Sunday, January 06, 2008

Vernon Hills, IL 60061 - Year End 2007

Vernon Hills is a village located in Lake County approximately 40 miles northwest of the Chicago "Loop".

The general boundaries of Vernon Hills would include the village of Libertyville to the north, the village of Mettawa to the east, Lincolnshire to the south, and the villages of Long Grove and Mundelein to the West. As of the 2000 census, the village had a total population of 20,120. The total area of the village is 7.6 square miles.

According to data from the Northern Illinois MLS there were 184 sales of detached homes in 2007, down from 238 in 2006. The average sales price was $505,957.00, this was a slight decline from $508,319.00 in 2006. Marketing times were an average of 142 days on the market, and increase over the 2006 average of 84 days.

As of January 6, 2008 there were 92 active listings of detached homes. At the 2007 level of absorption this is 6 months of available inventory. A 3-4 months supply of inventory is considered "in balance"

Available inventory is oversupplied, sales volume is down -22.68%, sales prices are down -0.46%, days on market are up +69.04%..

There were 212 sales of attached homes & condominiums in 2007, down from 278 in 2006. The average sales price was $229,318.00, this was an increase from $223,820.00 in 2006. Marketing times were an average of 109 days on the market, and increase over the 2006 average of 68 days..

Currently there are 147 active listings. At the 2007 level of absorption of 17.66 sales per month there is 8.32 months of available inventory.

Available inventory is oversupplied, sales volume is down -23.74%, sales prices are up +2.39%, days on market are up +60.29%.

The small changes in prices at this point can be considered stable, however, all of this points to a cooling market, long marketing times and lower prices in 2008.

1 comment:

Andy said...

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Andy Weitnauer