Friday, January 18, 2008

Thornton, IL 60476 - Year End 2007

The Village of Thornton is located approximately 20 miles South of the Chicago "Loop" in suburban Cook County.

The Village's municipal neighbors include South Holland to the north, Lansing to the east, Glenwood to the south, and East Hazel Crest & Homewood to the west. O'Hare International Airport is approximately 40 miles from the village.

Thornton is home of the world's largest commercial limestone quarry. The quarry occupies two-thirds of the city of Thornton. The residential area would fit on the quarry's floor. A thirty-three-story building could be built at the bottom of the hole, and its roof would be level with the surface.

According to data from the Northern Illinois MLS, there were 32 sales of single family homes in 2007. The sales volume was down from 47 sales in 2006. Sales prices increase slightly with the average 2007 sales price at $139,678.00, compared to $137,513.00 in 2006. Marketing times were an average of 74 days on the market, a decrease from the 2006 average of 82 days.

As of January 16, 2008 there are 23 active listings of single family homes in the MLS. At the 2007 level of absorption this is 8.64 months of unsold available inventory. A 3-4 months supply of inventory is considered "in balance", this level is a oversupply.

To recap 2007 for detached homes, sales volume was down -31.91%, average sales prices were stable, up -1.54%, and the days on the market down -10.81%. This market is oversupplied and the 23 active listings have already been on the market an average of 140 days.

Citywide Services provides residential appraisal service in Thornton, Il. 60476. 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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