Tuesday, January 29, 2008

Sleepy Hollow, IL 60118 - Year End 2007

Sleepy Hollow is a village located approximately 50 miles northwest of the Chicago "Loop" in suburban Kane County, Illinois. The 2006 population was 3,708. The village is predominantly detached single family homes and has a total area of 6 square miles.

The village is bordered by West Dundee on the north & east, and the city of Elgin on the south and west.

According to data from the Northern Illinois MLS, there were 19 sales of single family homes in 2007. The sales volume was down from 31 sales in 2006. Sales prices decreased with the average 2007 sales price at $363,199.00, compared to $374,900.00 in 2006. Marketing times were an average of 170 days on the market, up over the 2006 average of 119 days.

As of January 26, 2008 there are 34 active listings of single family detached homes in the MLS. At the 2007 level of absorption this is 21.51 months of unsold available inventory. A 3-4 months supply of inventory is considered "in balance", this level is an oversupply.

To recap 2007, sales volume was down -38.70%, average sales prices were down -3.12%, and the days on the market were up +42.85. This market is oversupplied and the 34 active listings have already been on the market an average of 193 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.

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 Sleepy Hollow, IL. 60118. 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 in Kane County contact Citywide 1-800-405-9718 http://www.appraisercitywide.com/

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