Saturday, January 26, 2008

Maywood, Il 60153 - Year End 2007

Maywood is a village located approximately 11 miles west of the Chicago "Loop" in suburban Cook County, Illinois. As of the 2000 census, the village had a total population of 26,987.

The village's municipal neighbors include Melrose Park to the north, River Forest & Forest Park to the east, Broadview to the south, and Bellwood to the west.

According to the Northern Illinois MLS there were 145 sales of single family detached homes in 2007. Volume was down -49.73% from the 241 sales closed in 2006. The average sales price for 2007 was $172,998.00, this is a decline from the 2006 average of $179,677.00. Marketing times were an average of 121 days on the market, up +47.56% from the 2006 average of 82 days.

As of January 19,2008 there are 202 active listings of single family detached homes in the MLS. At the 2007 level of absorption of 12.08 sales per month, this is 16.72 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 already been on the market for an average of 156 days.

The neighborhood is being negatively affected by recent curbs on subprime lending. Prices of single family homes have already declined -3.71%, marketing times have increased and there is a huge oversupply of unsold homes. To clear all this unsold inventory I expect asking prices to 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 Maywood, Illinois 60153. 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 Cook County contact Citywide 1-800-405-9718

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