A market analysis by a local real estate appraiser
The village of Beach Park is located approximately 48 miles northwest of the Chicago "Loop" in suburban Lake County. As of the 2000 census, the village had a total population of 10,072. Illinois Beach State Park is located on the eastern edge of the village.
Beach Park is bordered by Zion to the north, Lake Michigan to the east, Waukegan to the south and Wadsworth to the west. O'Hare International Airport is approximately 35 miles from the village.
According to data from the Northern Illinois MLS there were 101 sales of single family homes in 2007, down from 142 in 2006. The average sales price was $212,622.00, this was a decrease from $217,181.00 in 2006. Marketing times were an average of 142 days on the market, up over the 2006 average of 108 days.
As of February 22, 2008 there are 105 active listings of single family detached homes in the MLS. At the 2007 level of absorption this is 12.48 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 -28.87%, average sales prices are down -2.09% and the days on the market were up +31.48%. This market is oversupplied and the 105 active listings have already been on the market an average of 197 days.
The condo/townhouse market had 27 sales, down from the 28 properties that sold in 2006. Sales prices saw a decrease with the average 2007 sales price at $169,484.00, compared to $175,720.00 in 2006. Marketing times were an average of 196 days on the market, an increase from the 2006 average of 140 days.
There are 26 active listings of attached homes in the MLS. Based on the 2007 level of absorption of 2.25 sales per month, this is 11.55 months of unsold inventory.
The condo/townhouse market is oversupplied, sales volume was down slightly, average sales price decreased -3.54%, and the days on the market increased +40.70%. The 26 active MLS listings have already been on the market an average of 144 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 Beach Park, Illinois 60087. 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 that knows Lake County contact Citywide 1-800-405-9718