Libertyville is a village located in Lake County approximately 45 miles northwest of the Chicago "Loop". As of the 2000 census, the village of Libertyville had a total population of 20,742. Libertyville is a winner of the Great American Main Street Award, given to towns that strive to maintain the look and feel of the village as it has for generations.
The general boundaries of Libertyville would include the village of Grayslake to the north, the village of Mettawa to the east, Vernon Hills to the south, and the village of Mundelein to the West.
According to data from the Northern Illinois MLS there were 309 sales of detached homes in 2007, up from 283 in 2006. The average sales price was $574,913.00, this was a decline from $588,907.00 in 2006. Marketing times were an average of 161 days on the market, and increase over the 2006 average of 131 days. As of January 6, 2008 there were 277 active listings of detached homes. At the 2007 level of absorption this is 10.75 months of available inventory. A 3-4 months supply of inventory is considered "in Balance"
Available inventory is oversupplied, sales volume is up +8.41%, sales prices are down -2.37%, days on market are up +22.90%.
There were 81 sales of attached homes & condominiums in 2007, down from 100 in 2006. The average sales price was $286,543.00, this was a decrease from $292,343.00 in 2006. Marketing times were an average of 131 days on the market, an increase over the 2006 average of 104 days. Currently there are 70 active listings. At the 2007 level of absorption of 6.75 sales per month there is 10.37 months of available inventory.
The available inventory in the condo/townhouse market is oversupplied, sales volume is down -19.00%, sales prices are down -1.98%, days on market are up +25.96%. Overall changes in prices are showing a decline, combined with the increase in marketing times this market is cooling off. There are very high levels of available inventory, this points to 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 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.
Citywide Services provides residential appraisal service in Libertyville, Illinois 60048. Our appraisers are state certified and have experience with single family homes, town houses, condominiums as well as small residential income properties. When you need to find an appraiser in Lake County contact Citywide.
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