Wednesday, February 20, 2008

La Grange Park, IL 60526 - Housing Market 2008


A real estate appraiser looks at the current market

The village of La Grange Park is located approximately 15 miles southwest of the Chicago "Loop" in suburban Cook County. The population was 13,295 at the 2000 census. The village has a total area of 2.2 square miles

The village is bordered by Westchester & Broadview to the north, Brookfield to the east, La Grange to the south and the Cook County Forest Preserves to the west.

According to data from the Northern Illinois MLS there were 139 sales of single family homes in 2007, up from 114 in 2006. The average sales price was $396,308.00, this was a decrease from $402,414.00 in 2006. Marketing times were an average of 124 days on the market, up over the 2006 average of 64 days.

As of February 19, 2008 there are 87 active listings of single family detached homes in the MLS. At the 2007 level of absorption this is 7.51 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 up +21.92%, average sales prices increased +1.51% and the days on the market were up +93.75%. This market is oversupplied and the 87 active listings have already been on the market an average of 202 days.

The condo/townhouse market had 17 sales, down from the 24 properties that sold in 2006. Sales prices saw a decline with the average 2007 sales price at $145,088.00, compared to $173,033.00 in 2006. Marketing times were an average of 114 days on the market, up over the 2006 average of 47 days.

There are 15 active listings of attached homes in the MLS. Based on the 2007 level of absorption this is 10.63 months of unsold inventory.

The condo/townhouse market is over supplied, sales volume was down -29.16%, average sales price decreased -16.15%, and the days on the market increased +142.55%. The 15 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 La Grange Park, Il. 60526. 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

1 comment:

Jaclyn Morath said...

This is a great buyers market. Anyone with an interest in real estate investing, feel free to contact me @ 1-877-270-2291 - all calls returned in 24 hours!!