A local appraiser looks at the current real estate market
Hermosa is a community area located on the northwest side of Chicago. Originally called Kelvyn Grove, it was already called Hermosa, meaning "beautiful" in Spanish, when annexed to the city in 1889. The community area contains the neighborhoods of Belmont Gardens, Hermosa and Kelvyn Park. The Chicago "loop" is located approximately 7 miles southeast.
The neighborhood is an mix of residential areas, commercial zones, industrial works and transportation/railroad facilities. The predominant residences are the bungalow and two flats.
According to data from the Northern Illinois MLS there were 35 sales of single family homes in 2007, down from 66 in 2006. The average sales price was $294,678.00, this was a decrease from $299,275.00 in 2006. Marketing times were an average of 160 days on the market, up over the 2006 average of 75 days.
As of February 5, 2008 there are 75 active listings of single family detached homes in the MLS. At the 2007 level of absorption this is 25.77 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 -46.96%, average sales prices were down -1.53%, and the days on the market were up +113.33%. This market is oversupplied and the 75 active listings have already been on the market an average of 205 days.
There were 26 sales of two-four unit buildings, down from the 72 properties that sold in 2006. Sales prices saw a decrease with the average 2007 sales price at $346,038.00, compared to $381,504.00 in 2006. Marketing times were an average of 128 days on the market, up over the 2006 average of 92 days.
There are 82 active listings of two-four buildings in the MLS. Based on the 2007 level of absorption of 2.16 sales per month this is 37.96 months of unsold inventory.
The two-four unit building market is over supplied, sales volume was down -63.88%, average sales price declined -9.29%, and the days on the market were up +39.13%. The 26 active MLS listings have already been on the market an average of 193 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 Chicago's Hermosa neighborhood. Complete appraisals of single family homes and condominiums start at $275.00. 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 Chicago contact Citywide 312-479-5344