to do anything until after the foreclosure sale takes place.

How much should you bid? That depends on two factors: the value of the house and your pocketbook. There is no real standard bidding practice. The lender will probably set the initial bid. They may require bids at certain dollar increments -- say $1,000. Start at the opening bid and go up to your limit.

You must set a limit on how much you are prepared to spend. There is what I call the "auction mentality" whereby people think they are getting a bargain even though they overpay the value of the auctioned property.

You should also determine -- in advance of the sale -- approximately how much it will cost you to repair and correct all of the problems (including the mold).

The bottom line: Buying at a foreclosure is risky, despite what those so-called "experts" write about in their sales-promotional books.

Clarendon Hills, IL 60514 Year End 2007

Clarendon Hills is a village located in DuPage County, Illinois. As of the 2000 census, the village had a total population of 7,610. The village has a total area of 1.7 square miles.

Clarendon Hills is located 22 miles southwest of the Chicago "Loop". Several major interstates and highways are accessible from the area, including Route 83, I-88, I-55, I-290 and I-294. Both O’Hare and Midway airports are within 15 miles of Clarendon Hills. The village is adjacent to a high-tech research corridor that includes Fermi Lab and Argonne National Laboratory. Neighboring cities include Westmont, Hinsdale, and Willowbrook.

According to data from the Northern Illinois MLS, there were 97 sales of single family homes in 2007. The sales volume was up from 86 sales in 2006. Sales prices increased with the average 2007 sales price at $810,499.00, compared to $796,750.00 in 2006. Marketing times were an average of 196 days on the market, up over the 2006 average of 118 days.

As of January 17, 2008 there are 103 active listings of single family detached homes in the MLS. At the 2007 level of absorption this is 12.74 months of unsold available inventory. A 3-4 months supply of inventory is considered "in balance", this level is an oversupply.

To recap 2007 for detached homes, sales volume was up +12.79%, average sales prices were up +1.72%, and the days on the market were up +66.10%. This market is oversupplied and the 103 active listings have already been on the market an average of 291 days.

The condo/townhouse market had 35 sales down from the 70 properties that sold in 2006. Sales prices saw a increase with the average 2007 sales price at $246,768.00, compared to $211,701.00 in 2006. Marketing times were an average of 327 days on the market, up over the 2006 average of 312 days.

There are 27 active listings of attached homes in the MLS. Based on the 2007 level of absorption this is 9.27 months of unsold inventory.

The condo/townhouse market is over supplied, sales volume was down -50.00%, average sales prices were up +16.56%, and the days on the market were up +4.80%. The 27 active MLS listings have been on the market an average of 238 days.

If you have an active listing or need to sell in 2008 now is the time to get an appraisal. The market has changed and only the most competitively priced homes will be selling soon.

Make sure that your listing is competitive, get a current appraisal. Complete appraisals of single family homes and condominiums start at $275.00. this is a small price to pay for knowledge that will help you position your house to sell in the current market.

Citywide Services provides residential appraisal service in Clarendon Hills, Illinois 60514. Our appraisers are certified by the State of Illinois. We have experience with all types of residential property and appraise single family homes, townhouses, condominiums as well as small residential income properties. When you need to find an appraiser in Dupage County contact Citywide 1-800-405-9718

Wednesday, January 16, 2008

Oak Brook, Il 60523 Year End 2007

The village of Oak Brook is located approximately 16 miles southwest of the Chicago "Loop" in suburban DuPage County. The population was 8,702 at the 2000 census, the village has a total area of 8.3 square miles.

The Village's municipal neighbors include Elmhurst, Lombard and Oakbrook Terrace to the north, Westchester to the east, Hinsdale and Westmont to the south, and Downers Grove to the west. O'Hare International Airport is approximately 11 miles from the Village.

Home to Oak Brook Center shopping mall the village also serves as the headquarters for many national and international companies and organizations, including McDonald's Corporation, Ace Hardware, Federal Signal Corporation, Blistex and Lions Clubs International.

The Butler National Golf Club, former home of the Western Open Golf Tournament, is located off of York Road, south of Cermak Road. the course was designed by Tom Fazio.

Property owners pay no property tax to the Village, as Village services are funded primarily by sales tax receipts.

According to data from the Northern Illinois MLS there were 67 sales of single family detached homes in 2007, The sales volume was up from 59 sales in 2006. Sales prices saw a decrease with the average 2007 sales price at $1,128,583.00, compared to $1,260,947.00 in 2006. Marketing times were an average of 230 days on the market, up over the 2006 average of 148 days.

As of January 16, 2008 there are 76 active listings of detached homes in the MLS. At the 2007 level of absorption this is 13.62 months of unsold available inventory. A 3-4 months supply of inventory is considered "in balance", this level is an oversupply.

