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/