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/