Saturday, January 26, 2008

Hillside, IL 60162 Year End 2007

The village of Hillside is located approximately 13 miles west of the Chicago "Loop" in suburban Cook County. As of the 2000 census the population was 8,500. The village's municipal neighbors include Berkeley to the north & west, Bellwood to the east, and Westchester to the south.

According to the Northern Illinois MLS there were 63 sales of single family detached homes in 2007. Volume was down -83.23% from the 102 sales closed in 2006. The average sales price increased +2.36% for a 2007 average of $231,742.00 from the 2006 average of $226,250.00. Marketing times were an average of 98 days on the market, up +44.11% from the 2006 average of 68 days.

As of January 19,2008 there are 69 active listings of single family detached homes in the MLS. At the 2007 level of absorption of 5.25 sales per month, this is 13.14 months of unsold available inventory. A 3-4 months supply of inventory is considered "in balance", this level is an oversupply. The current listings have been on the market for an average of 179 days.

Overall sales prices have seen a small increase in the last year, however, there is a large oversupply of inventory that has been on the market a long time. Asking prices will decline in the spring market.

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 Hillside, IL. 60162. 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 that knows Cook County contact Citywide 1-800-405-9718

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