A local appraiser looks at the real estate market
Westchester is a village located in Cook County, Illinois. It is a western suburb of Chicago. As of the 2000 census, the village had a total population of 16,824. The village has a total area of 3.2 square miles. The village's municipal neighbors include Hillside & Bellwood to the north, Broadview to the east, La Grange Park to the south, and Oak Brook to the west.
According to the Northern Illinois MLS there were 200 sales of single family detached homes in 2007. Volume was down -27.79% from the 277 sales closed in 2006. The average sales price is down slightly -0.21% for a 2007 average of $288,624.00 from the 2006 average of $289,238.00. Marketing times were an average of 110 days on the market, up +37.50% from the 2006 average of 80 days.
As of January 26,2008 there are 124 active listings of single family detached homes in the MLS. At the 2007 level of absorption of 16.66 sales per month, this is 7.44 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 171 days.
Attached homes and condominiums had 34 sales in 2007, down -19.04% from 42 in 2006. The average sales price was $313,363.00, this was a decrease of -9.30% from $345,498.00 in 2006. Marketing times were an average of 135 days on the market, up from the 2006 average of 69 days.
There are 24 active listings of townhouses & condo's. At the 2007 level of absorption of 2.83 sales per month there is 8.48 months of available inventory. The current listings have been on the market for an average of 189 days.
Overall prices of single family homes are stable, attached home prices have declined. Marketing times have increased and there is a large oversupply of inventory that has been sitting 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 Westchester, Illinois 60154. 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 http://www.appraisercitywide.com/