Monday, January 14, 2008

Stone Park, Illinois 60165 - Year End 2007

Stone Park is a village located in Cook County, Illinois. As of the 2000 census, the village had a total population of 5,127 and contained 1,315 housing units. The total area of the village is 0.3 square miles.

Stone Park is bordered by Melrose Park on the north, east and south and the city of Northlake to the west.

There were only 14 sales of single family homes in 2007, according to data from the Northern Illinois MLS. The sales volume was down from 38 sales in 2006. Sales prices saw a decrease with the average 2007 sales price at $202,878.00, compared to $236,251.00 in 2006. Marketing times were an average of 146 days on the market, up over the 2006 average of 95 days.

As of January 12, 2008 there are 28 active listings of single family detached homes in the MLS. At the 2007 level of absorption this is 24.13 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 -62.16%, average sales prices were down -14.12%, and the days on the market were up +53.68%. This market is oversupplied and the 28 active listings have already been on the market an average of 200 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 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 Stone Park, Il. 60165. 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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