Lake in the Hills is located approximately 55 miles northwest of the Chicago "Loop" in suburban McHenry County. As of the 2000 census, the village had a total population of 23,152. A 2006 special census put the population at 29,195. LITH has a total area of 9.6 square miles.
The village's municipal neighbors include Crystal Lake to the north, Algonquin to the east & south, and Huntley the west.
According to the Northern Illinois MLS there were 300 sales of single family detached homes in 2007. Volume was down -31.81% from the 440 sales closed in 2006. The average sales price decreased slightly -1.29% for a 2007 average of $273,113.00 from the 2006 average of $276,689.00. Marketing times were an average of 118 days on the market, up +42.16% from the 2006 average of 83 days.
As of January 24, 2008 there are 257 active listings of single family detached homes in the MLS. At the 2007 level of absorption of 25 sales per month, this is 10.28 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 183 days.
Attached homes and condominiums had 164 sales in 2007, down -35.17% from 253 in 2006. The average sales price was $181,085.00, this was a slight decrease of -0.42% from $181,866.00 in 2006. Marketing times were an average of 112 days on the market, up from the 2006 average of 65 days. There are 125 active listings of townhouses & condo's. At the 2007 level of absorption of 13.66 sales per month there is 9.15 months of available inventory. The current listings have been on the market for an average of 167 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 Lake in the Hills, IL. 60156. 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 McHenry County contact Citywide 1-800-405-9718
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