A local real estate appraiser looks at the current market
The village of Homewood is located approximately 22 miles southwest of the Chicago "Loop" in suburban Cook County. The population was 19,453 at the 2000 census. The village has a total area of 5.3 square miles
Homewood's municipal neighbors include East Hazel Crest to the north, the villages of Thornton & Glenwood to the east, Flossmore & Chicago Heights to the south and Hazel Crest to the west.
According to data from the Northern Illinois MLS there were 246 sales of single family homes in 2007, down from 316 in 2006. The average sales price was $214,028.00, this was an increase from $209,799.00 in 2006. Marketing times were an average of 108 days on the market, up over the 2006 average of 76 days.
As of February 19, 2008 there are 177 active listings of single family detached homes in the MLS. At the 2007 level of absorption this is 8.63 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 -22.15%, average sales prices increased +2.01% and the days on the market were up +42.10%. This market is oversupplied and the 177 active listings have already been on the market an average of 178 days.
The condo/townhouse market had 61 sales, down from the 118 properties that sold in 2006. Sales prices saw an increase with the average 2007 sales price at $109,261.00, compared to $107,408.00 in 2006. Marketing times were an average of 72 days on the market, similar to 2006.
There are 48 active listings of attached homes in the MLS. Based on the 2007 level of absorption this is 9.44 months of unsold inventory.
The condo/townhouse market is over supplied, sales volume was down -38.98%, average sales price increased +1.72%, and the days on the market have remained stable. The 48 active MLS listings have already been on the market an average of 134 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 Homewood, Il. 60430. 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 Cook County contact Citywide 1-800-405-9718
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