Sunday, February 03, 2008

Burnham 60633 - Housing Market 2008

A local appraiser looks at the current real estate market.

Burnham is a village located approximately 19 miles southeast of the Chicago "Loop" in suburban Cook County. As of the 2000 census, the village had a total population of 4,170. The village has a Chicago ZIP code, and lies just south of the Chicago city limits.

Burnham is bordered by Chicago's Hegewisch neighborhood to the north, Indiana to the east, and Calumet City to the south and west.

According to data from the Northern Illinois MLS, there were 25 sales of single family homes in 2007. The sales volume was down from 49 sales in 2006. Sales prices saw a decrease with the average 2007 sales price at $100,672.00, compared to $120,011.00 in 2006. Marketing times were an average of 128 days on the market, up over the 2006 average of 99 days.

As of February 1, 2008 there are 26 active listings of single family detached homes in the MLS. At the 2007 level of absorption this is 4.22 months of unsold available inventory. A 3-4 months supply of inventory is considered "in balance", this level is a small oversupply.

To recap 2007 for detached homes, sales volume was down -48.97%, average sales prices are down -16.11%, and the days on the market were up +29.29%. This market is oversupplied and the 26 active listings have already been on the market an average of 154 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 Burnham, Illinois 60633. 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 in Cook County contact Citywide Citywide 1-800-405-9718

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