Wednesday, January 16, 2008

Skokie, Illinois 60076 - Year End 2007

The village of Skokie is located approximately 16 miles northwest of downtown Chicago and 12 miles east of O'Hare International Airport, Skokie covers 10.2 square miles of land and is bordered by the villages of Glenview and Wilmette on the north, the village of Lincolnwood and the City of Chicago (West Ridge and Forest Glen neighborhoods) on the south, the villages of Morton Grove and Niles on the west and the city of Evanston on the east.

As of the 2000 Census Skokie's population was 63,348. There are 23,702 housing units with and average household size of 2.73 people. There are approximately 23,700 housing units in the village; approximately 75% of which are owner occupied and 25% of which are rental units.

According to data from the Northern Illinois MLS there were 299 sales of single family homes in 2007, The sales volume was down from 362 sales in 2006. Sales prices saw a decrease with the average 2007 sales price at $403,983.00, compared to $436,182.00 in 2006. Marketing times were an average of 120 days on the market, up over the 2006 average of 71 days.

As of January 16, 2008 there are 288 active listings of single family detached homes in the MLS. At the 2007 level of absorption this is 11.56 months of unsold available inventory. A 3-4 months supply of inventory is considered "in balance", this level is an oversupply.

To recap 2007, the sales volume for detached homes was down -17.40%, average sales prices were down -7.38%, and the days on the market were up +69.01%. This market is oversupplied and the 288 active listings have already been on the market an average of 188 days.

There were 218 sales of attached homes & condominiums in 2007, down from 356 in 2006. The average sales price was $263,230.00, this was a slight increase from $262,444.00 in 2006. Marketing times were an average of 136 days on the market, an increase over the 2006 average of 73 days.

Currently there are 239 active listings. At the 2007 level of absorption of 18.16 sales per month there is 13.16 months of available inventory.

The available inventory in the condo/townhouse market is oversupplied, sales volume is down -38.76%, sales prices can be considered stable, days on market are up +86.30%, the 239 active condo listings have already been on the market an average of 206 days.

This neighborhood is being negatively affected by the lack of jumbo loans & loss of subprime lending. Sales volume, prices and marketing times are feeling the effect. There is too much inventory for the demand, 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.

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 Skokie, Il. 60076. 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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