To recap 2007 for detached homes, sales volume was up +11.94%, average sales prices were down -10.49%, and the days on the market were up +55.40%. This market is oversupplied and the 76 active listings have already been on the market an average of 283 days.

Attached homes and condominiums had 61 sales in 2007, similar to 60 in 2006. The average sales price was $292,019.00, this was a decrease from $355,886.00 in 2006. Marketing times were an average of 110 days on the market, double the 2006 average of 54 days.

There are 85active listings of townhouses & condo's. At the 2007 level of absorption of 5.08 sales per month there is 16.73 months of available inventory.

The available inventory in the condo/townhouse market is very oversupplied, sales volume is stable, sales prices declined -17.94%, days on market are up +103.70%, the 85 active condo listings have already been on the market an average of 223 days.

If you have an active listing or need to sell in 2008 now is the time to get an appraisal. The market has changed and only the most competitively priced homes will be selling soon.

Be sure that your listing is competitive, get a current appraisal. Complete appraisals of single family homes and condominiums start at $275.00. this is a small price to pay for knowledge that will help you position your house to sell in the current market.

Citywide Services provides residential appraisal service in Oak Brook, IL. 60523. Our appraisers are certified by the State of Illinois. We have experience with all types of residential property and appraise single family homes, townhouses, condominiums as well as small residential income properties. When you need to find an appraiser in Dupage County contact Citywide 1-800-405-9718

Schaumburg, IL 60193 - Year End 2007

The village of Schaumburg is located approximately 30 miles Northwest of the Chicago "Loop" in suburban Cook County. As of the 2000 census, the village had a total population of 75,386. A special census conducted by Schaumburg in 2007 shows an increase to 75,936.

The village's municipal neighbors include Rolling Meadows to the north and to the east, Elk Grove Village and Roselle to the south, Streamwood and Hoffman Estates to the west. O'Hare International Airport is approximately 11 miles from the village.

The community enjoys a thriving economy with eight industrial parks, 20 million square feet of office and retail space, and more than 160 restaurants.

According to data from the Northern Illinois MLS there were 280 sales of single family detached homes in 2007, The sales volume was down from 356 sales in 2006. Sales prices saw a decrease with the average 2007 sales price at $365,044.00, compared to$391,127.00 in 2006. Marketing times were an average of 136 days on the market, up over the 2006 average of 83 days.

As of January 16, 2008 there are 205 active listings of detached homes in the MLS. At the 2007 level of absorption this is 8.78 months of unsold available inventory. A 3-4 months supply of inventory is considered "in balance", this level is an oversupply.

To recap 2007 for detached homes, sales volume was down -21.34%, average sales prices were down -6.66%, and the days on the market were up +63.85%. This market is oversupplied and the 205 active listings have already been on the market an average of 188 days.

The attached homes and condominium market is larger with 839 sales in 2007, down from 912 in 2006. The average sales price was $198,667.00, this was a decrease from $209,988.00 in 2006. Marketing times were an average of 77 days on the market, an increase over the 2006 average of 62 days.

There are 397 active listings of townhouses & condo's. At the 2007 level of absorption of 69.91 sales per month there is 5.67 months of available inventory. The available inventory in the condo/townhouse market is oversupplied, sales volume is down -8.00%, sales prices declined -5.39%, days on market are up +24.19%, the 397 active condo listings have already been on the market an average of 142 days.

If you have an active listing or need to sell in 2008 now is the time to get an appraisal. The market has changed and only the most competitively priced homes will be selling soon.

Be sure that your listing is competitive, get a current appraisal. Complete appraisals of single family homes and condominiums start at $275.00. this is a small price to pay for knowledge that will help you position your house to sell in the current market.

Citywide Services provides residential appraisal service in Schaumburg, Il. 60193. Our appraisers are state certified and have experience with single family homes, town houses, condominiums as well as small residential income properties. When you need to find an appraiser in Cook County contact Citywide 1-800-405-9718

Skokie, Illinois 60076 - Year End 2007


The village of Skokie is located approximately 16 miles northwest of downtown Chicago and 12 miles east of O'Hare International Airport, Skokie covers 10.2 square miles of land and is bordered by the villages of Glenview and Wilmette on the north, the village of Lincolnwood and the City of Chicago (West Ridge and Forest Glen neighborhoods) on the south, the villages of Morton Grove and Niles on the west and the city of Evanston on the east.

As of the 2000 Census Skokie's population was 63,348. There are 23,702 housing units with and average household size of 2.73 people. There are approximately 23,700 housing units in the village; approximately 75% of which are owner occupied and 25% of which are rental units.

