A look at the real estate market by a local appraiser
West Dundee is a village located in Kane County, Illinois. As of the 2000 census, the village had a total population of 5,428. The total area of the village is 2.7 square miles. West Dundee lies across the Fox River from East Dundee and Carpentersville, Elgin is on the south and Sleepy Hollow is on the west.
According to data from the Northern Illinois MLS, there were 66 sales of single family homes in 2007. The sales volume was down from 83 sales in 2006. Sales prices decreased with the average 2007 sales price at $347,894.00, compared to $373,576.00 in 2006. Marketing times were an average of 199 days on the market, up over the 2006 average of 113 days.
As of January 26, 2008 there are 77 active listings of single family detached homes in the MLS. At the 2007 level of absorption this is 14.00 months of unsold available inventory. A 3-4 months supply of inventory is considered "in balance", this level is an oversupply.
To recap 2007 for detached homes, sales volume was down -20.48%, average sales prices were down -6.87%, and the days on the market were up +76.10%. This market is oversupplied and the 77 active listings have already been on the market an average of 218 days.
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 West Dundee, Illinois 60118. 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 a real estate appraiser in Kane County contact Citywide 1-800-405-9718 ttp://www.appraisercitywide.com