Wednesday, January 16, 2008

Schaumburg, IL 60193 - Year End 2007

The village of Schaumburg is located approximately 30 miles Northwest of the Chicago "Loop" in suburban Cook County. As of the 2000 census, the village had a total population of 75,386. A special census conducted by Schaumburg in 2007 shows an increase to 75,936.

The village's municipal neighbors include Rolling Meadows to the north and to the east, Elk Grove Village and Roselle to the south, Streamwood and Hoffman Estates to the west. O'Hare International Airport is approximately 11 miles from the village.

The community enjoys a thriving economy with eight industrial parks, 20 million square feet of office and retail space, and more than 160 restaurants.

According to data from the Northern Illinois MLS there were 280 sales of single family detached homes in 2007, The sales volume was down from 356 sales in 2006. Sales prices saw a decrease with the average 2007 sales price at $365,044.00, compared to$391,127.00 in 2006. Marketing times were an average of 136 days on the market, up over the 2006 average of 83 days.

As of January 16, 2008 there are 205 active listings of detached homes in the MLS. At the 2007 level of absorption this is 8.78 months of unsold available inventory. A 3-4 months supply of inventory is considered "in balance", this level is an oversupply.

To recap 2007 for detached homes, sales volume was down -21.34%, average sales prices were down -6.66%, and the days on the market were up +63.85%. This market is oversupplied and the 205 active listings have already been on the market an average of 188 days.

The attached homes and condominium market is larger with 839 sales in 2007, down from 912 in 2006. The average sales price was $198,667.00, this was a decrease from $209,988.00 in 2006. Marketing times were an average of 77 days on the market, an increase over the 2006 average of 62 days.

There are 397 active listings of townhouses & condo's. At the 2007 level of absorption of 69.91 sales per month there is 5.67 months of available inventory. The available inventory in the condo/townhouse market is oversupplied, sales volume is down -8.00%, sales prices declined -5.39%, days on market are up +24.19%, the 397 active condo listings have already been on the market an average of 142 days.

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.

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 to sell in the current market.

Citywide Services provides residential appraisal service in Schaumburg, Il. 60193. 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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