According to data from the Northern Illinois MLS there were 299 sales of single family homes in 2007, The sales volume was down from 362 sales in 2006. Sales prices saw a decrease with the average 2007 sales price at $403,983.00, compared to $436,182.00 in 2006. Marketing times were an average of 120 days on the market, up over the 2006 average of 71 days.

As of January 16, 2008 there are 288 active listings of single family detached homes in the MLS. At the 2007 level of absorption this is 11.56 months of unsold available inventory. A 3-4 months supply of inventory is considered "in balance", this level is an oversupply.

To recap 2007, the sales volume for detached homes was down -17.40%, average sales prices were down -7.38%, and the days on the market were up +69.01%. This market is oversupplied and the 288 active listings have already been on the market an average of 188 days.

There were 218 sales of attached homes & condominiums in 2007, down from 356 in 2006. The average sales price was $263,230.00, this was a slight increase from $262,444.00 in 2006. Marketing times were an average of 136 days on the market, an increase over the 2006 average of 73 days.

Currently there are 239 active listings. At the 2007 level of absorption of 18.16 sales per month there is 13.16 months of available inventory.

The available inventory in the condo/townhouse market is oversupplied, sales volume is down -38.76%, sales prices can be considered stable, days on market are up +86.30%, the 239 active condo listings have already been on the market an average of 206 days.

This neighborhood is being negatively affected by the lack of jumbo loans & loss of subprime lending. Sales volume, prices and marketing times are feeling the effect. There is too much inventory for the demand, this points to long marketing times and lower prices in 2008.

If you have an active listing or need to sell in 2008 now is the time to get an appraisal. The market has changed and only the most competitively priced homes will be selling soon.

Be sure that your listing is competitive, get a current appraisal. Complete appraisals of single family homes and condominiums start at $275.00. this is a small price to pay for knowledge that will help you position your house to sell in the current market.

Citywide Services provides residential appraisal service in Skokie, Il. 60076. Our appraisers are state certified and have experience with single family homes, town houses, condominiums as well as small residential income properties. When you need to find an appraiser in Cook County contact Citywide 1-800-405-9718

Tuesday, January 15, 2008

Glendale Heights, IL 60139 Year End 2007

Glendale Heights is a village located in DuPage County, Illinois. As of the 2000 census, the village had a total population of 31,765. The total land area of the village is 5.4 square miles.

The village's municipal neighbors include Bloomingdale to the north, Addison to the east, Glen Ellyn to the south, and Carol Stream to the west.

According to data from the Northern Illinois MLS, there were 126 sales of single family homes in 2007. The sales volume was down from 243 sales in 2006. Sales prices decreased with the average 2007 sales price at $257,116.00, compared to $262,527.00 in 2006. Marketing times were an average of 142 days on the market, up over the 2006 average of 82 days.

As of January 15, 2008 there are 169 active listings of single family detached homes in the MLS. At the 2007 level of absorption this is 16.09 months of unsold available inventory. A 3-4 months supply of inventory is considered "in balance", this level is a large oversupply.

To recap 2007 for detached homes, sales volume was down -48.14%, average sales prices were down -2.06%, and the days on the market were up +73.17%. This market is oversupplied and the 169 active listings have already been on the market an average of 163 days.

The condo/townhouse market had 239 sales down from the 370 properties that sold in 2006. Sales prices saw a slight increase with the average 2007 sales price at $173,528.00, compared to $171,122.00 in 2006. Marketing times were an average of 119 days on the market, up over the 2006 average of 83 days.

There are 189 active listings of attached homes in the MLS. Based on the 2007 level of absorption this is 9.49 months of unsold inventory.

The condo/townhouse market is over supplied, sales volume was down -35.40%, average sales prices were up +1.40%, and the days on the market were up +43.37%. The 189 active MLS listings have been on the market an average of 147 days.

Overall there is too much inventory for the demand, this points to long marketing times and lower prices in 2008.

If you have an active listing or need to sell in 2008 now is the time to get an appraisal. The market has changed and only the most competitively priced homes will be selling soon.

Make sure that your listing is competitive, get a current appraisal. Complete appraisals of single family homes and condominiums start at $275.00. this is a small price to pay for knowledge that will help you position your house to sell in the current market.

Citywide Services provides residential appraisal service in Glendale Heights, Illinois 60139. Our appraisers are state certified and have experience with single family homes, town houses, condominiums as well as small residential income properties. When you need to find a real estate appraiser in DuPage County contact Citywide 1-800-405-9718

Elmwood Park, IL - 60707 Year End 2007

Real Estate prices stable - Lots of inventory.

Elmwood Park is a village located in Cook County, Illinois. As of the 2000 census, the village had a total population of 25,405. The total land area is 1.9 square miles.

