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