Conditions of the South Holland real estate market year end 2007.
South Holland is a village in suburban Cook county. As of the 2000 census, the village had a total population of 22,147.
Located approximately 23 miles south of the Chicago "Loop" South Holland is bordered by the village of Dolton to the north, Calumet City and Lansing to the east, the village of Thornton to the south and the village of Harvey to the west.
South Holland calls itself the "Community of Churches". Housing styles range from a few older farmhouses to modern brick ranches, quad levels and split levels. Zoning ordinances prohibit multi-family housing.
In 2007 there were 252 sales of single family homes, according to data from the Northern Illinois MLS. The sales volume was down from 369 sales in 2006. Sales prices saw a decrease with the average 2007 sales price at $172,804.00, compared to $185,764.00 in 2006. Marketing times were an average of 122 days on the market, up over the 2006 average of 83 days.
As of January 11, 2008 there are 260 active listings of single family detached homes in the MLS. At the 2007 level of absorption this is 12.38 months of available inventory. A 3-4 months supply of inventory is considered "in balance", this level is an oversupply.
For the year end of 2007 sales volume was down -31.70%, average sales prices were down -6.97%, and the days on the market were up +46.98%. This market is oversupplied and the 260 active listings have already been on the market an average of 157 days.
This neighborhood is being negatavely affected by the 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.
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 Holland, IL. 60473. Our appraisers are state certified and have experience appraising single family homes, townhouses, 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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