Located approximately 12 miles northwest of the Chicago "Loop" the village is bordered by the Chicago neighborhoods of Dunning/Belmont Heights on the north, Montclaire/Galewood on the east, the village of River Forest to the south and the village of River Grove to the west.

The were 122 sales of detached single family homes in 2007, according to data from the Northern Illinois MLS. The sales volume was down from 180 sales in 2006. Sales prices saw a slight decrease with the average 2007 sales price at $340,296.00, compared to $342,678.00 in 2006. Marketing times were an average of 146 days on the market, up over the 2006 average of 88 days.

As of January 11, 2008 there are 154 active listings of detached homes in the MLS. At the 2007 level of absorption this is 15.15 months of available inventory. A 3-4 months supply of inventory is considered "in balance", this level is an oversupply.

For the year end of 2007 sales volume was down -32.22%, average sales prices were up +0.69%, and the days on the market were up +65.90%. This market is oversupplied and the 154 active listings have already been on the market an average of 204 days.

There were 89 sales of attached homes & condominiums in 2007, down from 136 in 2006. The average sales price was $176,450.00, this was a slight increase from $175,941.00 in 2006. Marketing times were an average of 110 days on the market, a slight increase over the 2006 average of 106 days.

Currently there are 139 active listings of attached homes & condominiums. At the 2007 level of absorption of 7.41 sales per month there is 18.75 months of available inventory.

The available inventory in the condo/townhouse market is oversupplied, sales volume is down -34.55%, sales prices are stable up 0.28%, days on market are up +3.775% and the average days on market for the current listings is 215 days.

Prices have remained stable, however, with this level of inventory and long marketing times I expect to see a decline in 2008. If you have an active listing or need to sell in 2008 now is the time to get an appraisal. The market has changed and only the most competitively priced homes will be selling soon.

Make sure your listing is competitive, get a current appraisal. Complete appraisals of single family homes and condominiums start at $275.00. this is a small price to pay for knowledge that will help you position your house to sell in the current market.

Citywide Services provides residential appraisal service in Elmwood Park, Illinois 60707. Our appraisers are state certified and have experience with single family homes, town houses, condominiums as well as small residential income properties. When you need to find an appraiser in Cook county contact Citywide 1-800-405-9718

Monday, January 14, 2008

River Grove, Illinois - 60171 Year End 2007

The village of River Grove is located approximately 12 miles northwest of the Chicago "Loop" in suburban Cook county. According to the 2000 census the population was 10,668, with 4,404 households. The village has a total area of 2.4 square miles.

The village's municipal neighbors include Chicago to the north, Elmwood Park to the east, Melrose Park to the south, and Franklin Park to the west. Transportation links include 1st Avenue and Grand Avenue. Commuter train service to Chicago is available with a station in the village. O'Hare International Airport is approximately 5 miles from the Village.

There were 49 sales of single family homes in 2007, according to data from the Northern Illinois MLS. The sales volume was down from 79 sales in 2006. Sales prices decreased with the average 2007 sales price at $286,621.00, compared to $303,170.00 in 2006. Marketing times were an average of 126 days on the market, up over the 2006 average of 76 days.

As of January 13, 2008 there are 64 active listings of single family detached homes in the MLS. At the 2007 level of absorption this is 15.68 months of unsold available inventory. A 3-4 months supply of inventory is considered "in balance", this level is an oversupply.

To recap 2007 for detached homes, sales volume was down -37.97%, average sales prices were down 5.45%, and the days on the market were up +65.78%. This market is oversupplied and the 64 active listings have already been on the market an average of 190 days.

The condo/townhouse market had 32 sales down from the 55 properties that sold in 2006. Sales prices saw a decline with the average 2007 sales price at $156,484.00, compared to $198,634.00 in 2006. Marketing times were an average of 157 days on the market, up over the 2006 average of 108 days.

There are 26 active listings of attached homes in the MLS. Based on the 2007 level of absorption this is 9.77 months of unsold inventory.

The condo/townhouse market is over supplied, sales volume was down -41.81%, average sales prices were down -21.21%, and the days on the market were up +45.37%. The 26 active MLS listings have been on the market an average of 226 days.

Overall there is too much inventory for the demand, this points to long marketing times and lower prices in 2008.

If you have an active listing or need to sell in 2008 now is the time to get an appraisal. The market has changed and only the most competitively priced homes will be selling soon.

Make sure that your listing is competitive, get a current appraisal. Complete appraisals of single family homes and condominiums start at $275.00. this is a small price to pay for knowledge that will help you position your house to sell in the current market.

Citywide Services provides residential appraisal service in River Grove, Illinois 60171. Our appraisers are state certified and have experience with single family homes, town houses, condominiums as well as small residential income properties. When you need to find an appraiser in Cook county contact Citywide 1-800-405-9718