Real Estate - Sales Volume Down - Average Prices Down - Marketing Times Up
Hanover Park is a village located in both Cook County and DuPage County. As of the 2000 census, the village had a total population of 38,278. Ontarioville is an area neighborhood within the village. The total land area of the village is 6.8 square miles.
The village is bordered by Schaumburg to the north, the villages of Roselle and Bloomingdale to the east, the village of Carol Stream to the south, and the villages of Bartlett and Streamwood to the west.
According to data from the Northern Illinois MLS there were 185 sales of detached homes in 2007, down -39% from the 305 sales in 2006. The average sales price was $239,228.00, down -4.48% from $249,965.00 in 2006. Marketing times were an average of 127 days on the market, up +67.10% over the 2006 average of 76 days.
As of January 3, 2008 there were 168 active listings of detached homes. Based on the 2007 level of absorption of 15.41 sales per month there is 10.90 months of available inventory.
There were 224 sales of condominium/townhouses in 2007, down -27.50% from 309 in 2006. The average sales price was $171,173.00, down -3.06% from $176,583.00 in 2006. Marketing times were an average of 91 days on the market, up +24.65% over the 2006 average of 73 days.
There are 174 active listings of attached homes. Based on the 2007 level of absorption of 18.66 sales per month there is 9.32 months of available inventory.
A 3-4 months supply of inventory is considered "in balance". The level of inventory in this neighborhood is an oversupply. All of the above points to a cooling market, 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 real estate market has changed and only the most competitively priced homes will be selling soon.
How to 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 in the current market.