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/