Monday, February 11, 2008

Grayslake, IL 60030 - Housing Market 2008


A local appraiser looks at the current real estate market

Grayslake is a village located in Lake County, in the U.S. state of Illinois. As of a special census conducted in 2003, the village had a total population of 20,330.

The village is located approximately 53 miles northwest of Chicago’s "Loop", approximately 14 miles west of Lake Michigan, and approximately 15 miles south of the Wisconsin border.

Neighboring communities include Hainesville, Libertyville, Mundelein, Round Lake Park, and Gurnee.

According to data from the Northern Illinois MLS, there were 301 sales of single family homes in 2007. The sales volume was down from 338 sales in 2006. Sales prices saw a decrease with the average 2007 sales price at $271,380.00, compared to $296,648.00 in 2006. Marketing times were an average of 117 days on the market, up over the 2006 average of 86 days.

As of February 9, 2008 there are 178 active listings of single family detached homes in the MLS. At the 2007 level of absorption this is 7.09 months of unsold available inventory. A 3-4 months supply of inventory is considered "in balance", this level is a oversupply.

To recap 2007 for detached homes, sales volume was down -10.94%, average sales prices are down -8.51%, and the days on the market were up +36.07%. This market is oversupplied and the 178 active listings have already been on the market an average of 200 days.

The condo/townhouse market had 184 sales, down from the 241 properties that sold in 2006. Sales prices saw a increase with the average 2007 sales price at $203,508.00, compared to $199,766.00 in 2006. Marketing times were an average of 116 days on the market, an increase from the 2006 average of 66 days.

There are 118 active listings of attached homes in the MLS. Based on the 2007 level of absorption this is 7.69 months of unsold inventory.

The condo/townhouse market is over supplied, sales volume was down -23.65%, average sales price increased +1.87%, and the days on the market increased +75.75%. The 118 active MLS listings have already been on the market an average of 164 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 Grayslake, Il. 60030. 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 Lake County contact Citywide 1-800-405-9718

1 comment:

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