A look at the real estate market by a local appraiser
The village of South Elgin is located approximately 43 miles northwest of the Chicago "Loop" in suburban Kane County. The population was 16,100 at the 2000 census, and estimated to be 20,758 as of 2005. In July 2007, Money magazine named South Elgin as 82 of 100 entries in its "America's Best Places To Live" edition.
South Elgin is bordered by the city of Elgin to the north, Bartlett to the east, Valley View to the south, and unincorporated Kane County to the west.
According to data from the Northern Illinois MLS, there were 198 sales of single family homes in 2007. The sales volume was down from 272 sales in 2006. Sales prices increased with the average 2007 sales price at $318,988.00, compared to $309,060.00 in 2006. Marketing times were an average of 126 days on the market, up over the 2006 average of 93 days.
As of January 27, 2008 there are 140 active listings of single family detached homes in the MLS. At the 2007 level of absorption this is 8.48 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 -27.20%, average sales prices were up +3.21%, and the days on the market were up +35.48%. This market is oversupplied and the 140 active listings have already been on the market an average of 180 days.
The condo/townhouse market had 150 sales, down from the 187 properties that sold in 2006. Sales prices saw a slight increase with the average 2007 sales price at $188,084.00, compared to $184,884.00 in 2006. Marketing times were an average of 111 days on the market, up over the 2006 average of 66 days.
There are 98 active listings of attached homes in the MLS. Based on the 2007 level of absorption this is 7.84 months of unsold inventory.
The condo/townhouse market is over supplied, sales volume was down -19.78%, average sales prices are considered stable with a +1.73% change, and the days on the market were up +68.18%. The 98 active MLS listings have already been on the market an average of 128 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 South Elgin, IL. 60177. 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/